ENLV Stock Surges After Pivot To Crypto-Backed Treasury, Names Former Italian PM To Board

Shares of biotech company Enlivex Therapeutics (ENLV) jumped in pre-market trade on Monday after the company announced it would now be pivoting towards a crypto-backed treasury, with Rain Coin as its official token. 

The company also said that former Italian Prime Minister Matteo Renzi will be appointed to its board of directors. ENLV’s stock gained more than 70% in pre-market trade. On Stocktwits, retail sentiment around the company jumped to ‘extremely bullish’ from ‘neutral’ over the past day. Chatter increased to ‘extremely high’ from ‘high’ levels. 

Meanwhile, RAIN’s price nearly doubled in the last 24 hours. Retail sentiment around the token improved to ‘bullish’ from ‘neutral territory over the past day, accompanied by chatter at ‘high’ levels. 

Enlivex also announced a private investment in public equity (PIPE) deal to raise $212 million by selling 212 million shares at $1 each. This price is about 11.5% higher than the company’s closing stock price on Friday last week. The company said the investment will be funded in U.S. dollars and Tether’s USDT (USDT).

Enlivex said it intends to use net proceeds from the PIPE to implement “the first RAIN prediction markets token treasury strategy”, while also continuing its focus on the company’s core business operations.

Get updates to this developing story directly on Stocktwits.

Read also: Bitcoin Holds $86,000 With Crypto Market Back Above $3 Trillion – XRP, Doge Gain Ahead Of Grayscale’s New ETF Launches

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