US-based publicly traded pharmaceutical company MEI Pharma has raised $100 million in private equity capital, adopting a new corporate strategy focused on Litecoin (LTC).
The company sold 29,239,767 shares at $3.42 per share, raising a total of approximately $100 million.
Litecoin Foundation founder Charlie Lee led this private equity raise and was joined in the deal by digital asset market maker GSR. Lee will also join MEI Pharma’s board of directors, while GSR will serve as the company’s treasury management advisor.
MEI Pharma joins the ranks of companies integrating cryptocurrencies into their corporate treasuries. In March, Canada-based Luxxfolio also added Litecoin to its corporate treasury with its first purchase of 4,982 LTC.
MEI’s Litecoin move has placed it among the companies following in the footsteps of software company Strategy. Strategy has transitioned from software development to a Bitcoin acquisition strategy and currently holds over $72 billion in BTC. According to data from Bitcointreasuries.net, 145 publicly traded companies currently hold a total of $108 billion worth of Bitcoin.
*This is not investment advice.