DLA Piper advised the Injective Foundation (Foundation), a Layer 1 blockchain for Web3 finance, in connection with a US$100 million private placement (PIPE) into Pineapple Financial Inc. led by the Foundation.
The transaction creates a digital asset treasury anchored in INJ, the native token of the Injective blockchain. Pineapple Financial is the first publicly traded company to hold INJ tokens. The Injective blockchain is designed to provide fast, secure, and cost-effective transactions for the financial services community.
Pineapple Financial sold subscription receipts at US$3.80 each, with each subscription receipt exchangeable for one common share of Pineapple Financial or one pre-funded warrant to purchase one common share of Pineapple Financial. The exchange of receipts is subject to certain conditions, including shareholder approval and the resale registration of the underlying securities with the US Securities and Exchange Commission. A diverse investor base invested a combination of US dollars and INJ tokens in the PIPE.
The DLA Piper team was led by Partner Joseph Piesco (New York), the Co-Chairs of the firm’s Capital Markets and Public Company Advisory Group, Era Anagnosti (Washington, DC) and Josh Kaufman (New York), and Associate Alex Carlson (Los Angeles).
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