Brera Holdings stock soars after $300m PIPE to become Solana-based Solmate

Investing.com -- Brera Holdings PLC (NASDAQ:BREA) stock surged as much as 500% Thursday following the announcement that it will transform into Solmate, a Solana-based digital asset treasury and crypto infrastructure company, backed by a $300 million private investment.

The Dublin-based company revealed plans to rebrand following an oversubscribed PIPE offering sponsored by UAE-based Pulsar Group, with backing from the Solana Foundation, RockawayX, and traditional investment firms including ARK Invest. Marco Santori, former Kraken Chief Legal Officer, will lead Solmate as CEO.

Solmate plans to create shareholder value through accumulation and staking of $SOL tokens while developing new revenue streams from Solana staking infrastructure. The company has executed a letter of intent with the Solana Foundation that would reportedly provide favorable $SOL acquisition terms.

The company aims to establish the UAE as a hub for the Solana ecosystem by deploying crypto infrastructure projects in the region, starting with bare metal servers in Abu Dhabi. This would allow regional investors to capitalize on Solana’s yield-generating capabilities through a validator in the Middle East.

Solmate’s leadership team includes renowned economist Dr. Arthur Laffer and RockawayX CEO Viktor Fischer, who will serve on the board of directors. The Solana Foundation will have the right to appoint two additional board members.

The company intends to pursue a dual listing on Nasdaq and UAE exchanges while continuing to operate Brera Holdings’ existing multi-club sports ownership business.

Cantor Fitzgerald & Co. is serving as the exclusive financial advisor and sole placement agent for the PIPE financing.

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