MEI Pharma to sell 29.24M shares at $3.42 in private placement

MEI Pharma (MEIP) announced that it has entered into securities purchase agreements for a private investment in public equity for the purchase and sale of 29,239,767 shares of common stock at a price of $3.42 per share, for expected aggregate gross proceeds of approximately $100M, before deducting placement agent fees and other estimated offering expenses. In connection with the closing of the transaction, MEI will appoint Charlie Lee to its board of directors and GSR as its digital asset and treasury management advisor to oversee the implementation of its Litecoin Treasury Strategy. Charlie Lee and GSR acted as lead investors, alongside participation from the Litecoin Foundation as well as prominent crypto venture capital firms and infrastructure providers including Mozayyx, ParaFi, Hivemind, Primitive, RLH Capital, Delta Blockchain & CoinFund, among others. The closing of the PIPE is expected to occur on or about July 22, subject to the satisfaction of customary closing conditions. The company intends to use the funds to acquire the native cryptocurrency of the Litecoin blockchain, which will serve as the company’s primary treasury reserve asset.