Sonic extends the term of its $40 million investment in SonicStrategy bonds by three years.
TL;DR
Sonic Labs has extended the maturity of its $40 million investment in SonicStrategy bonds by three years due to market conditions, giving more time to meet Nasdaq listing requirements. The bonds, backed by 126 million S tokens, were originally conditional on a Nasdaq listing, with tokens to be returned and destroyed if not achieved.
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According to Foresight News , Sonic Labs has released an update on its Crypto Treasury (DAT) bond, stating that "given the current market conditions, Sonic Labs and SonicStrategy have extended the bond's maturity by three years to provide more time to meet listing requirements."
Previously, Sonic Labs invested approximately 126 million S tokens in SonicStrategy, a crypto treasury company listed on the Canadian Stock Exchange (CSE), through convertible bonds. The bonds were valued at approximately $40 million at the time of issuance. The conversion of these bonds was conditional upon a Nasdaq listing. Prior to this, SonicStrategy was contractually prohibited from selling, transferring, or disposing of these tokens; if a Nasdaq listing was not achieved within the stipulated timeframe, the tokens would be returned to Sonic Labs and destroyed.