Eyenovia (EYEN) shares jumped 114% in recent Tuesday trading after it entered an agreement with institutional investors for a $50 million private placement in public equity financing.

The company said it will use the gross proceeds to create a HYPE cryptocurrency token reserve, according to a statement.

Under the purchase agreement, the company will offer preferred stock convertible into 15.4 million common shares at a conversion price of $3.25 apiece and warrants to buy 30.8 million common shares at a $3.25 exercise price. Gross proceeds are expected at $150 million if warrants are fully exercised, the company said.

The financing will allow the company to buy over 1 million HYPE tokens. It also plans a HYPE staking program by securing the assets through a collaboration with Anchorage Digital.

Eyenovia said it also named Hyunsu Jung as its chief investment officer and board member. The company also expects to change its name to "Hyperion DeFi" and ticker to "HYPD."

Price: 6.61, Change: +3.64, Percent Change: +122.56