Bit Mining Secures $9.3 Million Registered Direct Offering From Institutional Investors

Bit Mining Limited has announced that it has entered a $9.3 cardinal registered nonstop offering with circumstantial organization investors. Bit Mining explained that it aims to usage the funds from the offering to grow infrastructure and put successful caller mining machines.

Bit Mining to Use Fresh Capital for Expansion, Mining Rigs, and Improving the Firm’s Working Capital Position

The cryptocurrency mining cognition Bit Mining Limited (NYSE: BTCM) has announced that it has entered a securities acquisition statement with organization investors. Bit Mining operates crypto mining facilities, a mining pool, and mining rig manufacturing (Bee Computing).

The institution owns and operates Btc.com and mining services see bitcoin, litecoin, and ethereum mining. According to the prospectus, the latest offering for $9.3 cardinal volition adjacent connected oregon astir August 18.

“The acquisition and merchantability of 15,566,665 of the company’s American Depositary Shares (ADSs), Series A warrants to acquisition up to an aggregate of 15,566,665 ADSs, and Series B warrants to acquisition up to an aggregate of 15,566,665 ADSs, astatine a combined acquisition terms of US$0.60 per ADS and associated warrants, successful a registered nonstop offering. Each ADS represents 10 Class A mean shares, par worth US$0.00005 per share, of Bit Mining,” the institution elaborate connected Wednesday.

The $9.3 cardinal successful backing volition beryllium utilized to grow operations and put successful mining machines. The superior volition besides spell towards improving “working superior presumption and [investing] successful caller concern opportunities.”

Bit Mining’s shares are down 97.72% from the all-time precocious recorded connected March 7, 2014. Year-over-year information shows Bit Mining’s nett income is down 123.18%. Last year, Bit Mining explained that it was investing $9 cardinal into the construction of a 100 megawatt (MW) mining workplace successful Kazakhstan.

Following that announcement, Bit Mining moved 3,000 mining rigs from China to Kazakhstan pursuing China’s crackdown connected bitcoin mining. A week aft it moved 3,000 mining devices it moved different 2,500 machines to the transcontinental, landlocked state located successful Central Asia and Eastern Europe.

Bit Mining’s latest offering indispensable beryllium approved by the U.S. Securities and Exchange Commission (SEC). Bit Mining joins a slew of bitcoin mining operations making strategical concern moves successful 2022, expanding operations, and purchasing caller mining machines.

What bash you deliberation astir Bit Mining entering a $9.3 cardinal registered nonstop offering to grow and bargain caller machinery? Let america cognize what you deliberation astir this taxable successful the comments conception below.