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. Now Read: Why did Coinbase stock surge today? Bitcoin holds onto gains