BIT Mining to Offer Up to $50M in ADSs
Ticker: SLAI · Form: 6-K · Filed: Nov 6, 2024 · CIK: 1517496
Sentiment: neutral
Topics: offering, equity-raise, atm
TL;DR
BIT Mining is selling up to $50M in stock via H.C. Wainwright to fund growth.
AI Summary
On November 6, 2024, BIT Mining Limited entered into an At-The-Market Offering Agreement with H.C. Wainwright & Co., LLC. This agreement allows the company to sell up to $50,000,000 worth of its American Depositary Shares (ADSs) over time. The company intends to use the net proceeds from this offering for general corporate purposes and potential strategic investments.
Why It Matters
This offering provides BIT Mining with a flexible way to raise capital, potentially funding growth initiatives or operational needs without immediate dilution.
Risk Assessment
Risk Level: medium — At-the-market offerings can lead to dilution and price pressure on existing shares.
Key Numbers
- $50.0M — At-The-Market Offering Size (Maximum amount of American Depositary Shares the company can sell.)
Key Players & Entities
- BIT Mining Limited (company) — The company filing the report and entering into the agreement.
- H.C. Wainwright & Co., LLC (company) — The manager for the At-The-Market Offering.
- November 6, 2024 (date) — The date the Sales Agreement was entered into.
- $50,000,000 (dollar_amount) — The maximum aggregate offering price of American Depositary Shares.
FAQ
What is the purpose of the At-The-Market Offering?
The company intends to use the net proceeds from the offering for general corporate purposes and potential strategic investments.
Who is the underwriter for this offering?
H.C. Wainwright & Co., LLC is the manager for the At-The-Market Offering.
What type of securities are being offered?
American Depositary Shares (ADSs) are being offered.
When was the Sales Agreement entered into?
The Sales Agreement was entered into on November 6, 2024.
What is the maximum value of securities that can be sold?
Up to $50,000,000 aggregate value of American Depositary Shares can be sold.
Filing Stats: 1,109 words · 4 min read · ~4 pages · Grade level 14 · Accepted 2024-11-06 17:15:57
Key Financial Figures
- $9.6 million — offering price of up to approximately US$9.6 million of its American depositary shares (the
- $0.00005 — 00 Class A ordinary shares, par value US$0.00005 per share, during the term of the Sales
Filing Documents
- tm2427638d1_6k.htm (6-K) — 19KB
- tm2427638d1_ex5-1.htm (EX-5.1) — 23KB
- tm2427638d1_ex10-1.htm (EX-10.1) — 228KB
- tm2427638d1_ex99-1.htm (EX-99.1) — 3KB
- tm2427638d1_ex5-1img001.jpg (GRAPHIC) — 11KB
- tm2427638d1_ex5-1img002.jpg (GRAPHIC) — 61KB
- tm2427638d1_ex99-1img001.jpg (GRAPHIC) — 11KB
- 0001104659-24-114849.txt ( ) — 388KB
Forward-Looking Statements
Forward-Looking Statements This report on Form 6-K contains forward-looking Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “going forward,” “outlook” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law. TABLE OF CONTENTS EX-5.1 Opinion of Maples and Calder (Hong Kong) LLP regarding the validity of Class A ordinary shares of the Company EX-10.1 At The Market Offering Agreement EX-99.1 Consent of JunZeJun Law Offices. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BIT MINING LIMITED By: /s/ Xianfeng Yang Name: Xianfeng Yang Title: Chief Executive Officer Date: November 6, 2024