Shares of 180 Life Sciences Corp. (NASDAQ: ATNF) are experiencing a notable increase on the U.S. stock market following the announcement of its acquisition of an iGaming platform. As of the latest check, ATNF stock was rising 9.54%, trading at $4.25. This surge reflects positive investor sentiment towards the company’s strategic initiatives aimed at expanding its market presence.
Strategic Technology Acquisition by 180 Life Sciences
Elray Resources today announced a pivotal milestone in its growth strategy by finalizing the sale of proprietary technology to 180 Life Sciences. The transaction involves the exchange of preferred stock convertible into a 40% equity stake in ATNF, along with warrants for the purchase of three million shares of its common stock.
The conversion and exercise of these warrants will require stockholder approval. The proprietary technology will empower ATNF to develop an online gaming blockchain casino, marking a significant step in the company’s entry into the online gaming sector.
Future Collaborations and Innovations
This acquisition not only represents the company’s inaugural venture into the online gaming industry but is also anticipated to bolster its financial stability, foster future innovations, and create new revenue opportunities.
The partnership between 180 Life Sciences and Elray is expected to facilitate collaboration with prominent market players and build relationships with new operators, ultimately enhancing shareholder value and advancing the company’s growth trajectory.
ATNF Expanding into the Global iGaming Market
In a recent letter to shareholders, 180 Life Sciences outlined its strategic goals to enter the online gaming market using its recently purchased “back-end” gaming platform, which features blockchain technology and full bitcoin operability.
The first focus will be on business-to-consumer (B2C) online casinos with plans to move into a business-to-business (B2B) model. This will provide a full blockchain-enabled technological platform for gaming operators worldwide.
Furthermore, ATNF management has identified favorable trends and characteristics within the global iGaming industry, presenting attractive acquisition opportunities. The integration of the Gaming Technology Platform, combined with the advantages of being listed on Nasdaq, positions 180 Life Sciences as a compelling consolidation entity within the iGaming sector.
