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Investing.com -- MEI Pharma, Inc. (NASDAQ:MEIP) stock surged over 100% after the company announced a $100 million private placement to establish a Litecoin treasury strategy, positioning itself as the first publicly traded company on a national exchange to hold LTC as a reserve asset.
The San Diego-based company has entered into securities purchase agreements for approximately $100 million through the sale of 29,239,767 shares of common stock at $3.42 per share. MEI plans to use the entire proceeds to acquire Litecoin as its primary treasury reserve asset. The private placement is expected to close around July 22, 2025.
As part of the transaction, Litecoin founder Charlie Lee, who acted as a lead investor in the private placement, will join MEI’s board of directors. Digital asset market maker GSR, another lead investor, has been appointed to manage the company’s treasury assets.
"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 Lee. "This milestone not only reflects growing institutional confidence in LTC but also sets the stage for broader adoption in traditional capital markets."
The private placement attracted participation from the Litecoin Foundation and several crypto venture capital firms including MOZAYYX, ParaFi, Hivemind, Primitive, RLH Capital, Delta Blockchain, and CoinFund.
Litecoin, created in 2011, is often described as the "silver to Bitcoin’s gold" and has maintained 100% uptime since its inception. The transaction is being conducted in accordance with Nasdaq rules and was priced to meet the "Minimum Price" requirement.
Titan Partners Group, a division of American Capital Partners (WA:CPAP), is serving as the sole placement agent for the private investment.
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