Eyenovia Announces Private Placement to Acquire HYPE Tokens
In a significant move for the cryptocurrency sector, Eyenovia, Inc. (NASDAQ: EYEN) has disclosed its entry into a securities purchase agreement (SPA) aimed at raising $50 million through a private placement of public equity (PIPE Financing) with institutional accredited investors. The California-based company plans to utilize the capital to amass a reserve of HYPE, the native token of the decentralized digital asset exchange and Layer-1 blockchain known as Hyperliquid. Eyenovia anticipates gross proceeds nearing $50 million, prior to accounting for offering expenses. Additionally, the company has appointed Hyunsu Jung as the Chief Investment Officer and a member of the Board.
Financial Details and Future Projections
Under the terms of the SPA, Eyenovia will issue non-voting convertible preferred stock, convertible into roughly 15.4 million shares of common stock at a conversion price of $3.25 per share, along with warrants for about 30.8 million shares at the same exercise price. The conversion of these preferred shares and the exercise of the warrants will be subject to beneficial ownership limitations imposed by the investors. Should the warrants be fully exercised, the total gross proceeds from the transaction could reach approximately $150 million, though this is not guaranteed.
Strategic Vision for Cryptocurrency Adoption
Michael Rowe, the CEO of Eyenovia, expressed enthusiasm about joining the ranks of companies embracing cryptocurrency for its diversification and potential for long-term value appreciation. He emphasized that a careful evaluation of alternatives led to the conclusion that this transaction serves the best interests of shareholders. Hyunsu Jung also shared his excitement, indicating that he is eager to contribute to a groundbreaking cryptocurrency treasury strategy centered on HYPE, which he believes is a leading digital asset. He highlighted Hyperliquid as one of the fastest-growing and highest-revenue-generating blockchains globally.
Becoming a Validator and Future Initiatives
Through this PIPE Financing, Eyenovia will acquire over 1 million HYPE tokens, positioning itself as a key validator for Hyperliquid and becoming the first such entity to be publicly listed on Nasdaq. The company plans to establish a HYPE staking program and secure its assets via a collaboration with Anchorage Digital. This initiative aligns with Eyenovia’s goal of delivering long-term value to its shareholders by tapping into the growing acceptance of blockchain technology and digital innovations.
Ongoing Business Development
In addition to its cryptocurrency strategy, Eyenovia will maintain its focus on its core operations, including the development of the Gen-2 Optejet User Filled Device (UFD), with expectations for FDA registration by September 2025. The company is also actively pursuing commercial partnerships related to the Optejet dispenser.
Offering Details and Regulatory Compliance
The completion of the offering is projected around June 20, 2025, pending fulfillment of standard closing conditions. Eyenovia is also planning to rebrand, changing its name and ticker symbol to “Hyperion DeFi” and “HYPD,” respectively. Chardan will serve as the sole placement agent for this transaction. The offering and associated securities are being conducted in a manner that does not involve a public offering, meaning they have not been registered under the Securities Act of 1933 and cannot be resold in the U.S. unless compliant with applicable regulations.
Inducement Grant for New Chief Investment Officer
In conjunction with his employment, Mr. Jung has received an inducement grant of 500,000 shares of common stock, a decision ratified by the Compensation Committee of Eyenovia’s Board of Directors in accordance with Nasdaq Listing Rule 5635(c)(4).
Understanding the HYPE Token
HYPE serves as the native token of the Hyperliquid Layer-1 blockchain. It is utilized by validators engaged in the network’s unique consensus protocol, HyperBFT, designed for order book logic, allowing for non-custodial trading of spot and futures markets. Users who stake HYPE can access various benefits, including trading fee discounts, with plans for additional features such as referral bonuses and newly launched markets. As of June 2025, HYPE has achieved the status of being the 12th-largest cryptocurrency by market capitalization.
About Eyenovia, Inc.
Eyenovia, Inc. is at the forefront of digital ophthalmic technology and stands as the first publicly traded U.S. company dedicated to establishing a long-term treasury of Hyperliquid’s HYPE token. By pursuing this dual strategy, Eyenovia is committed to transforming topical eye treatments while providing shareholders with simplified access to the rapidly expanding Hyperliquid ecosystem. Shareholders are poised to gain from the compounded exposure to HYPE, driven by its staking yields and unique on-chain revenue opportunities. Furthermore, Eyenovia is advancing its proprietary Optejet User Filled Device (UFD), aimed at improving patient compliance and outcomes in treating various ocular conditions.
Forward-Looking Statements
This press release contains forward-looking statements, which encompass expectations, beliefs, and projections regarding Eyenovia’s future activities and financial prospects. These statements are inherently uncertain and subject to various risks and assumptions that may lead actual results to differ significantly from those anticipated. The company does not undertake any obligation to update forward-looking statements, except as required by applicable securities laws.
