Shares of Jiuzi Holdings, Inc. (JZXN) soared as much as 40% in the pre-market session on Thursday after the company announced a private placement worth up to $30 million.

The firm stated that it entered into securities purchase agreements with certain non-U.S. institutional investors for a private placement offering through the issuance of units, comprising one share of common stock and three warrants. The net proceeds from the placement will primarily be used to purchase cryptocurrencies, it said.

Jiuzi announced late last month that it has adopted a Crypto Asset Investment Policy and authorized up to $1 billion of cash reserves to be allocated to select digital assets under a controlled risk framework following the appointment of crypto expert Doug Buerger as COO. The company had said its initial investments would focus on Bitcoin (BTC), Ethereum (ETH), and Binance's BNB token (BNB). Any expansion beyond those cryptocurrencies would require board approval, it added.

On Stocktwits, retail sentiment around JZXN stock stayed within the 'bullish' territory over the past 24 hours, while message volume fell remained at 'high' levels. 

Jiuzi Holdings, Inc. is primarily a provider of charging infrastructure for new energy vehicles in China's third- and fourth-tier cities.

The company said last month that it has established a Crypto Asset Risk Committee, chaired by CFO Huijie Gao, to oversee implementation of the Crypto Asset Investment Policy and report to the board. CEO Tao Li called the policy a proactive step to enhance shareholder value.

“We are not engaging in short-term trading or speculation; rather, we view crypto assets as long-term stores of value to hedge against macroeconomic uncertainties,” Buerger had said.

JZXN stock is down by 70% this year. 

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