GD Culture Shares Drop After Deal for Pallas Capital
By Chris WackGD Culture Group shares were 29% lower, at $6.93, after the company said it entered into a share exchange agreement to buy 100% of the issued and outstanding ordinary shares of Pallas Capital Holding.The stock hit its 52-week high of $9.91 before moving back to negative territory, and is up 27% in the past 12 months.Upon closing, GD Culture will issue 39.2 million shares and buy all of Pallas Capital's assets, including 7,500 bitcoin.GD Culture said the buy is in line with its crypto asset treasury strategy, with the establishment of substantial long-term bitcoin reserves.Bitcoin was trading at $115,850.88 a unit as of 12:27 p.m. ET.Write to Chris Wack at [email protected]