s-3asr

ChainCatcher news, according to Coindesk, SharpLink Gaming's stock plummeted about 70% in after-hours trading on Thursday after submitting new documents to the SEC.It is reported that the company submitted an S-3ASR registration statement, which allows for the resale of up to 58,699,760 shares related to its private equity investment (PIPE) financing by more than 100 shareholders. The market initially interpreted this statement as indicating that PIPE investors had sold their holdings. Board Chairman Joseph Lubin stated on the X platform that the market "misread" the S-3 document, which is merely a pre-registration of shares for potential resale. This is a standard procedure following PIPE transactions in traditional finance and does not represent actual sales.Earlier this month, the company raised $450 million through PIPE financing, with investors including numerous institutions such as ConsenSys, Galaxy, and Pantera Capital. The funds raised will be used to acquire ETH as its reserve asset. Ethereum co-founder and ConsenSys CEO Joseph Lubin also joined the company as Board Chairman.