Antelope Enterprise Shares Drop After Securities Purchase Agreement

By Chris Wack

Antelope Enterprise Holdings shares were 20% lower, at $3.39, after the company said it has entered into a securities purchase agreement with investment firm Streeterville Capital for a total financing amount of up to $50 million.

The company said the proceeds from this financing will be used exclusively to buy Bitcoin.

Bitcoin was trading at $117,427 a unit at 12:10 p.m. ET, up 9% in the past month.

Under the terms of the agreement, Streeterville Capital will provide capital to Antelope in tranches over a period of up to 24 months, in an amount not to exceed $50 million.

Antelope will use these funds to gradually acquire Bitcoin based on market conditions.

The agreement clearly specifies that the financing proceeds are solely designated for Bitcoin acquisition.

Antelope shares are down 98% in the past 12 months.

Write to Chris Wack at chris.wack@wsj.com