(Reuters) - Headphone maker Monster Products Inc said it is planning to raise up to $300 million in an initial coin offering, a fund-raising strategy in which a company creates a token, or digital currency, and sells it to the public.
Monster Products will offer up to 300 million of its "Monster money tokens" (MMNY) for the offering, the company said in a regulatory filing bit.ly/2sna6Qq dated May 25. The company is also offering 75 million shares of its common stock.
Monster said it plans to integrate the ethereum blockchain technology to its ecommerce website to create the Monster Money Network where consumers may use either MMNY tokens or legal currency to purchase its products and services.
Monster made Beats headphones from 2007 to 2012. The termination of the relationship with Beats “dramatically interrupted” Monster’s product lines and strategies, the company said in the filing.
Monster now also offers products such as cables, speakers, power accessories and portable chargers.
“Over the next five years, Monster’s business strategy is to revitalize relationships with the company’s existing retail relationships as well as target expansion into new retail venues,” the company said.
Reporting by Shubham Kalia in Bengaluru; Editing by Maju Samuel