MEI Pharma Announces $100,000,000 Private Placement to Initiate Litecoin Treasury Strategy, Becoming First and Only Publicly Traded LTC Holder on a National Exchange
- Charlie Lee, the Founder of Litecoin and a lead investor in the PIPE, will join the Board of Directors of the Company effective upon the closing of the Private Placement
- GSR, a preeminent digital asset market maker and lead investor in the private placement, is appointed to act as the treasury’s Asset Manager
- MEI Pharma will use 100% of the net proceeds to launch its treasury strategy focused on Litecoin, becoming the first and only publicly traded LTC holder on a national exchange
MEI Pharma, Inc. (NASDAQ:MEIP) (the “Company” or “MEI”) today announced that it has entered into securities purchase agreements for a private investment in public equity (PIPE) for the purchase and sale of 29,239,767 shares of common stock (or pre-funded warrants in lieu thereof) at a price of $3.42 per share, for expected aggregate gross proceeds of approximately $100 million, before deducting placement agent fees and other estimated offering expenses. In connection with the closing of the transaction, MEI will appoint Charlie Lee to its Board of Directors (at which time current member Taheer Datoo will resign) and GSR as its digital asset and treasury management advisor to oversee the implementation of its Litecoin Treasury Strategy.
Charlie Lee and GSR acted as lead investors, alongside participation from the Litecoin Foundation as well as prominent crypto venture capital firms and infrastructure providers including MOZAYYX, ParaFi, Hivemind, Primitive, RLH Capital, Delta Blockchain & CoinFund, among others.
This transaction marks a significant milestone in MEI’s long-term strategic plan and establishes MEI as the first and only publicly traded company to adopt Litecoin as a treasury reserve asset. Litecoin (LTC) is a leading peer-to-peer cryptocurrency that was created by Charlie Lee in October 2011. It is often referred to as the “silver to Bitcoin’s gold” due to its similarities to Bitcoin. As one of the longest-running blockchains with 100% uptime since its inception, Litecoin has demonstrated a proven track record of growth and reliability with significant enterprise-grade use cases. By integrating Litecoin into its treasury operations, MEI gains access to a decentralized monetary asset that complements its cash management framework.
“Litecoin was designed to be fast, secure, and decentralized – and it’s exciting to see those principles now being embraced by …
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