BIT Mining Limited, announced that it has entered into securities purchase agreements with certain institutional and accredited investors to raise US$50 million in a private placement. Under the terms of the private placement, the Company will issue 100,000,000 Class A ordinary shares, and warrants to purchase up to an additional 100,000,000 Class A ordinary shares to the Investors, at a purchase price of US$5.00 per ten Class A ordinary shares, with one warrant included in the price of each Class A ordinary share. The warrants will have a term of three years, will be exercisable six months following their issuance date and will have an exercise price of US$6.81 per ten Class A ordinary shares. Ten Class A ordinary shares can be converted into one American Depositary Share of the Company (collectively, the “ADSs”) if certain conditions are satisfied.
H.C. Wainwright & Co. is acting as the sole placement agent for the offering.
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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. The closing of the private placement is expected to occur on or about July 16, 2021, subject to satisfaction of customary closing conditions.
The offer and sale of the foregoing securities, are being made in a transaction not involving a public offering and have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.
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In connection with the private placement, the Company and the Investors entered into a registration rights agreement.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state.
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