MEI Pharma, Inc. (Nasdaq: MEIP), a pharmaceutical company based in San Diego, has finalized a private placement, raising approximately $100 million in gross proceeds. The funds will be primarily allocated to establish a Litecoin (LTC) treasury strategy, a move that coincides with the appointment of Litecoin creator Charlie Lee to MEI Pharma’s Board of Directors and the engagement of GSR as the company’s digital asset and treasury management advisor. Current board member Taheer Datoo will resign.
The private placement involved the purchase and sale of 29,239,767 shares of common stock (or pre-funded warrants) at a price of $3.42 per share. Charlie Lee and GSR acted as lead investors in the transaction, with additional participation from the Litecoin Foundation and other prominent crypto venture capital firms and infrastructure providers, including MOZAYYX, ParaFi, Hivemind, Primitive, RLH Capital, and Delta Blockchain.
This initiative positions MEI Pharma as the first publicly traded company known to adopt Litecoin as a primary treasury reserve asset. Litecoin, created by Charlie Lee in October 2011, is a leading peer-to-peer cryptocurrency often compared to Bitcoin as “silver to Bitcoin’s gold.” It is recognized for its longevity, maintaining 100% uptime since its inception, and demonstrating a track record of growth and reliability with enterprise-grade use cases.
By integrating Litecoin into its treasury operations, MEI Pharma aims to access a decentralized monetary asset that complements its existing cash management framework. Charlie Lee commented on the development, stating, “Litecoin was designed to be fast, secure, and decentralized – and it’s exciting to see those principles now being embraced by a public company like MEI. This milestone not only reflects growing institutional confidence in LTC but also sets the stage for broader adoption in traditional capital markets.”
Josh Riezman, US Chief Strategy Officer at GSR, emphasized the advisory firm’s role: “Our goal is to help institutions unlock the long-term potential of digital assets while managing risk and maintaining flexibility. This treasury strategy is centered around a completely fair and fully decentralized digital asset with a nearly unparalleled track record as a store of value and means of payment.” Frederick W. Driscoll, Chairman of the Board of MEI Pharma, added, “MEI is pleased to pioneer this innovative public company treasury strategy with GSR and Charlie Lee, the first to our knowledge in the biotech sector.”
The company plans to use the proceeds to acquire LTC for its treasury. Titan Partners Group, a division of American Capital Partners, served as the sole placement agent for the private placement. Legal counsel for the company was provided by Morgan, Lewis & Bockius LLP, while Lucosky Brookman LLP acted as counsel to the placement agent. The transaction was conducted as a private placement under an exemption from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) and/or Regulation D, and in compliance with applicable state securities laws. A registration rights agreement has been entered into for the resale of the common stock, with a registration statement to be filed with the Securities and Exchange Commission (SEC). The private placement adhered to Nasdaq rules, satisfying the “Minimum Price” requirement.
