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%.