HONG KONG, June 23, 2022 / PRNewswire / – BIT Mining Limited (NYSE: BTCM) (“BIT Mining” or “Company”), a leading technology-driven cryptocurrency mining company, announced today that it has entered into a securities purchase agreement with certain institutional investors during the purchase and sale of 16,000,000 of the Company’s American Depositary Shares (“ADS”) (or pre-financed warrants to purchase certain ADS (“ADS Equivalent”) instead of the same, Series A Warrants to purchase up to a total of 16,000. 000 ADS and Series B Warrants to purchase up to a total of 16,000,000 ADS, at a combined purchase price of $ 1.00 by ADS (or equivalent to ADS) and associated warranties, in a registered direct offer. Each ADS represents ten (10) Class A common shares, par value $ 0.00005 per share, from BIT Mining. Offer is expected to close or close June 27, 2022subject to compliance with the usual conditions of closure.
HC Wainwright & Co., LLC acts as the sole offering placement agent.
The Series A Warrants will have an exercise price of $ 1.10 by ADS, may be exercised at any time since its issuance and shall expire 5 years from the date of issue. The Series B Warrants will have an exercise price of $ 1.00 by ADS, may be exercised at any time since its issuance and shall expire 2.5 years from the date of issue.
It is expected that gross bid income (excluding revenue from future years of issued warrants), before deducting placement agent’s commissions and other estimated bid expenses to be paid by the Company, should be approximately $ 16 million. The Company intends to use the net income from the recorded direct supply to invest in mining machinery, build new data centers, expand infrastructure and improve the working capital position.
BIT Mining provides the securities described above in accordance with a “shelf” registration statement on Form F-3 (file number 333-258329) originally filed with the U.S. Securities and Exchange Commission (“SEC”) on July 30, 2021 and declared effective by the SEC on May 17, 2022. These securities are offered only through a prospectus, including a supplement to the prospectus, which is part of the effective registration statement. A supplement to the final prospectus and the accompanying prospectus relating to the securities offered will be submitted to the SEC. Electronic copies of the final supplement to the prospectus and the accompanying prospectus may be obtained, when available, from the SEC website at http://www.sec.gov or by contacting HC Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or by email at email@example.com.
This press release will not constitute an offer to sell or a request for a purchase offer, nor will there be any sale of these securities in any jurisdiction in which such offer, request or sale was illegal prior to registration or qualification under the securities laws of any jurisdiction. of this type.
About BIT Mining
BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company with a long-term strategy to create value throughout the cryptocurrency industry. Its business covers cryptocurrency mining, the mining pool, and the operation of the data center. The Company owns the world’s leading blockchain browser BTC.com and the comprehensive mining business operated under BTC.com, which offers multi-currency mining services including BTC, ETH and LTC. The Company also owns a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, which completes the Company’s vertical integration with its supply chain, increasing its self-sufficiency and strengthening its competitive position.
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology as: “will”, “wait” “” “anticipate”, “future”, “intend”, “plan”, “believe”, “estimate”, “aim”, “forward”, “perspective” and similar statements. Such statements are based on current management expectations and current market and operating conditions and are related to events involving known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the control of Company, which may cause the actual results, performance or achievements of the Company to differ materially from those of the forward-looking statements. Important factors that could cause BIT Mining’s actual results to differ materially from those set forth in future statements include, but are not limited to: the completion of the registered direct bid; the satisfaction of the usual closing conditions related to the registered direct offer and the intended use of the net income of the registered direct offer. More information about these and other risks, uncertainties, or factors is included in the company’s files with the U.S. Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or otherwise, unless required by law.
For more information:
BIT Mining Limited
The Piacente Group, Inc.
Phone: +1 (212) 481-2050
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SOURCE BIT Mining Limited