Lowenstein Sandler represented Hivemind Capital as lead investor in a in a $550M capital raise for AgriFORCE Growing Systems Ltd. (Nasdaq: AGRI) establishing the first NASDAQ-listed company with a dedicated strategy to maximize ownership of AVAX, the native token of the Avalanche network. The company will be renamed AVAX One.
Avalanche is a high-speed, institutional-grade blockchain designed to be a foundational digital settlement layer for the future of finance. Its technology allows global leaders like KKR, Apollo, and J.P. Morgan Chase to launch their own custom, compliant blockchains for the tokenization of real-world assets. The network is secured by $6.2 billion in staked assets.
Over 50 institutional and crypto-native investors participated, including ParaFi, Galaxy Digital, Digital Currency Group, Kraken, Cypher Capital, Big Brain Holdings, FalconX, Republic Digital, Borderless Capital, Summer Capital, GSR Ventures, Fintech Collective, Bastion Trading, CMCC Global Titan Fund, Hypersphere, Fifth Lane Capital, HashKey Capital, and others.
The goal of the company's capital raising strategy is to own more than $700 million worth of AVAX tokens, making it a foundational partner in the growing ecosystem. The capital raise strategy will be constituted of a successfully raised approximately $300 million PIPE, subject to shareholder approval, and will involve near-future capital raising activities to raise up to an additional $250 million, that are expected to be focused on equity-linked instruments.
The Lowenstein team included Daniel L. Forman, Trevor A. Levine, Ryne Miller, Daniel C. Porco, Revel Atkinson, Barrett K. Davis, Lauren E. Russo, Anthony C. Santiago, Harrison Platt, Brooke A. Gillar, Annie Nazarian Davydov, Jeremy Cantor, Leo B. Choi, and Kevin Colan.
