Down 99%, biotech firm 180 Life Sciences pivots to crypto with ETH bet
The Nasdaq-listed biotechnology firm is raising $425 million for its ETH strategy, joining a parade of penny stocks investing in cryptocurrencies as their business flounders.
Nasdaq-listed 180 Life Sciences Corp plans to invest heavily in Ether and rebrand as ETHZilla Corporation, a strategic pivot away from its biotechnology origins amid mounting losses.
On Tuesday, the company announced a $425 million private placement aimed at building an Ether (ETH) treasury reserve. The funds are being raised through a private investment in public equity (PIPE) deal involving the sale of common stock, a structure often used by crypto-focused investors.
Additionally, the company disclosed it has approval to issue up to $150 million in debt securities.