Nasdaq Reprimand: TON Strategy Company received a reprimand from Nasdaq for violating shareholder approval requirements related to its $272 million Toncoin acquisition and a $558 million private placement financing, but will remain listed as the violations were deemed unintentional.
Compliance Failures: The reprimand addressed two compliance failures under Nasdaq Listing Rules, including a change of control due to a significant ownership acquisition and the necessity for prior shareholder approval for the Toncoin purchase, which was funded by a large portion of the private placement proceeds.
Company's Response: TON Strategy accepted the reprimand and considers the matter closed, with its shares continuing to trade on Nasdaq under the ticker TONX, following a significant surge in share price due to investor interest in its blockchain strategy.
Digital Asset Strategy: The company aims to retain a majority of the raised capital in liquid assets while targeting a stake in Toncoin's market capitalization, utilizing staking mechanisms for yield generation, similar to other firms adopting digital asset treasury models.
Ton Strategy Company, formerly, Verb Technology Company, Inc. focuses on social commerce, social telehealth and social crowdfunding with MARKET.live, VANITYPrescribed, GoodGirlRx and the GO FUND YOURSELF TV Show. MARKET.live specializes in livestream and artificial intelligence (AI)-powered social commerce. MARKET.live platform is a multi-vendor, livestream social shopping destination at the forefront of the convergence of e-commerce and entertainment, where brands, retailers, creators, and influencers engage their customers, clients, fans, and followers across multiple social media channels simultaneously. GO FUND YOURSELF is an interactive social crowd funding platform and TV show for public and private companies seeking broad-based exposure across social media channels for their crowd-funded Regulation CF and Regulation A issuers; and a telehealth business unit that comprises two wellness-focused ecommerce sites, VanityPrescribed and GoodGirlRX.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
