Nasdaq Reprimands TON Treasury for $558 Million Stock Sale, Crypto Buy
Nasdaq has issued a warning to TON Strategy, one of a slew of new crypto treasury companies trading on the stock exchange, for violating its shareholder approval rules.
TON Strategy, a publicly traded marketing firm that recently changed its name and began purchasing hundreds of millions of dollars worth of the cryptocurrency Toncoin, failed to get shareholder approval for the massive crypto purchase, or for the private sale of stock shares that enabled the buy, Nasdaq warned the company late last week.
Like many public companies that have gone all-in this year on acquiring massive crypto treasuries, TON Strategy (formerly Verb Technology) quickly raised funds for a huge digital asset stockpile via a private investment in…
