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Quick take:
The two companies are teaming up to form “the first” TON-focused treasury strategy company.
The new company will be led by Executive Chairman Manuel Stotz, Founder & CEO of Kingsway Capital and President of the TON Foundation.
The private placement attracted participation from over 110 institutional and crypto-native investors, including Kingsway Capital, and was anchored by Vy Capital, Blockchain.com, Ribbit Capital, and Graticule.
Verb Technology Company (Nasdaq: VERB) has announced plans to raise $558 million in gross proceeds to establish a TON-focused treasury strategy company, in partnership with Kingsway Capital.
The oversized and oversubscribed transaction is expected to close on August 7, subject to satisfying customary closing conditions, according to a press release seen by NFTgators.
According to the announcement, Verb Technology has entered into “a PIPE transaction with institutional and accredited investors for the purchase and sale of approximately 58.7 million shares of common stock (including pre-funded warrants) at a purchase price of $9.51 per share.”
The private placement attracted participation from over 110 institutional and crypto-native investors, including Kingsway Capital, and was anchored by Vy Capital, Blockchain.com, Ribbit Capital, and Graticule.
The new company will be led by Executive Chairman Manuel Stotz, Founder & CEO of Kingsway Capital and President of the TON Foundation.
Commenting on the announcement, Stotz said in a statement: “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.”
Peter Smith, CEO & Co-Founder of Blockchain.com and incoming Special Advisor to the Company, commented: “The TON ecosystem marks a major step in global crypto adoption, and I’m proud we’re leading efforts to drive investment in the future of digital commerce. I believe this new leadership team’s combined crypto and institutional expertise will foster blockchain innovation.”
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