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MEI Pharma Inc . (NASDAQ:MEIP) announced it has entered into securities purchase agreements for a private investment in public equity valued at approximately $100 million. The pharmaceutical company plans to use the entire net proceeds to acquire Litecoin as its primary treasury reserve asset.
The transaction involves the sale of 29,239,767 shares of common stock at $3.42 per share. Charlie Lee, the founder of Litecoin, and GSR served as lead investors in the placement. Lee will join MEI’s board of directors upon closing, while current member Taheer Datoo will resign.
GSR will act as the company’s digital asset and treasury management advisor. Other participants in the investment include the Litecoin Foundation and venture capital firms MOZAYYX, ParaFi, Hivemind, Primitive, RLH Capital, Delta Blockchain and CoinFund.
The transaction is expected to close on or about July 22, 2025, subject to customary closing conditions. MEI states it will become the first publicly traded company to adopt Litecoin as a treasury reserve asset.
"Litecoin was designed to be fast, secure, and decentralized – and it’s exciting to see those principles now being embraced by a public company like MEI," said Charlie Lee.
Josh Riezman, US Chief Strategy Officer of GSR, said the firm aims to help institutions access digital assets while managing risk and maintaining flexibility.
Titan Partners Group, a division of American Capital Partners, is serving as the sole placement agent for the private placement. The securities are being offered through a private placement exemption under the Securities Act of 1933.
MEI Pharma is a pharmaceutical company with a portfolio of drug candidates, including voruciclib, an oral cyclin-dependent kinase 9 inhibitor.