BIT Mining to raise $16M in equity offering

• BIT Mining (NYSE:BTCM) announced Thursday a direct stock offering of its 16M American Depositary Shares (ADSs) with equivalent number of Series A and Series B warrants at a combined price of $1 per ADS.
• Series A warrants have got an exercise price of $1.10 per ADS within the expiry of its 5-year term while Series B warrants are exercisable at $1 within 2.5 years.
• The cryptocurrency mining company said it intends to use the net proceeds to invest in mining machines, build new data centers, expand infrastructure, and improve working capital position.
• Closing of the offering is expected on June 27, 2022.
• Stock is down 41% in premarket trading to trade at $0.70.
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