Core Viewpoint - Treasure Global Inc. has announced a registered direct offering of 250,000 shares of its common stock, raising gross proceeds of USD 2,500,000, with the closing expected around December 11, 2025 [1]. Group 1: Offering Details - The offering involves the sale of 250,000 shares at a par value of $0.00001 per share, generating gross proceeds of USD 2,500,000 before commissions and expenses [1]. - D. Boral Capital LLC is acting as the exclusive placement agent for this offering [2]. - The offering is conducted under the Company's shelf Registration Statement on Form S-3, which was declared effective on March 29, 2024 [3]. Group 2: Company Overview - Treasure Global is a technology solutions provider based in Malaysia, focusing on digital transformation in retail and services [5]. - The flagship product, ZCITY Super App, integrates e-payment solutions with customer loyalty rewards, boasting over 2.7 million registered users as of June 2025 [5]. - The company utilizes advanced technologies such as artificial intelligence and data analytics to enhance its platform across various sectors, including e-commerce and fintech [5].

Core Insights - Upper Deck has entered into a licensing agreement with TGL to produce the league's first trading cards, enhancing fan engagement with the sport of golf [1][2][3] Group 1: Company Overview - Upper Deck is a global leader in sports and entertainment collectibles, known for its high-quality trading cards and memorabilia [4] - The company has a long-standing reputation for innovation and aims to create unique experiences for collectors [4] Group 2: TGL Overview - TGL, created by TMRW Sports, features top PGA TOUR players in a team-based format, with its inaugural season concluding in March 2025 [6] - The league has received accolades for its innovative approach, including the Sloan MIT Sports Analytics Conferences' Alpha Award for Best Sports Innovation [6] Group 3: Trading Card Launch - The trading cards will include notable players such as Tiger Woods, Max Homa, and Hideki Matsuyama, with moment-based inserts from the 2025 season available [2][3] - The debut e-Pack release commemorates TGL's inaugural season and is available exclusively for fans [1][2]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - Cemtrex, Inc. (CETX) has increased by 284% to $11.79 - Treasure Global Inc. (TGL) has risen by 135% to $59.83 - Top Wealth Group Holding Limited (TWG) is up 95% at $11.73 - Fulcrum Therapeutics, Inc. (FULC) has gained 49% to $13.29 - MetaVia Inc. (MTVA) is up 33% at $10.90 - Kymera Therapeutics, Inc. (KYMR) has increased by 31% to $87.58 - Confluent, Inc. (CFLT) is up 27% at $29.40 - Immix Biopharma, Inc. (IMMX) has risen by 23% to $6.85 - Nurix Therapeutics, Inc. (NRIX) is up 18% at $21.46 - SU Group Holdings Limited (SUGP) has increased by 15% to $6.44 [3] Premarket Losers - SMX (Security Matters) Public Limited Company (SMX) has decreased by 27% to $242.01 - Meihua International Medical Technologies Co., Ltd. (MHUA) is down 27% at $10.20 - Polyrizon Ltd. (PLRZ) has declined by 16% to $10.90 - Fly-E Group, Inc. (FLYE) is down 16% at $6.90 - Sensei Biotherapeutics, Inc. (SNSE) has decreased by 14% to $8.29 - Kentucky First Federal Bancorp (KFFB) is down 10% at $4.00 - Arteris, Inc. (AIP) has declined by 7% to $16.27 - Fusion Fuel Green PLC (HTOO) is down 6% at $3.89 - Kamada Ltd. (KMDA) has decreased by 5% to $6.69 - iOThree Limited (IOTR) is down 5% at $3.11 [4]

Core Insights - Treasure Global Inc. has updated its full-year 2026 revenue target to approximately USD 3 million, reflecting a projected revenue increase of over 1,500% for the remainder of 2026 compared to Q1 2026 revenues of USD 182,527, driven by the adoption of its fintech and digital asset ecosystem [1][2][9] Revenue Growth Drivers - The updated revenue target is a significant increase from the previous target of approximately USD 1 million announced on December 1, 2025, due to a strengthened capital plan and increased visibility into the commercialization of the OXI wallet and other initiatives [2] - The OXI wallet is set for a market launch in the first half of 2026, expected to manage up to USD 10 billion in user-held digital assets in its first year, generating revenue from various fee-based services [4] - Treasure Global has secured an exclusive partnership to manage 200 million UNIRWA tokens, which could represent up to USD 100 million in underlying assets, contributing to revenue through management and transaction fees [5] - The proposed acquisition of a 51% equity interest in Quarters Elite, managing approximately USD 150 million in client assets, is expected to enhance distribution channels and support recurring revenue streams [6][7] Strategic Initiatives - The combination of the OXI wallet, UNIRWA token initiative, and Quarters Elite acquisition aims to create a connected fintech and digital asset ecosystem, driving revenue growth and diversifying the company's income base [7] - Management emphasizes the scalability and earnings potential of the evolving ecosystem, with a focus on disciplined execution and sustainable growth [8][9] Operational Enhancements - A recent 1-for-20 reverse stock split has been completed to strengthen the per-share price and align with Nasdaq listing requirements, part of ongoing efforts to optimize capital structure [3] - The company is committed to operational efficiency and strategic expansion across fintech and e-commerce verticals to achieve its updated revenue targets [9]

Core Insights - Recent market movements have highlighted significant price changes in several companies, attracting investor attention [1][6] Company Summaries - Treasure Global Inc. (NASDAQ:TGL) experienced a stock price surge to $18.54, marking an increase of 174.34%, with a trading volume of 10,583,811, following a 1-for-20 reverse stock split to comply with Nasdaq's requirements [2][7] - SMX (Security Matters) Public Limited Company (NASDAQ:SMX) saw its stock price rise to $292.37, an increase of 107.35%, with a trading volume of 3,523,599 shares, driven by the "Multi-Sector Validation Shock" [3][7] - Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) had its stock price increase to $5.72, up by 76.63%, with a trading volume of 76,402,208, as comparisons with CBL & Associates Properties are being made [4][7] - Black Hawk Acquisition Corporation (NASDAQ:BKHAR) experienced a stock price rise to $1.48, an increase of 72.09%, with a trading volume of 50 [5][7] - Newbury Street II Acquisition Corp (NASDAQ:NTWOW) saw its price increase to $0.50, up by 70.31%, with a trading volume of 2,441, indicating growing interest in its strategic moves [5][7]

Core Viewpoint - Treasure Global Inc. will implement a 1-for-20 reverse stock split to increase its common stock trading price and regain compliance with Nasdaq's minimum bid price requirement of USD 1.00 per share [2][3]. Group 1: Reverse Stock Split Details - The reverse stock split will convert twenty current shares into one new share, reducing the total outstanding shares from 16,962,004 to approximately 848,100 [4]. - The reverse stock split will not change the par value of the common stock or the authorized number of shares [4]. - No fractional shares will be issued; all fractional shares will be rounded up to the next whole share [5]. Group 2: Compliance and Approval - The reverse stock split was approved by stockholders on November 24, 2025, with the authority to determine the exact ratio delegated to the Board of Directors [3]. - The reverse stock split is intended to assist in regaining compliance with Nasdaq listing requirements, although long-term compliance cannot be assured [2]. Group 3: Company Overview - Treasure Global is a Malaysia-based technology solutions provider focused on digital transformation in retail and services [7]. - The company's flagship product, the ZCITY Super App, integrates e-payment solutions with customer loyalty rewards, boasting over 2.7 million registered users as of June 2025 [7].

Core Insights - Treasure Global Inc. projects over 500% revenue growth for 2026, supported by key operational milestones in its fintech and digital asset ecosystem [1][6] - The company forecasts revenues of approximately USD 1 million for the upcoming quarter, a significant increase from USD 182,527 reported in the previous quarter [2] Key Operational Milestones Fueling 2026 Growth - The OXI Wallet is set for market introduction in the first half of 2026, designed to accommodate up to USD 10 billion in user-held digital assets, featuring institutional-grade security and multi-chain interoperability [3] - Treasure Global has secured an exclusive partnership as the treasury manager for 200 million UNIRWA tokens, projected to hold a value of USD 100 million, targeting the real estate and hospitality sectors in Southeast Asia [4] - The acquisition of Quarters Elite, managing approximately USD 150 million in client assets, is expected to provide efficient distribution for the OXI Wallet and unlock a long-term revenue opportunity of USD 150 million [5] Management Commentary - The CEO of Treasure Global emphasized the synergy between OXI Wallet, UNIRWA token, and Quarters Elite, positioning the company for recurring revenue and scalable fintech solutions [6] - The company remains focused on revenue-driven execution, operational efficiency, and partner expansion to achieve its ambitious growth objectives for 2026 [6] Company Overview - Treasure Global is a Malaysia-based technology solutions provider specializing in platforms that drive digital transformation in retail and services, with its flagship product being the ZCITY Super App [7] - As of June 2025, ZCITY has attracted over 2.7 million registered users, establishing Treasure Global as a key player in Malaysia's digital economy [8]

Core Insights - Treasure Global Inc. has acquired Quarters Elite Advisory Sdn Bhd, enhancing its OXI Wallet commercialization strategy and expanding its client base in Southeast Asia [1][4][6] Group 1: Acquisition Details - Quarters Elite manages approximately USD 150 million in client assets and has a network of over 350 financial consultants serving nearly 3,000 clients [1][7] - The acquisition is expected to create a long-term revenue opportunity of up to USD 150 million by leveraging Quarters Elite's advisory expertise across various segments [2][4] Group 2: Strategic Benefits - Quarters Elite will act as the marketing and distribution arm for OXI Wallet, providing a cost-effective channel for user acquisition and onboarding [3][4] - The integration is anticipated to significantly reduce customer acquisition costs compared to digital-only channels, enhancing Treasure Global's market presence [3][4] Group 3: Financial Projections - The combined ecosystem aims to support rapid scale, increased transaction velocity, and stronger revenue visibility for OXI Wallet, which is set to launch in the first half of 2026 [4][5] - The acquisition structure includes overriding commissions and performance-based incentives from revenue generated through Quarters Elite's activities, supporting recurring income and long-term margin expansion [4][5] Group 4: Company Background - Treasure Global is a technology solutions provider based in Malaysia, focusing on digital transformation in retail and services, with its flagship product being the ZCITY Super App [8] - As of June 2025, ZCITY has attracted over 2.7 million registered users, positioning the company as a key player in Malaysia's digital economy [8]

Core Insights - Treasure Global Inc. has significantly strengthened its cash position, increasing liquidity more than five-fold to USD 1.25 million as of September 30, 2025, compared to USD 236,895 as of June 30, 2025 [8] - The company is focused on strategic investments in digital growth initiatives, particularly in digital payments, AI solutions, and token-based ecosystems, with plans for launches in the first half of 2026 [3][4] Financial Highlights - Total stockholders' equity rose to USD 11.97 million, up from USD 10.74 million, reflecting a USD 1.23 million increase quarter-over-quarter [8] - The ZCITY Super App has attracted over 2.7 million registered users as of June 2025, enhancing the company's position in Malaysia's digital economy [8] Operational Updates - The company is advancing its innovation pipeline through investments in AI, loyalty systems, and digital platform capabilities, preparing for the launch of the OXI Wallet and UNIRWA token in 1H 2026 [4][5] - These initiatives are expected to enhance user engagement and unlock higher-margin revenue streams [4] Business Outlook - Treasure Global aims to embed the UNIRWA token ecosystem as a core component of its digital asset strategy and progressively roll out new features and partnerships around the OXI Wallet [5] - The company is positioning its digital ecosystem for scalability across Malaysia and Southeast Asia, emphasizing long-term value creation for shareholders [5]

User Engagement and App Performance - As of November 10, 2025, the ZCITY App had 2,708,782 registered users and 2,027 registered merchants[208] - The number of new registered users for the ZCITY App in the quarter ended September 30, 2025, was 517, while the number of active users was 4,378[231] - As of September 30, 2025, the company recorded 2,708,570 registered users, with an average growth rate of approximately 0.1% over the past five quarters, while active users decreased by an average of 27.1%[233] - The decline in active users is attributed to reduced E-voucher purchases and decreased marketing spending, leading to lower new user registrations and retention rates[234] Financial Performance - Total revenues for the three months ended September 30, 2025, decreased by approximately $25,000 or 12.0% to approximately $182,527 compared to $207,371 for the same period in 2024[237] - Product and loyalty program revenue increased by approximately $0.1 million or 122.1% to approximately $181,519 for the three months ended September 30, 2025, driven by higher demand for e-vouchers[238] - Transaction revenue decreased by 97.7% to approximately $1,008 for the three months ended September 30, 2025, compared to approximately $43,080 for the same period in 2024[240] - Member subscription revenue decreased by 100% to approximately $0 for the three months ended September 30, 2025, from approximately $82,546 for the same period in 2024[241] - Gross profit for the three months ended September 30, 2025, was approximately $1,286, reflecting a decrease of approximately $171,000 or 99.3% compared to approximately $172,172 for the same period in 2024[244] Expenses and Losses - Selling expenses decreased by approximately $57,000 or 73.2% to approximately $21,000 for the three months ended September 30, 2025, primarily due to reduced marketing expenses[247] - General and administrative expenses increased by approximately $54,000 or 6.8% to approximately $843,000 for the three months ended September 30, 2025, driven by higher administrative costs[248] - Research and development expenses increased by approximately $0.8 million or 1,547.9% to support A.I. related infrastructure development for the three months ended September 30, 2025[249] - Net loss for the three months ended September 30, 2025, was approximately $2.0 million, an increase of $1.0 million compared to a net loss of $1.0 million for the same period in 2024[253] Cash Flow and Financing - As of September 30, 2025, the company had approximately $1.3 million in cash and cash equivalents, primarily consisting of unrestricted bank deposits[255] - Net cash used in operating activities for the three months ended September 30, 2025, was approximately $1.8 million, compared to $1.0 million for the same period in 2024[260] - Net cash provided by financing activities for the three months ended September 30, 2025, was approximately $3.5 million, primarily from the Share Purchase Agreement[265] - The company issued 33,566 shares of common stock, resulting in net proceeds of approximately $2.9 million as of September 30, 2025[256] Acquisitions and Partnerships - On February 11, 2025, the company signed a share purchase agreement to acquire a 51% stake in Tien Ming Distribution Sdn Bhd, although the transaction is expected to be terminated due to lack of control[214] - The company initiated a new revenue stream by offering customized software development services, targeting enterprise clients, with a partnership established in January 2025[213] - The company has partnered with Credilab Sdn Bhd to develop credit services within the ZCITY App, with the partnership scheduled to conclude on September 19, 2029[221] - The company aims to enhance user engagement through the integration of mini-game modules into the ZCITY App, in partnership with Octagram Investment Limited[222] Stock and Valuation - A reverse stock split of 1:50 was executed on April 7, 2025[215] - The fair value of warrants issued to Alumni Capital was estimated at $2,687,863 based on assumptions including expected volatility of 160.20% to 171.88% and an exercise price of $1.17 to $5.15[282] - The fair value of warrants on June 30, 2025, was estimated at $383,886, with an expected volatility of 162.92% to 167.27% and an exercise price of $1.20 to $2.05[283] - The fair value of warrants on September 30, 2025, was estimated at $1,037,695, with an expected volatility of 162.53% and an exercise price of $0.65 to $1.10[284] Internal Controls and Compliance - Management identified material weaknesses in internal control over financial reporting, including inadequate U.S. GAAP expertise and lack of an internal audit function[289] - Plans for remedial measures include hiring qualified accounting personnel and establishing an internal audit function to improve financial reporting and compliance[289] Impairments and Concerns - The company recorded an impairment for long-lived assets amounting to $19,517,303 as of September 30, 2025[273] - The company has substantial doubt about its ability to continue as a going concern due to recurring losses and insufficient funds to meet working capital requirements[259] Other Financial Information - The company has provided an allowance for credit loss of $1,078,475 for other receivables as of September 30, 2025[272] - For the three months ended September 30, 2025, the company recorded an unrealized holding loss on marketable securities of $0, compared to approximately $128,000 for the same period in 2024[274] - Deferred tax liabilities are recognized for all taxable temporary differences, while deferred tax assets are recognized only if it is probable that taxable profit will be available[278] - Revenue from customized software development services is recognized over time using the cost-to-cost input method, with significant estimates impacting revenue timing and amounts[277] - Stock-based compensation for the three months ended September 30, 2025, amounted to approximately $100,000, compared to $70,000 for the same period in 2024[280]