Verb Technology completes $558 million private placement, plans to establish the first listed TON treasury company

According to news from Hash World, Verb Technology Company (Nasdaq: VERB) has announced the completion of an approximately $558 million PIPE private placement financing plan. It will collaborate with Kingsway Capital to establish the first publicly listed Toncoin ($TON) treasury company. The company plans to change its name to TON Strategy Co. (TSC), and the majority of the funds will be used to purchase $TON to become one of the largest holders of $TON globally. The transaction is expected to be completed on August 7, at which point TSC will use $TON as its primary reserve asset and generate income through staking. Participating investment institutions also include Kingsway Capital, Vy Capital, Blockchain.com, and more than 110 other institutions.