MEI Pharma Raises $100M to Launch Litecoin-Based Treasury Strategy

MEI Pharma Inc. has completed a $100 million private placement to fund a treasury strategy centered on Litecoin, becoming the first publicly traded company on a national exchange to hold LTC as its primary reserve asset.

The pharmaceutical company sold 29,239,767 common shares at a price of $3.42 per share. Litecoin creator Charlie Lee led the investment round and joined MEI’s board of directors, while Tahir Datoo stepped down. Digital asset market maker GSR was appointed as the company’s treasury advisor.

Other participants in the round included the Litecoin Foundation and crypto-focused venture firms such as MOZAYYX, ParaFi, Hivemind, Primitive, RLH Capital, and Delta Blockchain.

MEI plans to use all net proceeds to acquire Litecoin tokens, which will serve as the company’s main treasury reserve. This marks a transition from pharmaceutical operations to a crypto-centric treasury strategy.

“Litecoin was designed to be fast, secure, and decentralized — and it’s great to see a public company like MEI embrace those principles,” said Charlie Lee.

Josh Risman of GSR added that the firm aims to help MEI “unlock the long-term potential of digital assets while managing risk and maintaining flexibility.”

Titan Partners Group served as the sole placement agent for the deal. The securities were sold in a private placement under Section 4(a)(2) of the Securities Act and applicable exemptions.

Previously, MEI Pharma operated in the pharmaceutical sector with drug candidates like voruciclib, an oral CDK9 inhibitor. Its shares are listed on NASDAQ.

See also: "Musk’s SpaceX Moves $150M in Bitcoin After Three Years of Dormancy"

#Litecoin (LTC) #Buy

Share: