MEI Pharma, Inc. (NASDAQ:MEIP) announced a private investment in public equity (PIPE) for the sale of 29,239,767 shares of common stock at $3.42 per share, totaling $100 million. The company plans to use the net proceeds to launch a treasury strategy focused on Litecoin, making it the first publicly traded company to adopt Litecoin as a treasury reserve asset.

Litecoin, created by Charlie Lee in 2011, is known as “silver to Bitcoin’s gold.” MEI Pharma’s integration of Litecoin into its treasury operations provides access to a decentralized monetary asset that complements its cash management framework. MEI Pharma, Inc. (NASDAQ:MEIP) develops pharmaceutical compounds, including Voruciclib and ME-344.

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Read more at Yahoo Finance: MEI Pharma (MEIP) Becomes the First and Only Publicly Traded LTC Holder on a National Exchange