Net Element +25.8% after closing private placement

|About: Net Element International, ... (NETE)|By:, SA News Editor

Net Element (NASDAQ:NETE) completes a $7.55M private placement of restricted common stock and warrants with a New York-based office that has made several blockchain investments.

The family office purchased five-year warrants priced at $11.245 per unit. Each unit contains a share of common stock and 60% of a warrant at an exercise price of $11.12. 

Net Element plans to use the investment to fuel its blockchain-focused unit, which will have a decentralized cryptocurrency ecosystem connecting merchants to consumers. 

Net Element shares are up 25.8%.