Midas AI Completes MFM Due Diligence for Marijuana Business, 'Main Contract Expected to Be Signed'

[Asia Economy Reporter Hyunseok Yoo] Midas AI announced on the 7th that company officials have completed on-site due diligence of Melrose Facility Management (MFM) in the United States. With the due diligence completed, they plan to proceed with the formal contract signing with Mplant (MPLANT) soon.

MFM is a company in the U.S. equipped with marijuana cultivation and extraction facilities, with Mplant as the largest shareholder. On the 1st, Midas AI signed a memorandum of understanding (MOU) with Mplant to acquire 51% of MFM's shares and is preparing for the formal contract.

The Midas AI due diligence team visited MFM's marijuana business facilities located in Los Angeles, California, to conduct on-site inspections and review necessary information for acquisition, including accounting books.

A company official stated, “The accountants who accompanied the company officials have completed the due diligence and returned to Korea early this morning. Based on the due diligence results, we will evaluate the appropriate acquisition price and begin discussions on the formal contract, aiming to complete all procedures within the year.”

Meanwhile, Midas AI recently changed the payment date for a 10 billion KRW third-party allotment capital increase to the 16th. Of the capital increase amount, 5 billion KRW is intended for acquiring other companies.

This content was produced with the assistance of AI translation services.