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Investing.com -- Eyenovia Inc (NASDAQ:EYEN) stock soared 136.4% after announcing a $50 million private placement that will fund a new cryptocurrency treasury strategy focused on the HYPE token native to the Hyperliquid blockchain.
The pharmaceutical company plans to use the proceeds to build a reserve of over 1 million HYPE tokens, positioning itself to become one of the top global validators for Hyperliquid and the first to be listed on Nasdaq. As part of the transaction, Eyenovia has appointed Hyunsu Jung as Chief Investment Officer and Board member to lead this initiative.
Under the agreement, Eyenovia will issue non-voting convertible preferred stock convertible into approximately 15.4 million common shares at $3.25 per share, along with warrants to purchase about 30.8 million additional shares at the same price. If all warrants are exercised, the transaction could generate up to $150 million in gross proceeds.
"We are pleased to join the growing number of companies who have adopted similar strategies for the diversification, liquidity and long-term capital appreciation potential that cryptocurrency represents," said Michael Rowe, CEO of Eyenovia.
The company also plans to implement a HYPE staking program while securing assets through a partnership with Anchorage Digital. Despite this new direction, Eyenovia will continue its existing pharmaceutical business, including development of its Gen-2 Optejet User Filled Device, which it expects to register with the FDA by September 2025.
The transaction is expected to close around June 20, 2025, at which time the company plans to change its name to "Hyperion DeFi" and its ticker symbol to "HYPD." Chardan is serving as the sole placement agent for the deal.
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