Pursuant to the Term Sheet, NewGen will have the option, but not the obligation, to sell to White Lion shares of common stock of the Company over an initial 24-month period up to a total amount equivalent to the value of 600,000 Solana tokens. Upon a sale of shares, the Company will be compensated by White Lion in Solana tokens rather than cash. This innovative structure is designed to further the Company's previously announced Solana treasury strategy, and reaffirms NewGen's commitment to both the digital assets space as a whole and to Solana as a digital asset specifically.
The transactions contemplated by the Term Sheet are subject to entry into definitive agreements, and are subject to certain conditions, including a registration statement being filed immediately upon execution of the definitive agreements.
Mr. Siu Wing Fung Alfred, Founder, Chairman, and CEO of NewGen commented, "This groundbreaking agreement with White Lion represents another key development in NewGen's evolution as a forward-thinking, diversified enterprise. By structuring this innovative arrangement to receive Solana tokens rather than traditional cash compensation, we are not only strengthening our digital asset treasury but also demonstrating our unwavering confidence in the future of blockchain technology and decentralized finance. We believe Solana's robust ecosystem and scalable infrastructure make it an ideal cornerstone for our digital asset strategy, positioning NewGen to capitalize on the tremendous growth opportunities at the intersection of traditional industries and the digital economy."
Nathan Yee, Managing Partner of White Lion, commented, "We believe this is ...
