Verb Technology has described an oversubs $ 558 million private placement priced to run in a Toncoin (TON) targeted Treasury vehicle in collaboration with Kingsway Capital.
By one August 4Verb plans to go to Ton Strategy Co. after the close to Ton Strategy. (TSC) and the first listed Treasury Reserve for Toncoin (TON), expected on or around 7 August.
De Pijp comprises approximately 58.7 million shares of ordinary shares, including pre -financed warrants that are sold to institutional and accredited investors at $ 9.51 per share, when closing 1 August of the verb.
The company will use most of the net yield to acquire Ton as its primary treasury reserve assets and stakeholders to generate recurring rewards, aimed at a cash-flow-positive treasury model.
The verb will continue to act on Nasdaq until closing, and the existing activities will continue and are expected to expand.
The announcement partly confirms that the Ton Foundation was planning an increase of $ 400 million to build the first Ton Treasury vehicle.
First Ton Treasury
The strategy leans on the deeper integration of Telegram with Ton. Telegram and the Ton Foundation have made Ton the exclusive blockchain that drives the Messenger ecosystem, while Ton Wallet recently went live for 87 million American users.
Telegram reports more than 1 billion monthly active users worldwide and positions Ton for regular distribution in a large -scale consumer platform.
Incoming executive chairman Manuel Stotz is president of the Ton Foundation and CEO of Kingsway Capital. He said that a permanent capital vehicle is the potential of Ton to worsen the value and to deliver appearance.
CEO and co-founder of Blockchain.comPeter Smith, will serve as a special adviser and the move mentions a catalyst for a broader adoption from Crypto.
The incoming executive team also contains former Ton Foundation and JPMorgan names.
More than 110 Institutional and Crypto-Native Investors subscribed, led by Kingsway and anchored by VY Capital, Blockchain.com, Ribbit Capital and Graticule (Gama).
Extra participants are CMCC Global, Pantera, Mexc Ventures, Falconx, together with various remarkable founders such as Ethena Labs’ Guy Young.
Post-Close expects the verb that 36% of the share capital will be locked up for six to twelve months, a ratio with cash-assets-Total-Assets of 77% and an initial cash register position at around 5% of TON’s circulating market value.
