Bit Mining announced that it has received 50 million US dollars of equity investment from US institutional investors

On July 12, 2021, Bit Mining ($Bit Mining (BTCM) $), a leading encrypted digital currency mining company (hereinafter referred to as "the Company"), announced today that it has signed securities purchase agreements with some institutional investors in the United States, and will sell Class A common shares worth 50 million US dollars and warrants worth 68.1 million US dollars by means of private placement.

According to the securities purchase agreement, the company has agreed to sell 100 million Class A common shares and purchase warrants for 100 million Class A common shares. Among them, warrants are valid for 3 years from the date of issuance, and can be exercised only 6 months from the date of issuance. Under certain conditions, every 10 Class A ordinary shares can be converted into 1 ADS. The transaction is subject to customary delivery conditions and is expected to be completed before July 19, 2021.

The company plans to use the proceeds from this issuance to purchase mining machines, build new data centers, and enhance technical infrastructure and working capital of enterprises.

Mr. Yang Xianfeng, CEO of Bit Mining, said: "We welcome this round of investment, which fully demonstrates the confidence of American institutional investors in the long-term development prospects of cryptocurrency mining industry and their recognition of the intrinsic value of Bit Mining. After this round of financing, we will purchase more mining machines and accelerate the deployment of more data centers overseas, which will drive the company's performance to achieve rapid growth in the next few years.

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