My Foodie Box Pursues Acquisition to Regain ASX Listing After Divestment
After divesting its meal kit business, My Foodie Box Limited is actively pursuing acquisition opportunities and a transaction to restore its ASX listing, while maintaining a tight cash position.
- Completed divestment of meal kit business in May 2024
- Engaged in advanced talks for acquisition and ASX re-compliance
- Minimal operating cash outflow of $7,000 in June quarter
- Loan facilities totaling $718,000 with $704,000 drawn
- No formal agreements signed yet; transaction uncertain
Strategic Shift Post-Divestment
My Foodie Box Limited (ASX, MBX) has officially closed the chapter on its original meal kit business, completing the divestment in May 2024. Since then, the company has pivoted its focus toward identifying new acquisition opportunities that could restore shareholder value and enable it to regain its official quotation status on the ASX.
Progress Toward ASX Reinstatement
The company is currently in advanced discussions regarding a transaction that would require it to re-comply with the ASX Listing Rules, specifically Chapters 1 and 2. While these talks signal a potential turning point, no formal agreements have been executed, leaving the outcome uncertain. The board has committed to keeping the market informed as developments unfold.
Financial Position and Cash Flow
During the June 2025 quarter, My Foodie Box reported a modest net operating cash outflow of $7,000, reflecting minimal cash burn following the divestment. The company ended the quarter with $6,000 in cash and cash equivalents and an additional $14,495 available under existing loan facilities. Total loan facilities stand at $718,000, with $704,000 drawn, carrying interest rates around 10% per annum.
Funding and Future Outlook
To support its strategic objectives, My Foodie Box has engaged Kaai Pty Ltd to lead manage a debt funding initiative of up to $300,000, with $80,000 already received. The company’s ability to continue operations hinges on successfully securing further funding and completing the re-compliance transaction. The current funding runway is estimated at just under three quarters, underscoring the urgency of these efforts.
Uncertainties and Market Implications
While the company’s lean operating model post-divestment has preserved capital, the absence of formal agreements and the limited cash reserves present risks. Investors will be watching closely for concrete progress on the acquisition front and the ASX reinstatement process, which will be critical to restoring confidence and unlocking value.
Bottom Line?
My Foodie Box’s next moves on acquisition and re-compliance will be pivotal in determining its market comeback.
Questions in the middle?
- What specific acquisition targets is My Foodie Box considering to restore shareholder value?
- How soon can the company finalize a re-compliance transaction to regain ASX listing?
- What contingencies are in place if funding efforts fall short or the transaction stalls?
