Bit Mining Limited has introduced that it has entered a $9.3 million registered direct providing with particular institutional traders. Bit Mining defined that it goals to make use of the funds from the providing to develop infrastructure and spend money on new mining machines.
Bit Mining to Use Fresh Capital for Expansion, Mining Rigs, and Improving the Firm’s Working Capital Position
The cryptocurrency mining operation Bit Mining Limited (NYSE: BTCM) has introduced that it has entered a securities buy settlement with institutional traders. Bit Mining operates crypto mining services, a mining pool, and mining rig manufacturing (Bee Computing).
The firm owns and operates Btc.com and mining providers embody bitcoin, litecoin, and ethereum mining. According to the prospectus, the newest providing for $9.3 million will shut on or round August 18.
“The purchase and sale of 15,566,665 of the company’s American Depositary Shares (ADSs), Series A warrants to purchase up to an aggregate of 15,566,665 ADSs, and Series B warrants to purchase up to an aggregate of 15,566,665 ADSs, at a combined purchase price of US$0.60 per ADS and associated warrants, in a registered direct offering. Each ADS represents ten Class A ordinary shares, par value US$0.00005 per share, of Bit Mining,” the corporate detailed on Wednesday.
The $9.3 million in funding shall be used to develop operations and spend money on mining machines. The capital will even go in direction of bettering “working capital position and [investing] in new business opportunities.”
Bit Mining’s shares are down 97.72% from the all-time excessive recorded on March 7, 2014. Year-over-year information reveals Bit Mining’s internet revenue is down 123.18%. Last yr, Bit Mining defined that it was investing $9 million into the development of a 100 megawatt (MW) mining farm in Kazakhstan.
Following that announcement, Bit Mining moved 3,000 mining rigs from China to Kazakhstan following China’s crackdown on bitcoin mining. Per week after it moved 3,000 mining units it moved one other 2,500 machines to the transcontinental, landlocked nation positioned in Central Asia and Eastern Europe.
Bit Mining’s newest providing have to be accredited by the U.S. Securities and Exchange Commission (SEC). Bit Mining joins a slew of bitcoin mining operations making strategic enterprise strikes in 2022, increasing operations, and buying new mining machines.
What do you concentrate on Bit Mining coming into a $9.3 million registered direct providing to develop and purchase new equipment? Let us know what you concentrate on this topic within the feedback part under.
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