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Nasdaq Reprimands TON Strategy Over Toncoin Deal Rule Breach

Nasdaq Reprimands TON Strategy Over Toncoin Deal Rule Breach

Author:

Global Cryptocurrency

Published:

2025-11-04 19:15:02

29

1

BTCCSquare news:

Nasdaq has issued a formal reprimand to TON Strategy for violating listing rules related to its $272.7 million Toncoin acquisition and associated PIPE financing. The company, previously known as Verb Technology Company, bypassed shareholder approval before issuing stock to fund the transaction, as disclosed in a recent SEC filing.

Nearly half of the PIPE financing proceeds were allocated to Toncoin purchases, exceeding compliance thresholds. While Nasdaq confirmed no deceptive intent, the breach underscores regulatory scrutiny over crypto-linked corporate actions. The firm has since undergone restructuring and leadership changes, with no additional penalties imposed.

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