Pineapple Financial Shares Rise After $100 Million Private Placement Closes
By Chris WackPineapple Financial shares were 64% higher, at $6.78, after the company closed a private placement for the purchase and sale of 24.6 million subscription receipts, for proceeds of $100 million.The financial technology company said it intends to use the proceeds to launch a digital asset treasury strategy anchored in INJ, the native asset of Injective.Under the terms of the securities purchase agreement, the company issued 7.8 million subscription receipts at $3.80 per subscription receipt, and 16.8 million subscription receipts at $4.16 per subscription receipt. The combined issuance represents a weighted average purchase price of $4.04 per subscription receipt.Pineapple said the INJ treasury strategy is expected to generate a passive yield of about 12%. INJ is the native asset of Injective, a blockchain built for finance.The private placement attracted participation from institutional investors, including FalconX, Kraken, Blockchain.com, Canary Capital, and the Injective Foundation.Write to Chris Wack at [email protected]