Benzinga | Jul 12, 2021 12:34PM EDT

BIT Mining Announces $50M Private Placement; 100M Shares And Warrants To Purchase 100M Class A Ordinary Shares At Purchase Price Of $5 Per Ten Class A Shares

BIT Mining Limited (NYSE:BTCM) ("BIT Mining" or the "Company"), today announced that it has entered into securities purchase agreements with certain institutional and accredited investors ("theBIT Mining Limited (NYSE:BTCM) ("BIT Mining" or the "Company"), today announced that it has entered into securities purchase agreements with certain institutional and accredited investors ("the Investors") to raise US$50 million in a private placement. Under the terms of the private placement, the Company will issue 100,000,000 Class A ordinary shares, and warrants to purchase up to an additional 100,000,000 Class A ordinary shares to the Investors, 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 warrants will have a term of three years, will be exercisable six months following their issuance date and will 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.