MEI Pharma (MEIP) Becomes the First and Only Publicly Traded LTC Holder on a National Exchange

MEI Pharma, Inc. (NASDAQ:MEIP) is one of the hot penny stocks to invest in nowOn July 18, MEI Pharma, Inc. (NASDAQ:MEIP) announced securities purchase agreements for a private investment in public equity (PIPE) for the sale and purchase of 29,239,767 shares of common stock at a price of $3.42 per share.

A modern pharmaceutical laboratory with research scientists working at their desks.

The expected aggregate gross proceeds for the transaction come up to approximately $100 million before the exclusion of placement agent fees and other estimated offering expenses.

MEI Pharma, Inc. (NASDAQ:MEIP) has plans to use all of the net proceeds for the launch of its treasury strategy focused on Litecoin. The transaction is thus a notable milestone for the company’s long-term strategic plan, establishing MEI Pharma, Inc. (NASDAQ:MEIP) as the first and only publicly traded company to adopt Litecoin as a treasury reserve asset.

Often referred to as “silver to Bitcoin’s gold,” Litecoin is a peer-to-peer cryptocurrency that Charlie Lee created in October 2011. The integration of Litecoin into its treasury operations has allowed MEI Pharma, Inc. (NASDAQ:MEIP) access to a decentralized monetary asset that complements its cash management framework.

MEI Pharma, Inc. (NASDAQ:MEIP) is a pharmaceutical company that develops pharmaceutical compounds. Its programs include Voruciclib and ME-344.

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Disclosure: None. This article is originally published at Insider Monkey.