The listed company ZOOZ Power has completed a $5 million first round of private placement and is implementing a Bitcoin reserve strategy
ChainCatcher news, publicly traded company ZOOZ Power (NASDAQ/Tel Aviv Stock Exchange: ZOOZ) announced on August 6 that it has completed the first round of a $5 million private placement, with an issue price of $2 per share. This financing is the first phase of the company's previously announced $180 million private placement plan for institutional investors.
Subject to shareholder approval, approximately 95% of the proceeds from the private placement will be used to implement a Bitcoin reserve strategy. This move will make ZOOZ the first dual-listed company on NASDAQ and the Tel Aviv Stock Exchange to adopt Bitcoin as a reserve asset.
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