180 Life Sciences raises ~$470M equity, enters crypto treasury; Elray loses control

FORUM MARKETS Inc

Private placement of 160.4M shares at $2.65 plus pre-funded warrants for 16.8M shares; expected to close Aug 1, 2025.
Proceeds to fund $500k in management bonuses, operating expenses, Ethereum purchases, and crypto treasury (up to $10M).
Asset management agreement with Electric Treasury Edge: 2% annual fee (min $2M/year) for majority of proceeds under ETH strategy.
Upon closing, Elray Resources (35.8% holder) will cease to be controlling stockholder; no singular controlling stockholder expected.
Amendments to prior SPAs reduce existing warrant exercise price to $2.65; Elray cashless exercise yields 1.32M new shares.

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