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BIT Mining Down 16%; To Private Place $50 Mln Of Shares

Shares of BIT Mining Limited (BTCM) are down more than 16% Monday morning after the company today announced its plan to raise $50 million through private placement of shares.

As per the securities purchase agreements signed with certain institutional and accredited investors, the company will issue 100 million Class A ordinary shares, and warrants to purchase up to an additional 100 million Class A ordinary shares at $5 per ten Class A ordinary shares, with one warrant included in the price of each Class A ordinary share.

The Company intends to use the net proceeds of the private placement to buy additional mining machines, build new data centers, expand its infrastructure and also for working capital.

BTCM currently at $5.68, has traded in the range of $2.51- $35 in the last one year.

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