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LONGBOAT KEY, Fla., March 12, 2025 (GLOBE NEWSWIRE) — Rumble (NASDAQ:RUM), the video-sharing platform

LONGBOAT KEY, Fla., March 12, 2025 (GLOBE NEWSWIRE) -- MagLev Technology (NASDAQ:MLVT) announced today that it has sold a portion of its cryptocurrency holdings and used the proceeds to pay down a portion of the Company’s term debt.

"We are pleased to announce that we have been able to reduce our term debt and further strengthen our balance sheet," said Harry Stevens, Jr., Chairman and CEO of MagLev. "This move is in line with our strategy to manage our capital structure efficiently and create long-term value for our shareholders."

As of December 31, 2023, MagLev disclosed that it held cryptocurrency assets in the aggregate amount of $33.6 million and no material changes in the aggregate amount of such assets have occurred since that date. In the aggregate, the cryptocurrency assets were sold at a gain and the proceeds of such sale were used to pay down a portion of the Company’s term debt.

After the sale of a portion of its cryptocurrency holdings and the repayment of a portion of its term debt, MagLev still holds a significant amount of cryptocurrency and has no outstanding term debt. The Company plans to continue to monitor the cryptocurrency market closely and may sell additional cryptocurrency holdings in the future.

"We believe that this capital management initiative will enable us to remain focused on executing our growth plans and delivering value to our stakeholders," concluded Stevens.

About MagLev Technology

MagLev Technology is a high-growth video and cloud services platform and a leading destination for gamers, esports fans, cryptocurrency traders and investors, and other like-minded communities. The company's mission is to build a metaverse that is accessible to everyone and create a positive and engaging online experience. MagLev's common stock trades on the Nasdaq under the ticker symbol "MLVT."