BIT Mining to raise $50M in private placement offering

BIT Mining (BTCM) announces stock offering of $50M in private placement financing.The offering will see the issue of 100M Class A ordinary shares, and warrants to purchase up to an additional same number of shares at a purchase price of $5 per 10 Class A ordinary shares, with one warrant included in the price of each Class A ordinary share.The warrants are exercisable at $6.81 per 10 Class A ordinary shares within the term of three years.The company intends to use the net proceeds of the private placement to acquire additional mining machines, build new data centers overseas, expand its infrastructure, and improve its working capital position.Offering is expected to close on July 16, 2021.Stock is down 12% in pre-market trading.Previously (July 12): Cryptocurrency trading shrinks 40% in June as volatility weakens