2 years ago
Bitcoin miner Riot Blockchain (RIOT) filed a prospectus with the Securities and Exchange Commission (SEC) for the merchantability of up to $500 cardinal successful shares from clip to time, different known arsenic an “at-the-market” (ATM) offering.
The underwriters are Cantor Fitzgerald, B. Riley Securities, BTIG, Roth Capital Partners, D.A. Davidson, Macquarie Capital (USA) and Northland Securities.
The institution presently has astir 116.7 shares outstanding, according to the filing, and if the full $500M was offered astatine the existent banal price, the stock number would summation by astir 20% to astir 140 million.
That being said, the prospectus is simply a “shelf” registration, meaning determination is no contiguous intention to instantly merchantability each the securities being registered.
Riot chiefly hodls the bitcoins it mines, meaning the request for occasional superior raises to money operations and expansion. Most recently, the institution successful November completed a $600 cardinal ATM offering.
In a recent presentation, Riot said it held 5,783 bitcoin connected its equilibrium expanse arsenic of March 1. That would beryllium worthy much than $267 cardinal astatine the existent bitcoin terms of $46,200.
Riot is underperforming astir miner peers connected Friday afternoon, down 2% portion names similar Marathon Digital (MARA) and Hut 8 (HUT) are posting mean gains.
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Aoyon Ashraf is crypto mining newsman with much than a decennary of acquisition successful covering equity markets
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