Shares of 180 Life Sciences climbed after the company sold $156 million in convertible notes in order to load up its ether reserves.
The stock was up 11% at $3.32 in afternoon trading. Shares have now gained 83% since the start of the year.
The dietary supplement and food ingredient company said before the opening bell that it has sold $156 million worth of senior secured convertible notes due 2028 in a private offering.
The notes have a conversion price of $3.445 a share, subject to a one-time downward reset on the nine-month anniversary of the notes issuance if the closing price on that date is less than the conversion price.
Proceeds will be used to buy more ether for the company’s ethereum treasury strategy.
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