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Monster Inc. headphones at CES 2015. Photo: Ethan Miller/Getty Images

Monster Products, known for products like headphones, speakers, and very heavy cables, has filed with the U.S. Securities and Exchange Commission for a $300 million initial coin offering (ICO). Coindesk first reported the filing.

Why it matters: Monster will be one of a very few existing consumer companies to turn to digital tokens to raise capital. The company says that it will use the proceeds to build a network through which tokens can be used to purchase its products, as well as to finance other business activities.

Offering details:

  • Monster will create 500 million tokens and will sell up to 300 million of them at $1. The remainder will be kept by the company and distributed at its discretion.
  • The offering will run for one year, or less if it sells out faster.
  • If the network doesn't materialize and the tokens don't become publicly tradable by June 30, 2020, token holders will be able to convert them to common stock at the rate of four tokens to one share. The tokens don't come with equity or voting rights.
  • Though Monster will start with an Ethereum-based token for payments, it eventually wants to build its own blockchain.

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42 mins ago - World

Palestinian Authority announces new COVID restrictions as cases surge

A nurse administers the COVID-19 vaccine to a Palestinian in the occupied West Bank city of Hebron. Photo: Hazem Bader/AFP via Getty Images

The Palestinian Authority on Saturday announced fresh coronavirus restrictions, including a partial lockdown, for the occupied West Bank as COVID-19 cases surge.

The big picture: The new measures come as Israel, which leads the world in vaccinations, faces increased pressure to ensure Palestinians in the occupied West Bank and Gaza Strip have equal access to vaccines.

Myanmar military fires UN ambassador after anti-coup speech

Photo: Peerapon Boonyakiat/SOPA Images/LightRocket via Getty Images

Myanmar's military regime on Saturday fired the country's Ambassador to the United Nations, Kyaw Moe Tun, a day after he gave a pro-democracy speech asking UN member nations to publicly condemn the Feb. 1 coup, The New York Times reports.

Details: State television said the ambassador had "betrayed the country and spoken for an unofficial organization which doesn’t represent the country and had abused the power and responsibilities of an ambassador."