The company also announced that the small cap investment veteran Adam Hershey, managing member of Hershey Strategic Capital, has agreed to advise the company on matters related to its capital markets strategy.
SNAP has stated that it intends to use the net proceeds from the offering for the development of its blockchain product initiatives.
Alex Harrington, SNAP’s chief executive officer, commented: “We are extremely excited about the continued momentum we are experiencing with our blockchain initiatives and this additional capital is expected to allow us to accelerate those programs.
“We believe that SNAP is well positioned to benefit as blockchain technology evolves, and we believe an investment from a high-quality financial partner such as Adam Hershey of Hershey Strategic Capital is value enhancing. Adam’s capital markets expertise is invaluable and we are pleased to have the opportunity to work together.”
Adam Hershey added: “SNAP has assembled an exceptional team around their blockchain initiatives and I am delighted to extend both financial and strategic support to further the Company’s business objectives.”