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CIMG Inc. (IMG) completed the sale of 220 million shares of common stock at $0.25 per share for $55 million in exchange for 500 bitcoin on September 2, according to a company statement.
The digital health and sales development company sold the shares through a private placement under Regulation S, which exempts the transaction from Securities Act registration requirements. The securities cannot be offered or sold in the United States without proper registration or exemption.
CIMG’s board stated the bitcoin payment aligns with the company’s financial management strategy and long-term bitcoin holding approach. The company aims to build bitcoin reserves to establish value for investors.
"The growth and recognition of bitcoin have revealed opportunities for traditional enterprises to integrate organically with the innovative blockchain ecosystem," said Wang Jianshuang, chairwoman and chief executive officer.
The company plans to continue increasing digital asset reserves and pursue collaborations across artificial intelligence and cryptocurrency ecosystems, including Merlin Chain, according to Wang.
CIMG operates as a business group specializing in digital health and sales development, using technology and marketing to enhance partners’ sales growth. The company’s brands include Kangduoyuan, Maca-Noni, Qianmao, Huomao, and Coco-mango.