Jiuzi Holdings, Inc. (JZXN), a China-based sales company of new energy batteries, on Friday announced it has signed a Memorandum of Understanding with several institutional investors to increase its planned private placement to up to $1 billion.
In the pre-market trading, Jiuzi is 74.25% higher at $9.81 on the Nasdaq.
The MoU reflects investor interest in the company's shift into the crypto asset services sector.
As the company aims to benefit from rising demand for crypto asset services, it also said that the proceeds will support the development of its crypto asset business, including advanced secure custody infrastructure and new storage solutions.
The company said the expanded financing represents an 80-fold increase in committed capital
The amount marks a major jump from the previously disclosed $12 million plan announced on October 7.
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