The post Nasdaq Reprimands TON Treasury for $558 Million Stock Sale, Crypto Buy appeared on BitcoinEthereumNews.com. In brief Nasdaq warned TON Strategy for violating shareholder approval rules after the company raised over $500 million through a private stock sale to buy Toncoin. The exchange said TON Strategy, formerly Verb Technology, did not intentionally evade compliance, and issued only a warning instead of delisting its stock. The firm’s stock briefly surged after its crypto pivot but has since plunged over 80%, reflecting the volatility of Wall Street’s rush into digital assets. Nasdaq has issued a warning to TON Strategy, one of a slew of new crypto treasury companies trading on the stock exchange, for violating its shareholder approval rules. TON Strategy, a publicly traded marketing firm that recently changed its name and began purchasing hundreds of millions of dollars worth of the cryptocurrency Toncoin, failed to get shareholder approval for the massive crypto purchase, or for the private sale of stock shares that enabled the buy, Nasdaq warned the company late last week. Like many public companies that have gone all-in this year on acquiring massive crypto treasuries, TON Strategy (formerly Verb Technology) quickly raised funds for a huge digital asset stockpile via a private investment in public equity, or PIPE. PIPEs allow companies to sell their shares privately to institutional or accredited investors for speedy fundraises.  In August, TON Strategy sold some $558 million worth of its shares via a PIPE, in order to purchase an equivalent amount of Toncoin, a cryptocurrency associated with messaging app Telegram.  But the company failed to receive required shareholder approval for either the PIPE financing or a subsequent purchase of $273 million worth of Toncoin with funds derived from the deal, the Nasdaq said.  Stock exchange officials determined, however, that TON Strategy did not deliberately intend to avoid compliance, and therefore opted only to issue the company a warning,… The post Nasdaq Reprimands TON Treasury for $558 Million Stock Sale, Crypto Buy appeared on BitcoinEthereumNews.com. In brief Nasdaq warned TON Strategy for violating shareholder approval rules after the company raised over $500 million through a private stock sale to buy Toncoin. The exchange said TON Strategy, formerly Verb Technology, did not intentionally evade compliance, and issued only a warning instead of delisting its stock. The firm’s stock briefly surged after its crypto pivot but has since plunged over 80%, reflecting the volatility of Wall Street’s rush into digital assets. Nasdaq has issued a warning to TON Strategy, one of a slew of new crypto treasury companies trading on the stock exchange, for violating its shareholder approval rules. TON Strategy, a publicly traded marketing firm that recently changed its name and began purchasing hundreds of millions of dollars worth of the cryptocurrency Toncoin, failed to get shareholder approval for the massive crypto purchase, or for the private sale of stock shares that enabled the buy, Nasdaq warned the company late last week. Like many public companies that have gone all-in this year on acquiring massive crypto treasuries, TON Strategy (formerly Verb Technology) quickly raised funds for a huge digital asset stockpile via a private investment in public equity, or PIPE. PIPEs allow companies to sell their shares privately to institutional or accredited investors for speedy fundraises.  In August, TON Strategy sold some $558 million worth of its shares via a PIPE, in order to purchase an equivalent amount of Toncoin, a cryptocurrency associated with messaging app Telegram.  But the company failed to receive required shareholder approval for either the PIPE financing or a subsequent purchase of $273 million worth of Toncoin with funds derived from the deal, the Nasdaq said.  Stock exchange officials determined, however, that TON Strategy did not deliberately intend to avoid compliance, and therefore opted only to issue the company a warning,…