The educational technology firm Classover announced the signing of a financing agreement for convertible notes worth 11 million dollars, a key step to increase its reserve of SOL. This financial agreement will allow noteholders to convert their holdings into Class B common shares of Classover at a 200% premium over the stock's closing price, just before the closing date.
This decision comes at a time when the educational technology company is facing liquidity challenges. According to data from InvestingPro, its current liquidity ratio, at just 0.02, highlights significant pressure on working capital. Therefore, this recent financing and collaboration with Solana Growth Ventures helps it overcome the survival crisis.
Publicly traded companies are increasing their exposure to SOL as the altcoin captures the attention of the general public. A day earlier, NewGen Group, based in Asia, announced a SOL staking strategy worth 30 million dollars, doubling down on its previous commitment.
According to the agreement, Classover must allocate at least 80% of the net proceeds of the note to the purchase of SOL. It is noteworthy that this latest initiative is independent of its previous stock purchase agreement for 400 million dollars. Therefore, the company's total potential financing capacity for its treasury reserve of Solana amounts to the impressive figure of 900 million dollars.
Before this agreement, Classover had already initiated its SOL reserve plan, acquiring 6,472 SOL tokens for approximately 1.05 million dollars, as reported by Investing.com. The company’s CEO, Ms. Luo, described the agreement as a crucial milestone in its strategic initiatives, emphasizing its commitment to integrating Solana (SOL) into its treasury operations. Shortly thereafter, Classover's shares surged by 40%, closing Monday's trading session at 3.72 dollars.
