AgriFORCE soars 137% after announcing Avalanche reserve… changes corporate name to 'AVAX One'
Summary
- AgriFORCE's stock rose 137.76% after it announced an Avalanche (AVAX) reserve strategy.
- AgriFORCE said it would raise $550 million to build a $700 million Avalanche reserve, and would also change its company name to AVAX One.
- The funding round reportedly involved more than 50 institutions and investors, including HiveMind Capital, Galaxy Digital, and Kraken.
Shares of agricultural technology company AgriFORCE surged. Analysts say investor sentiment strengthened after the company announced an Avalanche (AVAX) reserve strategy.
On the 22nd (local time), according to Nasdaq, AgriFORCE's stock closed at $5.73, up 137.76% for the day.
In an official statement, AgriFORCE said it would raise $550 million to build a $700 million Avalanche reserve. It will also change its corporate name to AVAX One. The funding will be raised through a $300 million PIPE (private investment in public equity) and a $250 million issuance of equity-linked securities.
The round was led by HiveMind Capital, with participation from more than 50 institutions and investors including Galaxy Digital, Kraken, ParaFi, and Big Brain Holdings.
In particular, AgriFORCE appointed HiveMind founder Matt Zhang as chairman of the board for this strategy. The company also added Anthony Scaramucci, founder of SkyBridge Capital, and Brett Teipel, head of Coinbase Institutional, to its advisory panel.
Uk Jin
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