TROOPS, Inc. Expands Presence in Asia with Acquisition of Co-working Space Operator
TROOPS, Inc. Expands into Asian Co-Working Sector
TROOPS, Inc. (NASDAQ: TROO), a company making moves on the global stage, has officially announced a strategic acquisition aimed at enhancing its presence in the ever-evolving Asian flexible workspace market. On July 14, 2025, the company revealed through its wholly-owned subsidiary, Giant Connection Limited, that it entered into a Letter of Intent (LOI) with WORLD HONOR HOLDINGS LIMITED to acquire a 49% stake in WORK, Inc., a co-working space company registered in the British Virgin Islands but with operations primarily in Taiwan.
A Step Towards Full Ownership
This acquisition includes a unique pathway that allows the vendor, WORLD HONOR HOLDINGS, the option to sell the remaining 51% ownership of WORK, Inc. in the future. The consideration for this deal will be executed through convertible notes linked to TROOPS’ share price, set at 80% of the lesser between the pre-signing closing price and a 60-day average price, making for a financially strategic approach.
Commitment to Expansion
The transaction outlines that Giant Connection Limited will not only focus on acquiring the shares but will also commit to funding the development of a state-of-the-art co-working space spanning over 7,000 square feet in Hong Kong. Additionally, there are ambitious plans to launch a dedicated mobile application aimed at enhancing user accessibility and improving client engagement in the newly developed space. This reflects the company's commitment to establishing a strong foothold in the region’s burgeoning co-working sector, which has seen significant growth due to increasing demand from startups and freelancers seeking flexible working arrangements.
Required Approvals and Due Diligence
As with any major acquisition, the deal faces several conditions including rigorous due diligence, obtaining regulatory approvals from both NASDAQ and the SEC, along with other stipulations ensuring that no material adverse changes occur prior to the finalization of the deal. The LOI also emphasizes the importance of confidentiality and exclusivity during the negotiation and acquisition process, ensuring that both parties are aligned in their intents and responsibilities.
Strategic Implications for TROOPS, Inc.
This acquisition is a pivotal moment for TROOPS, Inc. as it signifies the company’s strategic pivot towards the flexible workspace market which has been gaining traction across Asia. By leveraging the established infrastructure of WORK, Inc. in Taiwan and upcoming operations in Hong Kong, TROOPS aims to capitalize on the growing trend of remote working and the shared economy.
TROOPS, Inc. operates as a conglomerate, engaging in diverse sectors such as money lending, property investment, and technology solutions. The expansion into co-working spaces represents its broader vision to create a synergistic ecosystem that delivers value to its stakeholders while catering to modern working needs.
Conclusion
As businesses adapt to a post-pandemic world, the demand for flexible workspaces is anticipated to continue its upward trajectory. TROOPS, Inc.'s strategic move into this sector not only positions it well for future growth but also highlights its commitment to responding to market needs. Investors and industry observers will be keenly watching the development of this acquisition and its implications for both TROOPS and the wider market in Asia.
For more information about TROOPS, Inc., please visit their investor relations website at www.troops.co.