rewrite this title and make it good for SEO 180 Life Sciences Eyes $425M Raise for ETH Treasury, as It Rebrands to ETHZilla – NFTgators

Quick take:

Investors in the PIPE will be granted registration rights as part of the transaction.

180 Life Sciences plans to rebrand to ETHZilla Corporation following the close of the transaction. 

The company plans to use the proceeds to adopt a crypto treasury policy with ETH as the principal treasury reserve.

180 Life Sciences Corp. (NASDAQ: ANTF) has announced plans to raise $425 million in gross proceeds via a private investment in public equity (PIPE) offering. The company is planning a sale and purchase of shares of its common stock at about $2.65 per share, as it plans to adopt a crypto treasury policy with ETH as the principal treasury reserve.

As part of the new strategy, 180 Life Sciences will rebrand to ETHZilla Corporation following the close of the transaction. Investors in the PIPE will be granted registration rights as part of the transaction, according to a press release seen by NFTgators.

The PIPE transaction is expected to close on or around August 1, subject to satisfaction of customary closing conditions. The company also has the approval to sell an additional $150 million in debt securities, with the offering planned after the closing of the PIPE transaction.

Over 60 institutional and crypto native investors participated in the PIPE, including Harbour Island, Electric Capital, Polychain Capital, GSR, and Omicron Technologies, among others.

Commenting on the announcement, McAndrew Rudisill, who is expected to become chairman of the board of directors of the Company at closing, said: “Our strategy at closing aims to allow investors to access exposure to a strong-yield potential ecosystem at the heart of the stablecoin and tokenized asset markets. At closing, we expect to assemble an incredible team of well-regarded veterans across traditional finance and decentralized finance (DeFi) to help guide this new chapter in the Company’s journey.”

Electric Capital will serve as the external asset manager for the new Company and will go on to implement a differentiated, on-chain yield generation program.

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