The PIPE covers roughly 58.7 million shares of common stock, including pre-funded warrants sold to institutional and accredited investors at $9.51 per share, matching VERB’s Aug. 1 close.
The company will deploy the majority of net proceeds to acquire TON as its primary treasury reserve asset and stake holdings to generate recurring rewards, targeting a cash-flow-positive treasury model.
Telegram reports more than 1 billion monthly active users globally, positioning TON for mainstream distribution inside a large-scale consumer platform.
Incoming executive chairman Manuel Stotz is president at the Ton Foundation and CEO at Kingsway Capital. He said a permanent-capital vehicle suits TON’s potential to compound value and deliver staking yield.
CEO and co-founder of Blockchain.com, Peter Smith, will serve as special advisor, calling the move a catalyst for broader crypto adoption.
More than 110 institutional and crypto-native investors subscribed, led by Kingsway and anchored by Vy Capital, Blockchain.com, Ribbit Capital, and Graticule (GAMA).
Post-close, Verb expects 36% of its share capital to be locked up for six to twelve months, a cash-assets-to-total-assets ratio of 77%, and an initial cash position sized at roughly 5% of TON’s circulating market value.
