Zeta Network Group raises $10 million in Solv-BTC private placement
Nasdaq-listed ZNB agreed a $10 million share-and-warrant financing to be settled in about 156.65 Solv-BTC, a Bitcoin-backed token, after its 8-for-1 reverse split.
Zeta Network Group said it agreed a $10 million private placement structured as units of one Class A ordinary share at $2.93 and one five-year warrant exercisable at $4.40, for total proceeds of $10,000,002.10. The transaction is to be settled in approximately 156.65 Solv-BTC tokens, described by the company as a 1:1 Bitcoin-backed asset valued at $63,835.08 per token, rather than in cash. A newer source characterized the payment as 156.65 Bitcoin, but the company’s announcement described settlement in Solv-BTC. The Nasdaq-listed company, which trades as ZNB, said the pricing reflects its post-split capital structure following an 8-for-1 reverse split on July 27 aimed at maintaining Nasdaq compliance.
- Solv-BTC: A token designed to be backed 1:1 by Bitcoin.
- private placement: A capital raise that sells securities to selected investors rather than the public market.
- reverse share split: A corporate action that reduces shares outstanding by combining existing shares into fewer new ones.