Bit Mining Limited plans to use the fresh capital to expand infrastructure and invest in new crypto mining machines.
) has announced that it has entered a securities purchase agreement with institutional investors. Bit Mining operates crypto mining facilities, a mining pool, and mining rig manufacturing .
The company owns and operates Btc.com and mining services include bitcoin, litecoin, and ethereum mining. According to the prospectus, the latest offering for $9.3 million will close on or around August 18. “The purchase and sale of 15,566,665 of the company’s American Depositary Shares , 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 Class A ordinary shares, par value US$0.00005 per share, of Bit Mining,” the company detailed on Wednesday.
The $9.3 million in funding will be used to expand operations and invest in mining machines. The capital will also go towards improving “working capital position and [investing] in new business opportunities.” Bit Mining’s shares are down 97.72% from the all-time high recorded on March 7, 2014. Year-over-year data shows Bit Mining’s net income is down 123.18%. Last year, Bit Mining explained that it was investing $9 million into the
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