ETHZilla Company Rebranding
ETHZilla Company (NASDAQ: ETHZ), previously known as 180 Life Sciences Corp, has unveiled a significant brand transformation that signals its strategic transition towards establishing an Ethereum reserve. This innovative pivot is designed to create a platform that is both community-owned and community-serving, focusing on integrating non-traditional business models with blockchain technology.
New Trading Identifiers
As part of this rebranding initiative, the company’s common stock will now be traded on the Nasdaq under the new identifier “ETHZ”, while the public warrants will operate under “ETHZW”. The previous ticker symbols “ATNF” and “ATNFW” are being phased out, yet investors need not take any action regarding this transition.
Financial Maneuvers
This announcement comes in the wake of the company’s noteworthy financial maneuvers, including a successful $425 million private investment in public equity (PIPE) and the issuance of $156.25 million in convertible notes. As a result of these efforts, ETHZilla has acquired a substantial portfolio of 94,675 ETH, which was purchased at an average cost of $3,902.20 each, culminating in a total valuation of roughly $419 million at current market prices.
Strengthening Financial Position
Furthermore, the firm has bolstered its financial position by securing about $187 million in cash equivalents, enhancing its capability to pursue future endeavors in the Ethereum ecosystem.
