Semnur Pharmaceuticals, Inc., a majority-owned subsidiary of Scilex Holding Company, announced it has entered into a Securities Purchase Agreement with an institutional investor.
Under the agreement, Semnur will sell $100 million of its common stock in exchange for $100 million in Bitcoin (BTC). The investor will receive 6,250,000 shares of Semnur common stock at a purchase price of $16.00 per share.
This transaction is subject to customary closing conditions and is expected to close in the near future. Semnur has also engaged Biconomy.com to collaborate on future cryptocurrency strategies, including reserve build-up and treasury management.
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