Verb Technology closes $558M private placement
Verb Technology Company announced the closing of its previously announced upsized and oversubscribed $558 million private placement, in partnership with Kingsway Capital. The completion of the PIPE transaction marks a critical milestone in the Company's plans to become the first and largest publicly traded treasury reserve of Toncoin. $TON is the native cryptocurrency of TON blockchain, the blockchain integrated with Telegram, one of the world's most widely used messaging platforms. The PIPE transaction, which priced approximately 58.7 million shares of common stock, included participation from over 110 institutional and crypto-native investors, led by Kingsway and anchored by Vy Capital, Blockchain.com, Ribbit Capital, and Graticule. Additional investors include CMCC Global, Pantera, MEXC Ventures, ParaFi Capital, Luxor Capital, Arrington Capital, Animoca, Kraken, Primitive Ventures, BitGo, FalconX, Orbs Group, The Open Platform, TVM Ventures, Kenetic, Hivemind Capital, UNCAP, Pacific Coast Venture Partners, and several high-profile crypto founders like Guy Young, Founder of Ethena Labs. The Company plans to immediately begin using the majority of the net proceeds from the PIPE transaction to acquire $TON, which will serve as its primary treasury reserve asset. The strategy is expected to generate sustainable staking rewards to initiate, manage, and grow the Company's $TON exposure in a cash flow positive manner. The Company intends to rebrand as TON Strategy to reflect its new direction. In addition, the Company will continue to operate its existing business units, each of which leverages its social commerce technology and video marketing expertise, which are expected to expand.
