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Investing.com -- AgriFORCE Growing Systems Ltd (NASDAQ:AGRI) stock surged 183% in premarket trading Monday after announcing plans to rebrand as AVAX One and raise approximately $550 million to invest in Avalanche’s native token.
The company aims to become the first NASDAQ-listed entity with a dedicated strategy to maximize ownership of AVAX tokens, establishing itself as a publicly-traded vehicle for investors seeking exposure to blockchain infrastructure. AgriFORCE plans to accumulate more than $700 million worth of AVAX tokens through its capital raising initiatives.
"The architecture of financial markets is changing, and programmable blockchains like Avalanche are the new foundation," said Jolie Kahn, Chief Executive Officer of the company. "For the first time, our company provides public market investors with a professionally-managed vehicle to invest directly in this transformation."
The capital raise will include an approximately $300 million PIPE (Private Investment in Public Equity) transaction, subject to shareholder approval, followed by additional fundraising of up to $250 million through equity-linked instruments.
Matt Zhang, Founder of Hivemind Capital and nominated Chairman of the Board, described the vision as building the "Berkshire Hathaway of the onchain financial economy." Hivemind Capital is leading the capital raise, with participation from over 50 institutional and crypto-native investors including ParaFi, Galaxy Digital, and Digital Currency Group.
The company’s strategic advisory board will be led by Anthony Scaramucci, Founder of SkyBridge Capital, and Brett Tejpaul, Head of Coinbase Institutional, along with other finance industry leaders to be announced.
Avalanche is described as a high-speed blockchain designed for financial applications, currently secured by $6.2 billion in staked assets and used by major financial institutions like KKR, Apollo, and J.P. Morgan Chase.
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