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Bit Digital Stock Slides After $80M Private Placement
Institutional investors bought 13.5 million shares from the bitcoin mining company.
Bit Digital (Nasdaq: BTBT) announced an $80 million private placement to sell stock to institutional investors. The share price fell 14% to $6.80 as of 14:00 UTC.
The bitcoin mining company agreed to sell 13.5 million ordinary shares and warrants for another 10.1 million shares. The combined purchase price of one share and one warrant is $5.93. The warrants, each of which allows the purchase of three-fourths of a share, will have an exercise price of $7.91 per whole share.
STORY CONTINUES BELOW
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H.C. Wainwright & Co. is the exclusive placement agent. Bit Digital said it expects the placement to close on Oct. 4.
Bit Digital earlier this week appointed Brock Pierce, chairman of the Bitcoin Foundation, to its board of directors, effective Oct. 31.
Brandy Betz
Brandy covered crypto-related venture capital deals for CoinDesk. She previously served as the Technology News Editor at Seeking Alpha and covered healthcare stocks for The Motley Fool. She doesn't currently own any substantial amount of crypto.
