Shares of CLEANCORE SOLUTIONS (ZONE) sharply thrown on Tuesday after the company announced a private ranking of $ 175 million to establish a digital asset box that focused on popular Memecoin -Hundecoin .
The transaction involved the sale of 175 million pre -financed warrants for $ 1 each. More than 80 investors participated, including digital asset companies Pantera, GSR and Falconx. Revenue will be used to acquire DOGE for CLEANCORES TAX and support business operations.
The offer is scheduled to close September 4, pending regulatory approvals.
The company’s stock fell about 60% after the news.
The initiative to make the DODE The company’s primary state reserve asset was also supported by the Dogecoin Foundation and House of Doge, the Foundation’s business arm, the press release says.
With the agreement, the company also announced to name Alex Spiro, partner at the New York Office of Quinn Emanuel Urquhart & Sullivan, who represented clients, including Elon Musk, as chairman of the board with effect immediately, confirming a wealth report last week. Dogecoin Foundation Director Timothy Stebbing joined the board, while Marco Margiotta, CEO of House of Doge, will take on the role of Chief Investment Officer. House of Doge and Digital Asset Investment Manager 21Shares will advise Cleancore on Treasury Management.
CLEANCORE is the latest participant in an increasingly crowded field of public companies that are about establishing cryptocurrency. These companies collect money in capital markets to accumulate digital assets like Bitcoin ether (Eth) and (Sun). Some companies move out to risk curve to incorporate less, more fleeting altcoins.
The company said it is aiming to anchor DODE as a legitimate asset to payments and tokenization and moves beyond its meme origin. CLEANCORE also said it can pursue poor -like dividend features with exchanges to generate returns on its holdings.
Read more: Strategy added another 4,408 Bitcoin for $ 450 million. Last week
