180 Life Sciences announces upsized $425M PIPE offering

180 Life Sciences (ATNF) announced that it plans to adopt a treasury policy under which the principal holding in its treasury reserve will be Ether, the native digital asset of Ethereum. Following the closing of the transaction, the company intends to rebrand to ETHZilla Corporation. The offering consists of an approximately $425M private investment in public equity transaction for the purchase and sale of common stock. The investors will be granted registration rights as part of the transaction. The PIPE transaction is expected to close on or around August 1, 2025, subject to the satisfaction of customary closing conditions. In addition, the company has approval to sell an aggregate amount of up to $150M in debt securities and expects to announce an offering following the closing of the PIPE. The consummation of any subsequent offering is subject to the satisfaction and completion of definitive documentation. Upon closing, the company intends to use the net proceeds from the offering primarily for the purchase of ETH, as well as general corporate purposes and transaction expenses. The company’s current management team and a majority of the company’s directors will remain in place. Clear Street acted as financial advisor and exclusive placement agent for the PIPE offering.