Enlivex, a Nasdaq-listed biotech company, is asking shareholders to authorize up to $800 million in financing tied to the RAIN crypto token. This could dilute existing shares by up to 951%, reducing current shareholders’ stake to just 9.5% of the total. Virtually all proceeds will be used to acquire RAIN for the company treasury, with only up to 5% of USD proceeds potentially funding the development of its Allocetra drug. RAIN ranks 202nd by market cap with approximately $29.88 million in 24-hour volume, raising concerns about the token’s liquidity and the viability of this strategy. The company committed to holding the shareholder vote within 60 days.
Source: Read the original article
