GameSquare purchases CryptoPunk 5577 from the founder of Compound for $5.15 million in preferred stock

According to Foresight News, Nasdaq listed company GameSquare announced that its board of directors has approved the strategic purchase of CryptoPunk 5577 from Robert Leshner, founder of DeFi protocol Compound and CEO of Superstate. According to the terms of the acquisition agreement, GameSquare issued preferred stock worth $5.15 million to Robert Leshner, which can be converted into approximately 3.4 million shares of GameSquare common stock at a price of $1.50 per share. This acquisition marks GameSquare's first direct investment in NFTs.