CryptoWhistle - Crypto Currency Tracker logo CryptoWhistle - Crypto Currency Tracker logo
Seeking Alpha 2021-07-12 13:15:16

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

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.