Why Is Jiuzi Holdings Stock Rising Today?
The company said it has entered into securities purchase agreements with certain non-U.S. institutional investors for a private placement offering through the issuance of units, comprising one share of common stock and three warrants.
Shares of Jiuzi Holdings, Inc. (JZXN) soared as much as 40% in the pre-market session on Thursday after the company announced a private placement worth up to $30 million.
The firm stated that it entered into securities purchase agreements with certain non-U.S. institutional investors for a private placement offering through the issuance of units, comprising one share of common stock and three warrants. The net proceeds from the placement will primarily be used to purchase cryptocurrencies, it said.
Jiuzi announced late last month that it has adopted a Crypto Asset Investment Policy and authorized up to $1 billion of cash reserves to be allocated to select digital assets under a controlled risk framework. The company had said its initial investments would focus on Bitcoin (BTC), Ethereum (ETH), and Binance’s BNB token (BNB).
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