Antelope Enterprise Shares Drop After Securities Purchase Agreement
By Chris WackAntelope Enterprise Holdings shares were 20% lower, at $3.39, after the company said it has entered into a securities purchase agreement with investment firm Streeterville Capital for a total financing amount of up to $50 million.The company said the proceeds from this financing will be used exclusively to buy Bitcoin.Bitcoin was trading at $117,427 a unit at 12:10 p.m. ET, up 9% in the past month.Under the terms of the agreement, Streeterville Capital will provide capital to Antelope in tranches over a period of up to 24 months, in an amount not to exceed $50 million.Antelope will use these funds to gradually acquire Bitcoin based on market conditions.The agreement clearly specifies that the financing proceeds are solely designated for Bitcoin acquisition.Antelope shares are down 98% in the past 12 months.Write to Chris Wack at [email protected]