US-listed company Webus obtains a $100 million credit line from Ripple Strategy, possibly for building XRP reserves

ChainCatcher news, according to Globenewswire, the U.S. listed mobility service provider Webus International Limited (WETO) has signed a conditional securities purchase agreement with Ripple Strategy Holdings to obtain a preferred stock credit line of up to $100 million.

The $100 million commitment will be issued at the company's discretion within 24 months after the registration statement with the U.S. Securities and Exchange Commission (SEC) becomes effective and with the approval of the company's existing underwriters, with each draw amount ranging from $250,000 to $3 million, depending on market conditions and capital needs.

On May 30, Webus International Limited announced that it is exploring a financing strategy of up to $300 million to establish an XRP reserve through diversified non-equity financing tools.