New York, June 10, 2026, 09:02 ET
- VS Media shares traded on Nasdaq were indicated near $3.43 in premarket at 9:00 a.m. ET, jumping 316.57% from the $0.82 close on Tuesday.
- VS Media’s ownership stake in S T Meng is now at 41.52% after investors again paid attention to a debt-to-equity swap.
- Risks look high here. VS Media is still a micro-cap, posted a net loss for 2025, and has warned before about its status as a going concern.
VS Media Holdings Limited jumped in premarket trading Wednesday after news of a debt-to-equity swap with S T Meng Pte. Ltd. that will give the investor a larger stake in the small Nasdaq digital media firm. The $3.8 million note converts to equity. Shares were at $3.43 as of 9:00 a.m. ET, up 316.57% from the last close, Public.com premarket data showed. Premarket moves, which happen before the 9:30 a.m. ET open, can see bigger price changes and lighter volumes.
VS Media shares finished Tuesday at $0.8234, up 6.92%. Google Finance listed the company’s market cap at about $2.29 million and said trading volume reached 98.23 million shares. The $3.8 million S T Meng note stands out against that small public equity value, making the filing a clear driver for trading during the day.
VS Media said in a Form 6-K it signed a Debt Conversion and Share Subscription Agreement with S T Meng. The debt-to-equity deal swapped a $3.8 million loan for shares rather than cash, the company said. With the conversion done, VS Media and its units ended up holding 41.52% of S T Meng’s voting rights.
S T Meng’s annual filing gives more detail on the deal’s share count. The company agreed to allot and issue 51,072 shares to cover the unpaid principal, which will take VS Media’s stake in S T Meng up from 19% to 41.52%.
The market’s focus is not just on the headline percentage gain. Investors are weighing if a creator-network firm with limited public float is starting to get a stronger position in a Singapore-linked business. This comes as VS Media is working to move past marketing services and social commerce.
VS Media shares jumped 321.4% in pre-open trading, according to Investing.com Wednesday morning. The report did not find analyst upgrades or insider trades, and said there were no sympathy moves from competitors. Instead, Investing.com pointed to sentiment around the S T Meng conversion and VS Media’s micro-cap status as possible drivers.
VS Media’s latest move comes after its May 22 filing saying it wants into the AI Smart Living sector, with plans for smart home products, AI-driven lifestyle services, digital health, intelligent community options, cross-border distribution, and intelligent robots. AI Smart Living means using artificial intelligence for things like home automation or personalizing health, community, and consumer routines.
The company hasn’t demonstrated that its new strategy is bringing in revenue yet. In its May filing, VS Media said the AI Smart Living business is still in planning and early development. It cautioned that there’s no guarantee these plans will be completed or deliver significant revenue, profit, or other business results.
Financials remain soft. VS Media posted revenue of $7.52 million for 2025, a drop from $8.25 million in 2024. Gross margin moved up to 23.71% versus 20.53%. The company says its creator network tops 1,500 and it has worked with over 1,000 brands. Still, that scale hasn’t produced profits.
Wednesday’s rally could be outpacing the fundamentals. VS Media posted a 2025 net loss of $8.61 million and burned $3.51 million in cash from operations. The company flagged “substantial doubt” about its ability to stay in business, warning it might lack the funds to keep going without new financing or a turnaround. With the S T Meng conversion, a cash repayment claim switches to equity, so any return now hinges on how that stake performs, not on a cash repayment.
All eyes are now on whether VS Media will share more on S T Meng’s actual contribution, spell out what the bigger stake means for its business, or announce final AI Smart Living deals. For now, Wednesday’s premarket jump looks like a micro-cap reprice off an ownership update, not new profit news.
