HONG
KONG, Aug. 19, 2022 /PRNewswire/ -- BIT
Mining Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a
leading technology-driven cryptocurrency mining company, today
announced the closing of its registered direct
offering previously announced on August
16, 2022, with certain institutional investors for the
purchase and sale of 15,566,665 of the Company's American
Depositary Shares ("ADSs"), Series A Warrants to purchase up to an
aggregate of 15,566,665 ADSs and Series B Warrants to purchase up
to an aggregate of 15,566,665 ADSs, at a combined purchase price of
US$0.60 per
ADS 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.
Revere Securities LLC acted as the exclusive placement
agent for the offering.
The Series A Warrants have an exercise price of US$0.66 per ADS, are exercisable immediately and
expire five years from the date of issuance. The Series B Warrants
have an exercise price of US$0.60 per
ADS, are exercisable immediately and expire two and a half 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 were approximately
US$9.3 million. The Company intends
to use the net proceeds of the registered direct offering to invest
in mining machines, expand infrastructure, improve working capital
position and invest in new business opportunities.
The securities described above were 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 was
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 have been filed with the
SEC. Electronic copies of the final prospectus supplement and the
accompanying prospectus may be obtained on the SEC's website at
http://www.sec.gov or by contacting Revere Securities LLC at 650
Fifth Avenue, 35th Floor, New York,
NY 10022, by phone at 212-688-2350 or e-mail at
placement@reveresecurities.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, data center operation and miner
manufacturing. 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, enabling the Company's
self-sufficiency through vertical integration with its supply
chain.
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 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