Summary
- 180 Life Sciences announced it has completed a private placement of $425 million.
- The raised funds will be allocated to an Ethereum (ETH)-centric financial strategy, including the purchase and trading of Ethereum.
- The company also said it is considering an additional issuance of fixed-income securities worth $150 million.
U.S.-listed company 180 Life Sciences announced that it has completed a private placement of $425 million (approximately ₩589 billion) and will embark on Ethereum (ETH)-based financial strategies.
According to PR Newswire on the 5th (local time), 180 Life Sciences said that on the 4th, it raised a total of $425 million through a private investment in public equity (PIPE) offered to listed companies, instead of a public offering, by issuing shares and pre-funded warrants.
The funds raised will be used for ETH purchases, trading activities, executive bonuses, maintaining the existing iGaming business, monetizing existing bio intellectual property (IP), and general operating expenses. The company also reportedly plans to begin large-scale ETH purchases in the coming weeks.
Board Chairman McAndrew Rudisill stated, "We are restructuring the company around the Ethereum community," and added, "We will collaborate with ecosystem pioneers to help shape the future of Ethereum."
Meanwhile, the company is also considering an additional issuance of fixed-income securities worth $150 million.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
