AlphaTON Capital (PRTG), formerly known as Portage Biotech, said Wednesday it has established a specialized digital asset treasury company and secured financing to acquire about $100 million in TON tokens.

Additionally, the company said it has appointed Brittany Kaiser as the chief executive officer. The company also named Enzo Villani as executive chairman and chief investment officer.

The company said it agreed to sell about 6.7 million shares in a private placement priced at $5.73 each, aiming to raise gross proceeds of about $38.2 million. The placement is expected to close on or about Friday.

AlphaTON Capital also entered a loan facility with BitGo Prime for up to $35 million that would be disbursed at the closing of the private placement to purchase TON from a third party.

The company said its ordinary shares will trade under the new ticker symbol "ATON" on Nasdaq, effective market open on Thursday.

Shares of the company were up roughly 13% in recent Wednesday trading.

Price: 7.86, Change: +0.90, Percent Change: +12.93