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Nasdaq-listed company Classover plans to raise $500 million to establish SOL reserves.
Gate News bot message, Nasdaq-listed education technology company Classover Holdings Inc. announced on Monday plans to raise up to $500 million to build SOL reserves. Subsequently, the company's stock price rose by 39.85%.
The company stated in a press release that it has signed a securities purchase agreement with Solana Growth Ventures LLC to issue up to $500 million in senior secured convertible bonds. It is expected that the first tranche closing will occur shortly after meeting customary closing conditions, raising $11 million.
According to the trading terms, Classover must use up to 80% of its net proceeds to acquire SOL.
The latest financing arrangement is based on the $400 million equity acquisition agreement previously announced by Classover, bringing the company's total potential financing capacity for acquiring SOL to $900 million.
Classover was founded in 2020 and focuses on providing online live education for K-12 students. The company launched its SOL financial strategy last month, aimed at "enhancing its balance sheet through high-performance, scalable digital assets."
Source: The Block