Bitdeer Enters Agreement with B. Riley Financial to Sell up to $150 Million in Shares
Bitdeer, a crypto mining firm spun off from Bitmain, has signed an agreement with B. Riley Financial to sell up to $150 million of its Class A ordinary shares. Here are the key points:
1. Agreement Details: B. Riley has the right to purchase a specified number of Bitdeer’s shares over three years, with a maximum purchase of 1 million shares or 25% of Bitdeer’s shares traded on Nasdaq.
2. Special Seat at the Table: The deal gives B. Riley an ownership stake in Bitdeer, as Class A shares provide more voting rights than Class B shares.
3. Payment to B. Riley: As part of the transaction, Bitdeer will pay B. Riley 0.5% of the deal’s value and reimburse their legal fees and disbursements up to $50,000.
4. SPAC Deal: Bitdeer went public in April through a SPAC deal with Blue Safari Group, avoiding a traditional IPO process.
5. Mining Operations: Bitdeer operates U.S.-based data centers and mined 220 Bitcoin in July, showing a 41% increase compared to the previous year.
In conclusion, Bitdeer’s agreement with B. Riley Financial allows for the sale of up to $150 million in shares, giving B. Riley an ownership stake in the company. This partnership comes after Bitdeer’s successful SPAC deal and demonstrates their continued growth in the crypto mining industry.
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