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Superstate Founder's Acquisition of Liquor Company for Cryptocurrency Treasury Plan Thwarted by "Poison Pill" Strategy
BlockBeats News, July 18th, according to The Block, Superstate founder and Compound founder Robert Leshner's experimental hostile takeover plan of a "low-cap" company — aimed at transforming its business into a cryptocurrency purchasing giant — seems to have been partially thwarted due to a "poison pill" strategy implementation.
On July 14th, Leshner announced that he had acquired 56.9% of the company's shares through open-market purchases, becoming the majority shareholder of this "low-cap and somewhat historically complex" alcoholic beverage company named LQR House Inc. (stock code: YHC).
At the time, the founder of Compound and Superstate stated that he planned to replace the board of directors and "help the company explore new strategies," including holding a significant amount of cryptocurrency. This move appears to be part of a growing trend among publicly traded companies to establish a cryptocurrency treasury through equity and debt financing arrangements.
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