Nasdaq Fines TON Strategy for Financing Breach

Nasdaq has issued a formal reprimand to TON Strategy, the firm managing Telegram’s blockchain-based assets, for failing to secure shareholder approval in a large Toncoin purchase. The exchange flagged that TON Strategy violated listing rules regarding its recent $272.7 million Toncoin acquisition and associated private investment in public equity (PIPE) deal. The reprimand comes after Nasdaq confirmed the company failed to seek shareholder consent before issuing new stock to finance the Toncoin purchase, exceeding a 20% threshold of outstanding common shares under their rules.