A Pharma Company Raised $134 Million to Buy One Token. Only $25 Million of It Was Cash.
NovaBay Pharmaceuticals sold $134 million of pre-funded warrants in January and became Stablecoin Development Corporation. The buyers paid with $25 million of cash, $51 million of stablecoins and 943,599,689 SKY tokens — the asset the company then set out to accumulate.
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