09:16 AM EDT, 07/18/2025 (MT Newswires) -- MEI Pharma ( MEIP ) said Friday it has signed agreements for a private investment in public equity deal, or PIPE, worth about $100 million.

The company said it will sell about 29.2 million shares, or pre-funded warrants, at $3.42 apiece.

Proceeds will be used to buy Litecoin (LTC-USD), which MEI plans to hold as its main treasury reserve asset, it added.

Lee will join MEI's board, replacing Taheer Datoo, and GSR will advise on treasury and digital asset strategy after leading the investment round, according to the company.

Other investors include the Litecoin Foundation and several crypto-focused firms such as ParaFi, Hivemind, and CoinFund, MEI Pharma ( MEIP ) said.

The transaction is expected to close around July 22, pending customary conditions, the company added.

Shares of the company were up nearly 86% in recent pre-market activity.