Verb Technology Company (Nasdaq: VERB) is preparing for a massive pivot — and a new name.
Following the close of a $558 million private placement expected around August 7, the social commerce tech firm will rebrand as TON Strategy Co. and adopt Toncoin (TON) as its primary treasury reserve asset.
The raise, structured as a PIPE deal, saw more than 110 investors participate, including Kingsway Capital, Blockchain.com, Vy Capital, Pantera, Animoca, Arrington Capital, Kraken, and BitGo. Shares were sold at $9.51 each, the August 1 market close price. Around 77% of the proceeds will be held in cash, while the company plans to use the rest to buy TON — targeting roughly 5% of its circulating market value — and earn staking rewards.
The Open Network, backed by Telegram, powers mini apps, tokenized usernames, and payment solutions for the platform’s billion-plus users. TON is integrated directly into Telegram through the TON Wallet, making it central to the messaging giant’s Web3 vision.
Kingsway Capital CEO and TON Foundation President Manuel Stotz will become Executive Chairman of the rebranded company, with Peter Smith, CEO of Blockchain.com, joining as a special advisor. Former TON Foundation advisor Veronika Kapustina will serve as CEO, and Sarah Olsen, formerly of JP Morgan’s Onyx division, will take the CFO role.
Verb’s stock will remain listed on Nasdaq under the ticker VERB. The firm, headquartered in Las Vegas with production studios in Los Angeles, se
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Source: https://coindoo.com/major-nasdaq-firm-bets-558-million-on-toncoin-ton/