HONG
KONG, June 23, 2022 /PRNewswire/ -- BIT Mining
Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading
technology-driven cryptocurrency mining company, today announced
that it has entered into a securities purchase agreement with
certain institutional investors for the purchase and sale of
16,000,000 of the Company's American Depositary Shares ("ADSs") (or
pre-funded warrant to purchase certain ADSs ("ADS Equivalent") in
lieu thereof), Series A Warrants to purchase up to an aggregate of
16,000,000 ADSs and Series B Warrants to purchase up to an
aggregate of 16,000,000 ADSs, at a combined purchase price of
US$1.00 per ADS (or ADS Equivalent)
and associated warrants, in a registered direct offering. Each ADS
represents ten (10) Class A ordinary shares, par value US$0.00005 per share, of BIT Mining. The offering
is expected to close on or about June 27,
2022, subject to satisfaction of customary closing
conditions.
H.C. Wainwright & Co., LLC is acting as the exclusive
placement agent for the offering.
The Series A Warrants will have an exercise price of
$1.10 per ADS, will be exercisable at
any time upon issuance and will expire 5 years from the date of
issuance. The Series B Warrants will have an exercise price of
$1.00 per ADS, will be exercisable at
any time upon issuance and will expire 2.5 years from the date of
issuance.
The gross proceeds from the offering (without taking into
account any proceeds from any future exercises of warrants issued),
before deducting the placement agent's fees and other estimated
offering expenses payable by the Company, are expected to be
approximately US$16 million. The
Company intends to use the net proceeds of the registered direct
offering to invest in mining machines, build new data centers,
expand infrastructure, and improve working capital position.
The securities described above are being offered by BIT Mining
pursuant to a "shelf" registration statement on Form F-3 (File No.
333-258329) originally filed with the U.S. Securities and Exchange
Commission (the "SEC") on July 30,
2021 and declared effective by the SEC on May 17, 2022. The offering of such securities is
being made only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
A final prospectus supplement and the accompanying prospectus
relating to the securities being offered will be filed with the
SEC. Electronic copies of the final prospectus supplement and the
accompanying prospectus may be obtained, when available, on the
SEC's website at http://www.sec.gov or by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor,
New York, NY 10022, by phone at
(212) 856-5711 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
About BIT Mining
BIT Mining (NYSE: BTCM) is a leading technology-driven
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 owns the world's top blockchain browser BTC.com and the
comprehensive mining pool business operated under BTC.com,
providing multi-currency mining services including BTC, ETH and
LTC. The Company also owns a 7-nanometer cryptocurrency mining
machine manufacturer, Bee Computing, completing the Company's
vertical integration with its supply chain, increasing its
self-sufficiency and strengthening its competitive position.
Forward-Looking Statements
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 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 registered direct
offering; the satisfaction of customary closing conditions related
to the registered direct offering and the intended use of net
proceeds from the registered direct offering. 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@btcm.group
ir.btcm.group
www.btcm.group
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com
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SOURCE BIT Mining Limited