MEI Pharma (MEIP) Becomes the First and Only Publicly Traded LTC Holder on a National Exchange

MEI Pharma, Inc. (NASDAQ:MEIP) is one of the hot penny stocks to invest in now. On July 18, MEI Pharma, Inc. (NASDAQ:MEIP) announced securities purchase agreements for a private investment in public equity (PIPE) for the sale and purchase of 29,239,767 shares of common stock at a price of $3.42 per share.

The expected aggregate gross proceeds for the transaction come up to approximately $100 million before the exclusion of placement agent fees and other estimated offering expenses.

MEI Pharma, Inc. (NASDAQ:MEIP) has plans to use all of the net proceeds for the launch of its treasury strategy focused on Litecoin. The transaction is thus a notable milestone for the company’s long-term strategic plan, establishing MEI Pharma, Inc. (NASDAQ:MEIP) as the first and only publicly traded company to adopt Litecoin as a treasury reserve asset.

Often referred to as “silver to Bitcoin’s gold,” Litecoin is a peer-to-peer cryptocurrency that Charlie Lee created in October 2011. The integration of Litecoin into its treasury operations has allowed MEI Pharma, Inc. (NASDAQ:MEIP) access to a decentralized monetary asset that complements its cash management framework.

MEI Pharma, Inc. (NASDAQ:MEIP) is a pharmaceutical company that develops pharmaceutical compounds. Its programs include Voruciclib and ME-344.

While we acknowledge the potential of MEIP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.