Biotech company asks shareholders to dilute stock by 951% to hoard illiquid crypto token instead of funding its own drug

Enlivex, a Nasdaq-listed biotechnology company, is asking shareholders to authorize up to $800 million of financing tied to the RAIN crypto token. The structure could increase its share count by as much as 951%.Despite Enlivex's biotech business, the financing is primarily a crypto-treasury transaction. RAIN delivered at closing would go to the company's treasury wallets, while substantially all cash or stablecoin proceeds are earmarked to acquire the token or support other treasury purposes, transaction costs, and debt. Only up to 5% of remaining USD proceeds could fund Allocetra.Shareholder approval is required for an initial $400 million placement and the maximum securities available under a separate, company-controlled $400 million option. The first tranche alone could equal roughly four to five times Enlivex's latest disclosed shares outstanding.Enlivex said in a Form 6-K that it would use commercially reasonable efforts to call and hold the meeting within 60 days of its July 27 agreement.Under the securities purchase agreement, the investor elected to pay in the RAIN token but can change that choice before closing. RAIN consideration carries a $6 total price per ordinary-shar...