Verb Technology (VERB) said Monday it priced a private placement of about 58.7 million common shares at $9.51 per share for expected gross proceeds of about $558 million.

The company said over 110 investors subscribed to the upsized private investment in public equity offering, led by Kingsway Capital and anchored by Vy Capital, Blockchain.com, Ribbit Capital and Graticule.

The transaction is expected to close on or around Thursday, the company said.

Verb Technology said it plans to use most of the net proceeds to acquire Toncoin, which will be its primary treasury reserve asset.

The company said it expects to rebrand as Ton Strategy and become the first publicly traded treasury reserve of Toncoin in partnership with Kingsway Capital.

Upon closing of the transaction, Manuel Stotz will be the company's executive chairman, the company said. Stotz is the founder and chief executive of Kingsway Capital and president of the TON Foundation.

The company added that Veronika Kapustina and Sarah Olsen will serve as Ton Strategy CEO and chief financial officer, respectively.

The company also said its shares will continue to trade on the Nasdaq under the ticker "VERB."

The stock was up more than 60% in recent premarket activity Monday.