Broadcom named strategic vendor for Walmart virtualization solutions
Investing.com -- Artelo Biosciences (NASDAQ:ARTL) stock surged 20% on Monday after the clinical-stage pharmaceutical company announced a $9.475 million at-the-market private placement to initiate a Solana-based treasury strategy.
The company said it has entered into a securities purchase agreement at a price of $10.45 per share, which includes common stock and warrants. According to the announcement, Artelo will become the first publicly-traded pharmaceutical company to adopt SOL, Solana’s native cryptocurrency, as a core reserve asset.
Lead investor Bartosz Lipiński, previously Head of Engineering at Solana Labs and recognized as the inventor of Metaplex, will serve as a technical partner through his company CUBE, which will secure storage, staking, and active DeFi execution of Artelo’s digital asset treasury.
"I am pleased to partner with Artelo for their groundbreaking SOL treasury initiative within the pharmaceutical industry," said Lipiński, who is now Co-Founder and CEO of Cube Group. "Solana’s unparalleled scalability and decentralized infrastructure make it a cornerstone of the future financial ecosystem."
The company’s board has approved plans to expand its SOL treasury management strategy over time while maintaining adequate working capital for its pharmaceutical development programs. This latest financing brings Artelo’s total proceeds from private placements since June 2025 to $10.9 million.
The transaction is expected to close around August 5, 2025, subject to customary closing conditions. R.F. Lafferty & Co. acted as an advisor for the private placement.
Artelo Biosciences focuses on developing treatments for cancer, pain, and dermatological or neurological conditions by modulating lipid-signaling pathways.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.