Classover to Raise $500M for SOL Treasury
Classover Holdings Inc., an educational technology company listed on Nasdaq, saw its shares rise by 39.85% after announcing a plan to raise $500 million to develop a SOL-based treasury. SOL, the native token of the Solana blockchain, plays a central role in this strategy. The company finalized a securities purchase agreement with Solana Growth Ventures LLC to issue senior secured convertible notes, expecting an initial closing of $11 million. Classover plans to use up to 80% of the net proceeds to acquire SOL. This move complements their prior $400 million equity agreement, potentially equipping them with $900 million for SOL purchases. CEO Stephanie Luo highlighted this as a critical step in aligning their financial strategy with blockchain and positioning Classover at the forefront of integrating SOL into corporate treasury operations. Classover focuses on online education for K-12 students and recently launched an SOL treasury strategy. It joins other companies in adopting Solana-centric financial strategies.
FAQ
❓ What is Classover's strategic plan?
Classover plans to raise up to $500 million to establish a SOL-based corporate treasury, enhancing its blockchain financial strategy.
❓ Why did Classover's stock price surge?
Classover's stock price surged due to the announcement of their plan to raise $500 million for a SOL treasury, signaling strong future prospects.
❓ How will Classover use the raised funds?
Classover intends to use up to 80% of the net proceeds from the raised funds to purchase SOL, strengthening their financial position.