Flora Growth Prices $401 Million PIPE to Support 0G Treasury Strategy

Flora Growth announces a strategic $401 million treasury initiative supporting the Zero Gravity blockchain project, with plans to rebrand as ZeroStack while retaining its Nasdaq ticker FLGC.

SOL

176d ago

Summary

Flora Growth has launched a $401 million treasury initiative to support the Zero Gravity blockchain project, combining $35 million in cash and $366 million in in-kind digital assets. The transaction, led by DeFi Development Corp., will also see Flora Growth rebrand to ZeroStack. The funding aims to scale Zero Gravity’s decentralized AI infrastructure, surpassing previous benchmarks with its 357x efficiency improvement. The closing of the deal is expected by September 26, pending shareholder approval.

Terms & Concepts

Zero Gravity (0G): A blockchain project focused on decentralized AI infrastructure, supported by Flora Growth's treasury initiative.
In-kind Contribution: A form of capital investment where assets, such as cryptocurrencies or tokens, are contributed instead of cash.
DeFi Development Corp. (DFDV): A company leading the private placement deal for Flora Growth’s treasury initiative, with involvement in decentralized finance (DeFi) projects.