SHENZHEN, China, July 16, 2021 /PRNewswire/ -- BIT Mining Limited
(NYSE: BTCM) ("BIT Mining" or the "Company") today announced the
closing of its previously announced private placement of
100,000,000 Class A ordinary shares and warrants to purchase up to
an additional 100,000,000 Class A ordinary shares, 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 private placement resulted in gross
proceeds to the Company of $50.0
million before the deduction of placement agent fees and
expenses and offering expenses payable by the Company. The warrants
have a term of three years, are exercisable six months following
their issuance date and 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. acted 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 offer and sale of the foregoing securities were 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
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