cryptonews.net
Verb Technology Company, Inc. (Nasdaq: VERB) has completed a $558 million private placement in partnership with Kingsway Capital. The transaction involved the sale of about 58.7 million shares of common stock to more than 110 institutional and crypto-focused investors. Leading participants included Kingsway, Vy Capital, Blockchain.com, Ribbit Capital, and Graticule Asset Management.
The company will use most of the proceeds to purchase Toncoin ($TON), the native cryptocurrency of the TON blockchain, which is integrated with the messaging platform Telegram. Toncoin will serve as the firm’s main treasury reserve asset. Verb expects this approach to provide staking rewards and generate positive cash flows as it manages its exposure to Toncoin. To reflect its new focus, Verb plans to rebrand as TON Strategy Co. (TSC). The company will also continue operating its current business units, which are centered on social commerce and video marketing technologies.
The private placement was arranged by Cohen & Company Capital Markets, with legal counsel provided by Reed Smith, Perkins Coie, Brownstein Hyatt Farber Schreck, and Morgan Lewis.
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