Enlivex scraps 66.7M-share placement payable in RAIN tokens, token drops 13%
- —The 66,666,667-share placement is cancelled and shareholder approval will no longer be sought
- —RAIN is down 13% in 24 hours, 22% in a week and 46.4% from its $0.01946 peak
- —RAIN market cap stands at $7.41 billion with $18.94 million in 24-hour volume
- —Enlivex's last reported holding was 79.55 billion RAIN, about 11.2% of circulating supply
Why it matters: The cancelled token-funded placement casts doubt on the digital asset treasury model, where a listed company's share price tracks the crypto it holds.
Source: CryptoTicker