Private Placement Announcement
Eyenovia Set to be First U.S. Public Company Holding HYPE in Treasury
Hyunsu Jung Named Chief Investment Officer and Board Member
LAGUNA HILLS, Calif., June 17, 2025 (GLOBE NEWSWIRE) — Eyenovia, Inc. (NASDAQ: EYEN) announces its entry into a securities purchase agreement (the “SPA”) for a $50 million private placement in public equity (the “PIPE Financing”) with accredited institutional investors. The capital will be allocated to build a reserve of HYPE tokens, associated with the decentralized digital asset exchange and Layer-1 blockchain called Hyperliquid. The Company anticipates gross proceeds totaling around $50 million prior to the deduction of offering expenses. Additionally, Eyenovia is appointing Hyunsu Jung as the new Chief Investment Officer and Board member.
Under the SPA, Eyenovia will issue non-voting convertible preferred stock convertible into roughly 15.4 million shares of common stock at a price of $3.25 per share, alongside warrants for about 30.8 million shares at the same exercise price. Both the conversion of preferred stock and the exercise of warrants will be dictated by ownership limitations set by investors. If the warrants are fully exercised, the transaction could result in total gross proceeds of around $150 million, though this is not guaranteed.
CEO Michael Rowe expressed enthusiasm about joining the growing number of companies diversifying their assets with cryptocurrencies, highlighting the potential liquidity and long-term value appreciation of such strategies. “After a comprehensive evaluation of available options, we believe this transaction is beneficial for our shareholders,” he stated.
Mr. Jung remarked, “I’m excited to join Eyenovia and spearhead this innovative cryptocurrency treasury strategy, centered on what we believe to be the strongest digital asset, HYPE. Hyperliquid is rapidly becoming one of the most lucrative blockchains globally.”
The PIPE Financing will enable Eyenovia to acquire over 1 million HYPE tokens, positioning it as one of Hyperliquid’s leading validators and the first publicly listed on Nasdaq. The Company also plans to initiate a HYPE staking program and collaborate with Anchorage Digital to safeguard assets. This initiative aligns with Eyenovia’s aim to generate long-term value for shareholders by leveraging the rise of blockchain technology and digital innovations.
In conjunction with this cryptocurrency strategy, Eyenovia will maintain focus on its current operations, including the development of the Gen-2 Optejet User Filled Device (UFD), with FDA registration expected by September 2025. The Company is actively pursuing commercial partnerships related to the Optejet dispenser.
The closing of the offering is projected for around June 20, 2025, contingent upon standard closing conditions. The Company also plans a name and ticker change to “Hyperion DeFi” and “HYPD,” respectively. Chardan is serving as the sole placement agent for this transaction.
