Nasdaq penny stock plans $212M RAIN token play with ex-Italian PM onboard

Former Italian Prime Minister Matteo Renzi will join the company’s board to support its policy efforts in establishing the first corporate treasury around a prediction market token.

A Nasdaq-listed biotech firm is raising $212 million in a late-cycle pivot into crypto, planning to buy the token of a decentralized prediction market even as other digital-asset treasuries (DATs) struggle to stay afloat.

Enlivex Therapeutics (ENLV), a clinical-stage macrophage reprogramming immunotherapy company, said Monday it plans to raise $212 million through a private investment in public equity, selling 212 million shares at $1 each. The price represents an 11.5% discount to Friday’s close, according to the company’s filing with the US Securities and Exchange Commission.

The company plans to invest the majority of the $212 million in Rain (RAIN), the utility token behind the Rain decentralized prediction market on the Arbitrum network, marking the first corporate strategy centered on a prediction market token, according to a Monday announcement shared with Cointelegraph.

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