Nasdaq has released an official notice to TON Strategy following reports that the company allocated $272.7 million toward $TON purchases without prior shareholder authorization.
According to the exchange, approximately 49% of PIPE financing was used for the acquisition — exceeding the 20% limit that typically requires shareholder consent.
Nasdaq described the matter as an unintentional compliance oversight and clarified that no delisting or enforcement action will take place.
TON Strategy, formerly known as Verb Technology, has recently undergone a structural reorganization under former TON Foundation executive Manuel Stotz, who now serves as chairman.
Market participants are watching closely to see how TON Strategy strengthens its governance and compliance processes in response.
This information is based on publicly available reports as of November 2025. Readers are encouraged to verify details through official filings or company statements before drawing conclusions.