TROOPS subsidiary enters LOI to acquire 49% of WORK, Inc.

TROOPS announced its wholly-owned subsidiary Giant Connection entered into a Letter of Intent with WORLD HONOR HOLDINGS, to acquire 49% share ownership of WORK, Inc., a British Virgin Islands co-working space operator with operations in Taiwan. The transaction includes a put option for the Vendor to sell the remaining 51% share ownership to the Purchaser in the future. Consideration will be paid via convertible notes linked to TROOPS shares, priced at 80% of the lower of the pre-signing closing price or the 60-day average. Key conditions include due diligence, regulatory approvals, and the Purchaser’s commitment to develop a 7,000 square feet co-working space in Hong Kong and a dedicated mobile application. Key Points: Structure: Staged acquisition; Payment: Convertible notes tied to TROOPS’ share price. Obligations: Purchaser to fund Hong Kong co-working space and app development. Conditions: Due diligence, regulatory approvals, and no material adverse changes. Binding Terms: LOI enforces confidentiality and exclusivity. This move signals TROOPS’ expansion into Asia’s flexible workspace sector, leveraging WORK, Inc.’s footprint in Taiwan and planned Hong Kong presence.