Spetz (SPTZ)Doing business such as Sonicstrategy has announced that you will receive $ 40 million in convertible funds from the foundation behind Sonic Blockchain, Sonic Labs.
The financing occurs in the form of a six -month convertible note of zero coupon issued in the native Sonic tokens. If the ascendant lists of Sonicstrategy of the exchange of Canadian values to Nasdaq or a similar exchange of USA. And raises at least $ 40 million in external capital, the debt can become common shares to $ 4.50 per share.
These actions will be blocked for three years. The Sonic Labs tokens contribution will be blocked for four years.
SonicStrategy plans to use the capital to support its treasury, validator operations and investments in blockchain. Companies expect the agreement to close within five business days under the rules of exchange of Canadian values.
The investment is part of the broader impulse of Sonic in the United States, after the approval of the community for an expansion plan of $ 150 million. This initiative includes efforts to create a contribution quoted in the stock market and make a private investment in public capital (TUBE) vehicle.
The Sonic Labs CEO, Michael Kong, said Sonicstrategy acts as a link between the block chain and traditional finance. “” This investment reflects our confidence in its execution and its ability to provide institutional degree infrastructure for the sonic ecosystem, “Kong said in a press release.
The Sonic tokens rose around 0.4% in the last 24 hours, while based on the Coindesk 20 (CD20) index, the broader cryptographic market increased 1.3% in the same period.
