Nasdaq Fines TON Strategy for Failing to Obtain Shareholder Approval on Toncoin Purchase

TON Strategy, a publicly traded company known for its Toncoin token accumulation and formerly operating as Verb Technology Company, has been issued a reprimand by the Nasdaq. The reprimand stems from the company’s $272 million purchase of Toncoin tokens and associated private investment in public equity (PIPE) financing. 49% of the PIPE financing was used to fund this Toncoin purchase, but the company failed to secure shareholder approval for stock issuance under the PIPEs, as Nasdaq required when such a move involves over 20% of the company’s shares outstanding.