House of Doge (HODO.US) Executive Leaves Office, Terminates Dogecoin Exclusive License

According to Woofun AI, the NASDAQ listed company House of Doge (HODO.US) submitted an 8-K to the SEC on October 23, disclosing several major changes: former CEO Marco Margiotta and CFO Charles Park resigned on October 22, and McQueen Labs CEO Curtis Hopkins became temporary CEO and CFO; Director Tim Stebbing left office on October 19 to join the newly formed Dogecoin Labs.

This restructuring is accompanied by a fundamental shift in the business model. The Company and Dogecoin Foundation and MadeUpNumbers Ltd. agreed to terminate the exclusive trademark license between the parties from May 7, 2025, effective October 19; it was replaced by a three-year, non-exclusive license until October 19, 2029, covering only 21Shares Dogecoin ETF (TDOG), 21Shares 2x Long Dogecoin ETF (TXXD) and the Swiss-listed 21Shares Dogecoin ETP have three existing products, as well as new products approved in writing by the Foundation. New products must pay the foundation a share of net revenue.

According to data compiled by Woofun AI, both the company and its US subsidiary HOD US must change the company name and stop using expressions such as “official business arm” and “official business partner” by December 31, 2026. In addition, the subsidiary must pay a termination fee of $400,000 to the foundation, which can be settled in cash or parent company shares (at a 5-day average price) “when sufficient funds are available”; the company has not yet determined when it will be able to pay, and the debts accumulated by the foundation under the original license before payment is made.

In terms of asset operation, House of Doge plans to transfer assets related to the Such App mobile app to ABJ Labs Inc. (operated under the name Dogecoin Labs) in exchange for shares worth $4 million worth of shares converted at a fully diluted pre-money valuation of US$120 million; the deal has not yet been settled, and the secured lender's consent is required and the lien lifted. Dogecoin Labs was founded on October 21 with the CEO Jordan Jefferson, and has replaced House of Doge as the Dogecoin Foundation's official business partner since October 21. At the same time, the company signed a binding letter of intent with McQueen Labs to acquire its MCQ Markets token platform for $15 million. The microfinance business is also priced according to the loan income and advance amount formula and is paid with a cashier's note; the platform consideration consists of no more than 19.99% of common shares, 30% of non-voting convertible preferred shares, and promissory notes, of which $5 million is linked to the milestone before April 30, 2027. The two parties must sign a formal agreement before December 15. The public documents also stated that some directors held financial interests in McQueen Labs and that Hopkins, as its CEO, also had an indirect interest in the deal.

Furthermore, the company will submit the shareholders' meeting to approve the reverse stock split, and is evaluating financing plans and rebranding plans.