Why Is MEI Pharma Stock Soaring On Friday?

MEI Pharma, Inc. (NASDAQ:MEIP) stock is trading higher on Friday, with a session volume of 35.64 million compared to the average volume of 29.8K, as per data from Benzinga Pro.

The company on Friday entered into a private investment in public equity (PIPE) for the purchase and sale of 29.2 million shares $3.42 per share, for expected aggregate gross proceeds of approximately $100 million.

In connection with the closing of the transaction, MEI will appoint Charlie Lee to its board of directors. Current member Taheer Datoo will resign, and GSR will serve as its digital asset and treasury management advisor to oversee the implementation of its Litecoin Treasury Strategy.

Charlie Lee and GSR acted as lead investors, alongside participation from the Litecoin Foundation, crypto venture capital firms, and infrastructure providers.

The transaction marks a significant milestone in MEI’s long-term strategic plan.

It establishes MEI as the first and only publicly traded company to adopt Litecoin (CRYPTO: LTC) as a treasury reserve asset. Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee in October 2011.

Due to its similarities to Bitcoin, Litecoin is often referred to as the “silver to Bitcoin’s gold.”

As one of the longest-running blockchains with 100% uptime since its inception, Litecoin has demonstrated a proven track record of growth and reliability with significant enterprise-grade use cases. By integrating Litecoin into its treasury operations, MEI gains access to a decentralized monetary asset that complements its cash management framework.

MEIP Price Action: MEI Pharma stock is up 31.54% at $5.92 at the last check on Friday.

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