2 days ago
Verb Technology has priced an oversubscribed $558 cardinal backstage placement to pivot into a Toncoin (TON)-focused treasury conveyance successful concern with Kingsway Capital.
According to an Aug. 4 statement, Verb plans to rebrand to TON Strategy Co. (TSC) post-close and go the archetypal publically traded treasury reserve for Toncoin (TON), expected connected oregon astir August 7.
The PIPE covers astir 58.7 cardinal shares of communal stock, including pre-funded warrants sold to organization and accredited investors astatine $9.51 per share, matching VERB’s Aug. 1 close.
The institution volition deploy the bulk of nett proceeds to get TON arsenic its superior treasury reserve plus and involvement holdings to make recurring rewards, targeting a cash-flow-positive treasury model.
VERB volition proceed trading connected Nasdaq until closing, and existing operations volition proceed and are expected to expand.
The announcement partially confirms rumors that the Ton Foundation was readying a $400 cardinal rise to physique the archetypal TON treasury vehicle.
First TON treasury
The strategy leans connected Telegram’s deepening integration with TON. Telegram and the Ton Foundation person made TON the exclusive blockchain powering the messenger’s ecosystem, portion TON Wallet precocious went unrecorded for 87 cardinal US users.
Telegram reports much than 1 cardinal monthly progressive users globally, positioning TON for mainstream organisation wrong a large-scale user platform.
Incoming enforcement president Manuel Stotz is president astatine the Ton Foundation and CEO astatine Kingsway Capital. He said a permanent-capital conveyance suits TON’s imaginable to compound worth and present staking yield.
CEO and co-founder of Blockchain.com, Peter Smith, volition service arsenic peculiar advisor, calling the determination a catalyst for broader crypto adoption.
The incoming enforcement squad besides includes erstwhile Ton Foundation and JPMorgan names.
More than 110 organization and crypto-native investors subscribed, led by Kingsway and anchored by Vy Capital, Blockchain.com, Ribbit Capital, and Graticule (GAMA).
Additional participants see CMCC Global, Pantera, MEXC Ventures, FalconX, on with respective notable founders specified arsenic Ethena Labs’ Guy Young.
Post-close, Verb expects 36% of its stock superior to beryllium locked up for six to 12 months, a cash-assets-to-total-assets ratio of 77%, and an archetypal currency presumption sized astatine astir 5% of TON’s circulating marketplace value.
The station Verb secures $558M to go archetypal TON treasury vehicle, plans TON Strategy rebrand appeared archetypal connected CryptoSlate.
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