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Investing.com -- Verb Technology Company (NASDAQ:VERB) stock soared 90% after announcing a private placement of approximately $558 million to establish the first publicly listed TON Treasury Strategy Company, in partnership with Kingsway Capital.
The Las Vegas-based company has entered into an upsized and oversubscribed PIPE transaction with over 110 institutional and crypto-native investors for the purchase and sale of approximately 58.7 million shares of common stock at $9.51 per share. The company intends to use the majority of the net proceeds to acquire Toncoin ($TON), the native cryptocurrency of The Open Network blockchain.
Following the transaction, which is expected to close around August 7, the company plans to rebrand as TON Strategy Co. and position itself as one of the largest holders of $TON globally. The company will implement a strategy to generate sustainable staking rewards to manage and grow its $TON exposure.
The private placement was led by Kingsway Capital and anchored by Vy Capital, Blockchain.com, Ribbit Capital, and Graticule (GAMA), with participation from numerous other crypto-native investors including CMCC Global, Pantera, and Kraken.
"Telegram is the preferred messenger for the growing global crypto community and $TON is the currency that powers the Telegram ecosystem. In my judgment, permanent capital vehicles are particularly suitable for long-term holdings of $TON, which not only has the potential to compound in value, but also offers staking yield, meaning TSC can benefit from staking rewards," said Manuel Stotz, incoming Executive Chairman.
Upon closing, the company will be led by an experienced team including Stotz as Executive Chairman, Veronika Kapustina as CEO, and Sarah Olsen as CFO, with Peter Smith of Blockchain.com serving as Special Advisor.
The company’s existing business operations will continue and are expected to expand while its common stock will continue trading on the Nasdaq under the ticker "VERB."
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