India, June 4 -- Shares of K Wave Media Ltd. (KWM) more than doubled on Wednesday morning after the company announced that it has entered into a securities purchase agreement with Bitcoin Strategic Reserve KWM LLC, providing for the sale by the company of up to $500 million of ordinary shares.
KWM is currently trading at $4.3750, up $2.4550 or 127.8646%, on a large volume of 55.6 million shares, above average volume of 0.4 million shares, on the Nasdaq. The stock opened its at $4.7800 after closing Tuesday at $1.9200. The stock has traded between $1.5200 and $5.1700 in the past 52-week period.
Proceeds from the facility will be used to support the company's Bitcoin-centric digital asset treasury strategy as well as for working capital and...