Defi Development Corp. advanced another 17% on Thursday after announcing that it had bought $ 2.7 million in Solana as part of the ongoing ark’s approach.
The stock price rallied the day before the company released a business update for June, with plans to raise $ 112.5 million.
Defi Development Corp on Thursday Says It bought 17,760 Solana (Sol) Tokens worth $ 2.72 million at an average price of $ 153.10 per coin. After the acquisition, the company’s Solana stack stood at 640,585 sol, worth about $ 98 million.
The company said it intends to handle recently purchased long-term tokens and that it will assess the aforementioned tokens to produce yield.
In April, Defi Development Corp. announced Raise $ 1 billion to invest in Solana. However, on June 12, the company must withdraw its filing As the US Securities and Exchange Commission said the company failed to submit a management report prior to the due date.
Stock price rallies
Investors have enjoyed recent development, as the stock of Defi Development Corp. (DFDV) rose almost 17% to $ 23.80 in Thursday’s trading session.
Stock price rose another 0.8% after the bell and ended the after-hour trade session at $ 24, According to In Google Finance.
Compared to Wednesday less than $ 18.47, the stock is now 30% in just two days. It also raised more than 2,733% year-to-date; However, it dropped by 33% from the May 21 peak of $ 35.53.
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For the quarter, the company reported that its net income refused 30% year-year, while its net profit margin dropped 15.5%.
In a letter of July 2 discussed In shareholders, the company said it aims to maintain flexibility in capital and protect investors from short -term destruction risks. The company added that its balance sheet “outlined the long drawdowns and support the long -term NAV/share durability.”
Defi Development Corp’s Capital Raise
On Wednesday, Defi Development Corp. announced that it raises $ 112.5 million through private placements. The offer is expected to close on Monday.
The company uses $ 75.6 million from the net proceeds to fund a prepaid forward stock purchase transaction. In addition, the firm will use the remaining proceeds for the general purposes of the corporation, including the purchase of SOL for its treasury.
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