AlphaTON Capital Corp Issues Clarification on Anduril Industries Investment Program

Rhea-AI Summary

AlphaTON Capital Corp (NASDAQ: ATON) issued a clarification on Dec 17, 2025 about its previously announced investment program tied to Anduril Industries. The company signed a contract to obtain economic exposure via an SPV rather than a direct equity purchase, and had planned a tokenized derivative product to provide access to restricted technology shares.

AlphaTON cancelled the Anduril tokenized investment program after discovering the underlying Anduril common stock is subject to transfer restrictions and Anduril will not consent to transfers, creating material ownership and transferability risk. The company says it will pursue other strategic tokenization opportunities with clear ownership rights.

Positive

• Decision to cancel avoids transferability and ownership risk
• Company reaffirms commitment to strategic investments and tokenization

Negative

• Cancelled Anduril tokenized program on Dec 17, 2025
• Anduril common stock is subject to transfer restrictions preventing intended use

Market Reality Check

$0.6490 Last Close

Volume Volume 1,974,216 is below the 20-day average of 2,748,565 (relative volume 0.72x). normal

Technical Shares at 0.9118, trading below the 200-day MA of 4.5 and near the 52-week low of 0.8654.

Peers on Argus

Peers showed mixed moves: EQS -7.47%, while GROW +1.69% and BCG +3.38%, indicating ATON’s -13.98% decline was company-specific rather than a sector-wide move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 17	AI biotech platform	Positive	-14.0%	Planned decentralized AI-native biotech platform for rare cancers and TON ecosystem.
Dec 16	Alpha Liquid stake	Positive	-3.6%	Strategic investment in Alpha Liquid Terminal for Telegram-focused financial stack.
Dec 16	Anduril investment plan	Positive	-3.6%	Announced $30M Anduril exposure and $100M tokenized fund for retail access.
Dec 15	GPU deployment	Positive	-16.7%	Secured NVIDIA B300 GPUs in Supermicro HGX systems for Cocoon AI Network.
Dec 11	Data center capacity	Positive	-2.1%	Signed 60‑month atNorth agreement for up to 4,330 kW high-performance capacity.

Pattern Detected

Recent strategic and infrastructure announcements have repeatedly been followed by negative next-day price reactions, suggesting a pattern of divergence between seemingly positive news flow and shareholder response.

Recent Company History

Over the past week, AlphaTON issued multiple strategic updates, including a Dec 11 data center deal securing up to 4,330 kW of capacity, GPU deployment, a planned $30 million Anduril exposure with a $100 million tokenized fund, and AI/Telegram platform initiatives. Despite these growth-focused headlines, shares fell after each release (e.g., -16.67%, -13.98%). Today’s clarification cancels the Anduril tokenized program, extending a sequence of market skepticism toward rapid strategic shifts.

Regulatory & Risk Context

Active S-3 Shelf Registration 2025-11-06

An active Form F-3 shelf dated Nov 6, 2025 registers the resale of up to 189,719 ordinary shares by a selling shareholder, with the company receiving no proceeds. A subsequent 424B5 filing supports an at‑the‑market program of up to $15,307,818 in ordinary shares, indicating ongoing capacity for share sales under the shelf framework.

Market Pulse Summary

The stock dropped -14.0% in the session following this news. A negative reaction despite the clarification fits a recent pattern where apparently positive initiatives, including AI platform plans and infrastructure deals, were followed by drops of -2.08% to -16.67%. The cancellation of the Anduril tokenized program removes a previously touted growth avenue, while an active F-3 shelf and $15,307,818 ATM capacity remain overhangs that could add pressure when sentiment weakens.

Key Terms

special purpose vehicle financial

"obtain economic exposure to Anduril Industries’ common stock through a Special Purpose Vehicle"

A special purpose vehicle (SPV) is a separate legal entity created to isolate financial risk or hold specific assets, much like a dedicated safe for a particular investment or project. Investors pay attention to SPVs because they can influence how risks and rewards are managed, and sometimes they are used to structure transactions more efficiently or hide certain financial details.

spv financial

"through a Special Purpose Vehicle (SPV) structure, rather than a direct equity investment"

An SPV (special purpose vehicle) is a separate legal entity created to hold specific assets, run a particular project, or issue securities, keeping those activities legally and financially distinct from the sponsor’s main business. Think of it as a sealed bucket used to isolate risk and cash flows—this matters to investors because an SPV can limit exposure to losses, affect credit risk and transparency, and influence how returns and liabilities are reported.

derivative financial

"the intention was also to create a derivative tokenized product to launch alongside"

A derivative is a financial contract whose value depends on the price or performance of another asset or measure — for example a stock, index, interest rate, commodity, or currency. Investors use derivatives like insurance or leveraged bets to hedge risk, speculate, or gain exposure without owning the underlying asset; they can protect portfolios but also amplify losses and introduce counterparty and market risk.

tokenized technical

"intention was also to create a derivative tokenized product to launch alongside"

Tokenized means converting a real-world asset, like property, artwork, or stocks, into digital tokens stored on a computer network. This process makes it easier to buy, sell, or transfer small parts of the asset quickly and securely, much like dividing a property into many tiny pieces that can be traded individually. For investors, tokenization can increase access, liquidity, and flexibility in managing their investments.

common stock financial

"obtain economic exposure to Anduril Industries’ common stock through a Special Purpose Vehicle"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

AI-generated analysis. Not financial advice.

DOVER, DE, Dec. 17, 2025 (GLOBE NEWSWIRE) -- AlphaTON Capital Corp (NASDAQ: ATON) ("AlphaTON" or the "Company"), a publicly traded technology company, issues a clarification on its previously announced investment program related to Anduril Industries.

Clarification and Correction

The Company's press release on December 16, 2025 regarding an investment in Anduril Industries shares requires clarification. AlphaTON has signed a contract to obtain economic exposure to Anduril Industries’ common stock through a Special Purpose Vehicle (SPV) structure, rather than a direct equity investment in Anduril Industries. It was the company’s intention, clearly outlined in the signed contract, to hold this on its balance sheet. As stated publicly in yesterday’s press release, the intention was also to create a derivative tokenized product to launch alongside other similar technology industry secondary products to provide access to the growing demand for exposure to innovative technology companies that are hard to directly invest in.

Anduril Program Cancellation

It has now come to the Company's attention that the Anduril Industries common stock underlying the economic exposure that was contractually offered to our Company is subject to transfer restrictions and that Anduril will not consent to any such transfer. Due to these material limitations and risk on ownership and transferability, AlphaTON has made the decision to cancel the Anduril tokenized investment program and will not be proceeding with the transaction.

The Company remains committed to strategic investments and the tokenization of desirable assets that provide clear ownership rights and align with shareholder value creation objectives.

About AlphaTON Capital Corp. (Nasdaq: ATON)

AlphaTON Capital Corp (NASDAQ: ATON) is the world's leading technology public company scaling the Telegram super app, with an addressable market of 1 billion monthly active users while managing a strategic reserve of digital assets. The Company implements a comprehensive M&A and treasury strategy that combines direct token acquisition, validator operations, and strategic ecosystem investments to generate sustainable returns for shareholders. Through its operations, AlphaTON Capital provides public market investors with institutional-grade exposure to the TON ecosystem and Telegram's billion-user platform while maintaining the governance standards and reporting transparency of a Nasdaq-listed company. Led by Chief Executive Officer Brittany Kaiser, Executive Chairman and Chief Investment Officer Enzo Villani, and Chief Business Development Officer Yury Mitin, the Company's activities span network validation and staking operations, development of Telegram-based applications, and strategic investments in TON-based decentralized finance protocols, gaming platforms, and business applications.

AlphaTON Capital Corp is incorporated in the British Virgin Islands and trades on Nasdaq under the ticker symbol "ATON". AlphaTON Capital, through its legacy business, is also advancing first-in-class therapies targeting known checkpoint resistance pathways to achieve durable treatment responses and improve patients' quality of life. AlphaTON Capital actively engages in the drug development process and provides strategic counsel to guide the development of novel immunotherapy assets and asset combinations. To learn more, please visit https://alphatoncapital.com/.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or AlphaTON's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the development and adoption of AI technologies, cryptocurrency market volatility, regulatory developments, technical challenges in infrastructure deployment, and general economic conditions. AlphaTON undertakes no obligation to update any forward-looking statements, except as required by law.

Investor Relations:
AlphaTON Capital Corp
AlphaTON@icrinc.com
(203) 682-8200

Media Inquiries:
Richard Laermer
RLM PR
AlphaTON@rlmpr.com
(212) 741-5106 X 216

Richard Laermer
RLM PR
AlphaTON (at) rlmpr.co

FAQ

What did AlphaTON announce on Dec 17, 2025 about the Anduril (ATON) investment program?

AlphaTON said it is cancelling the Anduril tokenized investment program after finding the underlying Anduril shares have transfer restrictions that prevent the planned transaction.

Did AlphaTON originally plan a direct equity investment in Anduril for ATON shareholders?

No. AlphaTON signed a contract to obtain economic exposure via an SPV, not a direct equity purchase of Anduril common stock.

Why did AlphaTON cancel the Anduril tokenized product for ATON investors?

The company discovered the underlying Anduril shares are subject to transfer restrictions and Anduril will not consent to transfers, creating material ownership and transferability risk.

Will AlphaTON still pursue tokenization projects after cancelling the Anduril program?

Yes. AlphaTON said it remains committed to strategic investments and tokenizing assets that provide clear ownership rights and align with shareholder value.

Does the Dec 17, 2025 clarification change AlphaTON's balance sheet plan for the Anduril exposure?

AlphaTON stated its contract intended to hold the SPV exposure on its balance sheet, but the program was cancelled due to transfer limitations.

How does the cancellation affect ATON shareholders short term?

The company did not disclose financial metrics; the announcement removes the planned Anduril tokenized offering due to transferability and ownership constraints.