BIT Mining Limited announced that they have pitched it up for securities purchase agreements in a private placement. They plan to raise US$50 million by providing class A shares to investors. The news was reported by prnewswire.
The company is providing 100,000,000 Class A ordinary shares for sale to interested investors. This makes the purchase price of US$5.00 per ten Class A ordinary shares. It includes a warrant, and this will last for 3 years. In this 3 years period, after 6 months the exercise price would rise to US$6.81 per ten shares.
The firm is using the net of the private placement to acquire additional mining machines, build new data centres overseas, etc. The expected date for the closing of the private placement is around July 16, 2021.
For trading in the USA, the investor needs to convert them into American Depositary Shares (ADS) of the Company. According to the warrant 10 class A shares can transfer for 1 ADS. With regard to the private placement, the Company and the Investors entered are not registered under the rights agreement of the Securities Act of 1933.
The press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. BIT Mining limited is a leading cryptocurrency mining company having a long-term strategy to create value across the cryptocurrency industry. The business covers cryptocurrency mining, mining pool, and data centre operations. The firm has also entered into a 7-nanometer cryptocurrency mining machine manufacturer known as Bee Computing.
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