Nasdaq has reprimanded TON Strategy for its $272.7 million Toncoin purchase and PIPE deal, citing missed shareholder approval rules.
TON Strategy, a publicly traded company that accumulates Telegram-linked Toncoin tokens and previously operated as Verb Technology Company, has been reprimanded by Nasdaq over rule violations related to its Toncoin purchases.
Nasdaq has issued TON Strategy a letter of reprimand in connection with its $272.7 million Toncoin purchase and associated private investment in public equity (PIPE) financing.
According to Nasdaq, TON Strategy failed to obtain shareholder approval for stock issuance under the PIPE financing to purchase Toncoin (TON), Nasdaq stated in an 8-K filing with the US Securities and Exchange Commission on Wednesday.
