SHENZHEN, China, July 12, 2021 /PRNewswire/ -- BIT Mining Limited
(NYSE: BTCM) ("BIT Mining" or the "Company"), today announced that
it has entered into securities purchase agreements with certain
institutional and accredited investors ("the 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.
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.
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.
About BIT Mining
BIT Mining (NYSE: BTCM) is a leading cryptocurrency mining
company, with a long-term strategy to create value across the
cryptocurrency industry. Its business covers cryptocurrency mining,
mining pool, and data center operation. The Company has deployed
Bitcoin mining machines with a theoretical maximum total hash rate
capacity of approximately 1,031.5 PH/s and owns the entire mining
pool business operated under BTC.com, including the domain name
BTC.com. The Company has also entered into a definitive agreement
to acquire a 7-nanometer cryptocurrency mining machine
manufacturer, Bee Computing, to complete its vertical integration
with its supply chain, increase its self-sufficiency and strengthen
its competitive position.
Forward-Looking Statements
This news 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 U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will", "expects", "anticipates",
"future", "intends", "plans", "believes", "estimates", "target",
"going forward", "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions and relate to events that involve known or
unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Important factors that could cause BIT
Mining's actual results to differ materially from those indicated
in the forward-looking statements include, among others: the
completion of the private placement; the satisfaction of customary
closing conditions related to the private placement and the
intended use of net proceeds from the private placement. Further
information regarding these and other risks, uncertainties or
factors is included in the Company's filings with the U.S.
Securities and Exchange Commission. The Company does not undertake
any obligation to update any forward-looking statement as a result
of new information, future events or otherwise, except as required
under law.
For further information:
BIT Mining Limited
ir@btc.com
Ir.btc.com (The Investor Relations website has moved to
http://ir.btc.com.)
Ms. Danni Zheng
Phone: +86 755 8633 8005
The Piacente Group, Inc.
Helen Wu
Tel: +86 (10) 6508-0677
Email: BITMining@thepiacentegroup.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com
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SOURCE BIT Mining Limited