Spetz (Sptz)Running business as a sonic strategy has announced that it is receiving $ 40 million in convertible funding from the foundation behind Sonic Blockchain, Sonic Labs.
The funding comes in the form of a six-month zero coupon convertible note issued in Sonic’s native S-tokens. If Sonic Strategy Uplist from the Canadian Safe Authorization Exchange to Nasdaq or a similar US exchange and raises at least $ 40 million in capital outside, the debt can convert to a common share to $ 4.50 per year. Stock.
These shares will be locked for three years. Sonic Labs’ Token contributions will be locked for four years.
Sonic Strategy plans to use the capital to support its treasury, validator operations and blockchain investments. Companies expect the agreement to close within five working days according to Canadian Safe Authorization Rules.
The investment is part of Sonic’s wider push into the United States, following social approval for a $ 150 million expansion plan. This initiative includes efforts to create a stock exchange fund and pursue a private investment in public equity (TUBE) vehicle.
Sonic Lab’s CEO Michael Kong said that Sonic Strategy acts as a connection between blockchain and traditional funding. “” This investment reflects our confidence in their execution and their ability to supply institutional infrastructure to the sonic ecosystem, “King said in a press release.
Sonics S -Tokens has risen by about 0.4% over the last 24 hours, while based on Coindesk 20 (CD20) index, the wider crypto market increased 1.3% in the same period.
