HONG
KONG, Aug. 16, 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 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. The offering is expected to close on or about August
18, 2022, subject to satisfaction of customary closing
conditions.
Revere Securities LLC is acting as the exclusive placement
agent for the offering.
The Series A Warrants will have an exercise price
of US$0.66 per ADS, will be exercisable at any time upon
issuance and will expire five years from the date of issuance. The
Series B Warrants will have an exercise price
of US$0.60 per ADS, will be exercisable at any time upon
issuance and will 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, are expected to be
approximately US$9.3 million. The Company intends to use the
net proceeds from this offering to invest in mining machines,
expand infrastructure, improve working capital position
and invest in new business opportunities.
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 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, furnishing its
self-efficiency with 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, 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