ProPhase Labs continues exploration of crypto treasury strategy

ProPhase Labs (PRPH) entered into an agreement relating to potential advisory services. Management continues to evaluate a range of options for potential allocation of balance sheet resources, including the possibility of investing in digital assets. “Following our stockholders’ approval of all proxy items at the September 9 Special Meeting, ProPhase is now positioned to advance its crypto treasury strategy,” said Ted Karkus, CEO. “We believe that we have significant underlying value in the Company, potentially multiples of the current market capitalization. Therefore, we have no interest in a discounted, dilutive round of financing. In fact, the Company recently cancelled its ELOC for just this reasoning. To the contrary, we are working on a crypto treasury strategy with a goal that it will be structured to be accretive to current shareholders given the significant underlying value of the Company’s assets. Furthermore, very shortly, we anticipate updating our shareholders on our Crown Medical Collections initiatives that could net $50 million in cash to the Company, as well as important positive developments in our BE-Smart Esophageal cancer test.”