Verb Technology is raising $558 million and rebranding as TON Strategy Co., becoming the first public company to hold Toncoin as a treasury asset.
Verb Technology Company’s stock skyrocketed more than 200% intraday on Monday after it announced a $558 million PIPE deal and a pivot toward crypto.
The social commerce company said it plans to rebrand as TON Strategy Co., becoming the first publicly traded treasury reserve vehicle for Toncoin (TON), the native token of Telegram’s blockchain ecosystem.
The offering included about 58.7 million shares and pre-funded warrants priced at $9.51. Investor enthusiasm around the company’s move into crypto sent the stock soaring to a high of $29.33 before settling to about $27 at time of writing, according to Google Finance.
