Publicly traded company Eyenovia announces $50 million PIPE financing, initiating the HYPE Treasury Reserve Strategy

BlockBeats News, June 23rd, Eyenovia, Inc. (NASDAQ: EYEN) today announced that it has entered into a Securities Purchase Agreement (SPA) with institutional investors for a total of $50 million public equity private placement financing (PIPE). The proceeds from this financing will be used to establish the HYPE token reserve. HYPE is the native token of the decentralized digital asset exchange and Layer-1 blockchain Hyperliquid. Net of issuance expenses, the company expects to receive approximately $50 million in total financing proceeds.

As part of this transaction, the company also announced the appointment of Hyunsu Jung as Chief Investment Officer (CIO) and a new member of the board. Under the SPA terms, the company will issue convertible preferred stock convertible into approximately 15.4 million common shares at a conversion price of $3.25 per share, and also issue approximately 30.8 million warrants with an exercise price of $3.25 each. The conversion of the preferred stock and the exercise of the warrants are both subject to the actual ownership percentage cap set by the investors. If all warrants are exercised, the total transaction proceeds will reach approximately $150 million (but this is not guaranteed).