The deal will be funded by a $220 million PIPE (Private Equity Investment in a Public Company) investment and will include $100 million in cash and $120 million in tokens.
The company will purchase 52.5 million IP tokens, making IP its primary reserve asset. The $82 million raised from the PIPE financing will be used to purchase IP tokens from the Story Foundation at a fixed price of $3.40 per token.
Related News: BREAKING: Coinbase Allegedly Invests in This Altcoin – Here are the Details
The Story Foundation will invest all cash proceeds from the sale in open market repurchases of IP tokens within 90 days. Focusing on the $80 trillion intellectual property economy through its AI-based blockchain infrastructure, the Story Foundation aims to expand Heritage’s network operations through this partnership.
The deal is backed by a16z crypto, Polychain and other leading investors, while Cantor Fitzgerald & Co. and Roth Capital Partners are acting as financial advisors and placement agents.
*This is not investment advice.
Continue Reading: A US-Based Company Announces Significant Investment in a Token That Is Not Even Among the Top 50 Altcoins
