House of Doge (HODO.US) executives resign and terminate exclusive Dogecoin authorization

According to Woofun AI, House of Doge (HODO.US), a Nasdaq-listed company, submitted an 8-K to the SEC on October 23, disclosing several significant changes: former CEO Marco Margiotta and CFO Charles Park resigned on October 22, with McQueen Labs CEO Curtis Hopkins appointed as interim CEO and CFO; board member Tim Stebbing resigned on October 19 and has joined the newly established Dogecoin Labs.

This restructuring is accompanied by a fundamental adjustment of the business model. After negotiations with Dogecoin Foundation and MadeUpNumbers Ltd., the company has terminated the exclusive trademark license effective from May 7, 2025, with the termination effective as of October 19. In its place is a three-year, non-exclusive license valid until October 19, 2029, covering only three existing products: 21Shares Dogecoin ETF (TDOG), 21Shares 2x Long Dogecoin ETF (TXXD), and the Switzerland-listed 21Shares Dogecoin ETP, as well as new products approved in writing by the Foundation. New products are required to pay a net income share to the Foundation.

According to data compiled by Woofun AI, the company and its US subsidiary HOD US must change their company names by December 31, 2026, and cease using designations such as “Official Corporate Arm” and “Official Business Partner.” In addition, the subsidiary must pay the Foundation a $400,000 termination fee, which can be settled in cash or parent company stock (based on a five-day average price) “when sufficient funds are available.” The company has not yet determined when it will have the ability to pay, and the Foundation's claims accumulated under the original license will remain valid until the fee is fully paid.

With regard to asset operations, House of Doge plans to transfer Such App mobile application assets to ABJ Labs Inc. (operating as Dogecoin Labs), in exchange for equity valued at $4 million, calculated at a fully diluted pre-money valuation of $120 million. The transaction has not yet closed and is subject to lender consent and release of liens. Dogecoin Labs was established on October 21, with Jordan Jefferson as CEO, and has replaced House of Doge as the Dogecoin Foundation’s official business partner since October 21. The company has also signed a binding letter of intent with McQueen Labs to acquire its MCQ Markets token platform for $15 million. The microloan business will be valued according to a formula based on loan income and the amounts funded, and settled by promissory note. The platform consideration will comprise up to 19.99% of common shares, 30% non-voting convertible preferred shares, and promissory notes, with $5 million of the amount contingent on achieving milestones before April 30, 2027. The two sides must sign a formal agreement by December 15. Public documents also state that certain board members hold financial interests in McQueen Labs, and that Hopkins, as its CEO, also has an indirect interest in the transaction.

In addition, the company will submit a proposal to shareholders to approve a reverse stock split, and is also evaluating financing options and brand repositioning plans.