Applied DNA Sciences Shares Rise After Private Investment, Crypto Buys
By Chris WackApplied DNA Sciences shares were 47% higher, at $5.03, after the company said it successfully closed a previously announced private investment in public equity financing led by institutional DeFi and TradFi investors.The biotechnology company, which is focusing on a cryptocurrency treasury strategy, said the PIPE resulted in proceeds of $27 million, with the potential for up to an additional $31 million in proceeds in the future from warrant exercises.Proceeds from the PIPE included $15.3 million in cash, and cryptocurrency valued at $11.71 million.The company also said it purchased an additional 4,908 BNB tokens with an estimated total value of $5.3 million, as of 10 p.m. EDT on Monday.Applied DNA Sciences intends to use the PIPE proceeds to continue implementation of its BNB treasury strategy, support working capital needs, and cover transaction-related expenses.Write to Chris Wack at [email protected]