TON Strategy | Crypto

Nasdaq has reprimanded TON Strategy for its $272.7 million Toncoin purchase and PIPE deal, citing missed shareholder approval rules. TON Strategy, a publicly traded company that accumulates Telegram-linked Toncoin tokens and previously operated as Verb Technology Company, has been reprimanded by Nasdaq over rule violations related to its Toncoin purchases. Nasdaq has issued TON Strategy a letter of reprimand in connection with its $272.7 million Toncoin purchase and associated private investment in public equity (PIPE) financing. According to Nasdaq, TON Strategy failed to obtain shareholder approval for stock issuance under the PIPE financing to purchase Toncoin (TON), Nasdaq stated in an 8-K filing with the US Securities and Exchange Commission on Wednesday. Read more

Since announcing its pivot to become a TON treasury company, its share price has fallen over 21% as enthusiasm for crypto treasury companies wanes. TON Strategy Company, previously known as Verb Technology Company, said on Friday it repurchased 250,000 shares of its common stock under its $250 million buyback agreement. According to the announcement, TON Strategy Company repurchased the shares at $8.32 each, below the treasury asset value of $12.18. The buyback comes just weeks after it revealed a $713 million reserve of Toncoin (TON) tokens on Aug. 21. TON Strategy says its buyback indicates “long-term confidence” in the TON ecosystem. The TON token is the native cryptocurrency of The Open Network, a project that started in 2018 and was initially conceived to bring blockchain to messaging service Telegram. The crypto token is ranked No. 22 overall in market capitalization, with its price is declining 40.7% year-to-date, according to Cointelegraph indexes. Read more

Verb Technology has priced an oversubscribed $558 million private placement to pivot into a Toncoin (TON)-focused treasury vehicle in partnership with Kingsway Capital. According to an Aug. 4 statement, Verb plans to rebrand to TON Strategy Co. (TSC) post-close and become the first publicly traded treasury reserve for Toncoin (TON), expected on or around August […] The post Verb secures $558M to become first TON treasury vehicle, plans TON Strategy rebrand appeared first on CryptoSlate.