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Nasdaq-listed company Heritage $CASK announced the completion of a $220 million PIPE financing, becoming the first Story native Token $IP strategic reserve.
Among them, $100 million in cash was raised through the issuance of common stock and pre-purchase warrants; $120 million equivalent in $IP tokens was contributed by the Story Foundation.
$82 million in cash was purchased from the Story Foundation at $3.4 for $IP.
It is expected to reserve 52.5 million IPs, which is approximately 361 million dollars based on the calculation of 6.8785 dollars on August 10.
The Story Foundation will use the cash from this IP sale to repurchase the IP, to be completed within 90 days.
This round of investors includes not only the Story Foundation but also: a16z crypto, Amber Group, Arrington Capital, dao5, Hashed, Mirana Ventures, Neoclassic Capital, Open World, Polychain Capital, Selini Capital, Stix, Syncracy Capital, etc.
Core members include:
Founder of Story, PIP Labs CEO S.Y. Lee has been appointed as the Chairman of the Heritage Advisory Committee.
Phil Blows, co-founder of AQRU & B2 Capital Management, plans to take on the role of CIO at Heritage.
Arrington Capital CIO Ravi Kaza
Nomad Capital founding partner, former CoinMarketCap CEO Erick Zhang
Former Google executive David Lee
However, Heritage plummeted 14% in pre-market, reporting at $0.6.