My Foodie Box's strategic divestment

My Foodie Box (ASX:MBX) has released its quarterly activity report for the period ending March 31, 2024. The company completed the divestment of its meal kit business to MFB (WA) Pty Ltd on May 10, 2024. MBX is now concentrating on reducing costs and conserving cash while exploring acquisition opportunities to enhance shareholder value.

MBX's strategic shift and financial outlook

My Foodie Box (ASX:MBX) has strategically divested its meal kit business to MFB (WA) Pty Ltd, effectively reducing its cash burn and refocusing on acquisition opportunities. The company is committed to restoring shareholder value and is preparing to align with ASX Listing Rules for future acquisitions. Financially, MBX reported a net cash outflow from operations, while securing additional loans post-quarter end. The company is dedicated to sustainable practices and aims to expand its services into a national e-commerce platform.

Executive insights on MBX's future

This quarter has been pivotal for My Foodie Box as we finalized the divestment of our meal kit business. Our focus is now on identifying strategic acquisition opportunities that align with our goal of restoring and enhancing shareholder value. We are committed to complying with ASX Listing Rules as we pursue these new ventures.