Semler scientific I want to raise $ 500 million in new securities after deciding a major target with the Ministry of Justice, according to the company’s application. The healthcare technology company will use some of the money to increase its crypto holdings, which already exceed 3,000 coins.
The company enters $ 30 million settlement with the Ministry of Justice
According to the latest securities and stock market commission (Sec) applicationsSemler Scientific has reached a settlement of $ 29.75 million with the Ministry of Justice regarding marketing practice for its Quantaflo product. The probe, which started in 2017, was focused on potential violations of federal laws against fraud on how the company marketed its flagship product.
The settlement negotiations continued in recent months after years of cooperation with several moods. The deal is not yet complete, according to the company’s SEC archiving on Tuesday, but Semler has already been given a way to finance the payment.
Semler Scientific's filing with the SEC. Source: US SEC.
Coinbase loan to finance settlement without selling bitcoin
Instead of liquidating their Cryptocurrency holding, Semler intends to use a loan from Coinbase to solve the DOJ case. The loan will be secured with the company’s large Bitcoin reserves, which amounts to 3,190 BTC valued at approximately $ 267 million at current market prices.
This financing strategy enables Semler to meet its legal requirements without liquidating its Cryptocurrency holding. With Bitcoin as security, the company can preserve its balance strength while meeting the need for residence.
Half billion dollar securities application for larger cryptoplanes
In addition to settlement costs, Semler has submitted an S-3 registration to Sec to sell $ 500 million value of securities. The notification indicates that the company not only raises cash to pay DOJ settlement but wants to increase its bitcoin which holds significantly.
Image: Threads
The action Made at a time when other companies continue to collect Bitcoin in their chests. According to reports in the archiving, Michael Saylor’s company recently bought $ 3,450 Bitcoins worth $ 286 million, which increased its holding to 531,640 bitcoins. Another company, Metaplanet, acquired Bitcoin of $ 26 million at the same time.
Image: Brookings Institution
Market analysts remain hausse despite price udder
The timing of Semler’s intended Bitcoin purchases is under market vollatility but still forecasts for extreme price estimate. An analyst, who goes under the handle “Titan of Crypto” predicted Bitcoin to hit $ 137,000, although no time frame was given for that price level.
The healthcare technology company has not specified exactly when it will end its securities offer or make additional Bitcoin purchases. Nevertheless, the SEC application clearly indicates that it is still a priority to pay for Cryptocurrency -holding.
Image from Pexels, Chart from TradingView
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