Following the closing of a private placement, expected on or around August 7, the company will operate under the name TON Strategy Co. (TSC).
Verb Technology Company Inc. (VERB) is changing its business focus and plans to rename itself as it aims to hold Toncoin (TON) as a core asset, a digital currency linked to Telegram’s growing blockchain network.
The Las Vegas-based firm said it has priced an upsized and oversubscribed private placement expected to generate approximately $558 million in gross proceeds. The funds will primarily be used to accumulate Toncoin as a long-term reserve asset. Following the closing of the private placement, expected on or around August 7, the company will operate under the name TON Strategy Co. (TSC).
Following the announcement, Verb Technology stock traded up by over 97% on Monday afternoon.
On Stocktwits, retail sentiment shifted to ‘extremely bullish’ (88/100) from ‘bullish’ territory the previous day amid ‘extremely high’ (94/100) message volume levels.
Both retail sentiment and message volume hit a year-high. The stock experienced a 1,100% explosion in user message count in 24 hours, as of Monday morning.
Stocktwits users said they are adding the stock.
Executives said that TON will serve as its central reserve asset, enabling the firm to earn yield through staking while growing exposure to the token. TSC’s original operations will remain intact and are also expected to scale.
The move comes on the heels of Telegram and the TON Foundation establishing $TON as the backbone of Telegram’s ecosystem. Manuel Stotz, CEO of Kingsway Capital and president of the TON Foundation, will take the reins as Executive Chairman.
“Telegram is the preferred messenger for the growing global crypto community and $TON is the currency that powers the Telegram ecosystem,” said Stotz
Veronika Kapustina, a former advisor to TON and ex-Morgan Stanley banker, will serve as CEO. Verb Technology stock has gained over 185% year-to-date and over 31% in the past 12 months.
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