Bitdeer has entered into an agreement with B. Riley Financial to sell up to $150 million of its Class A ordinary shares.
Bitdeer, a crypto mining firm spun off from mining manufacturer Bitmain, has entered into an agreement with the special purpose acquisition company B. Riley Financial to sell up to $150 million of its Class A ordinary shares.to an Aug. 9 filing with the United States Securities and Exchange Commission , B. Riley will have the right, but not the obligation, to purchase a specified number of Bitdeer’s shares over three years.
“Pursuant to the Purchase Agreement, the Company has the right to sell to B. Riley Principal Capital II, up to US$150,000,000 of its Class A ordinary shares, par value US$0.0000001 per share , subject to certain limitations and conditions set forth in the Purchase Agreement," reads the filing.Bitdeer went public in a SPAC deal with Blue Safari Group in April,due to the crypto winter.
The deal gives B. Riley a special seat at Bitdeer’s table. Class A shares are typically not sold to the public, as it provides shareholders more voting rights than Class B shares. In other words, the deal gives B. Riley an ownership stake in the crypto mining company. As part of the transaction, Bitdeer will pay B. Riley 0.5% of the deal’s value in exchange for its commitment to purchase the shares. B. Riley will also be reimbursed for legal fees and disbursements up to $50,000.
Founded by former Bitmain co-founder Jihan Wu, Bitdeer provides cloud-mining services through its U.S.-based data centers in Tennessee, Washington and Texas. According to Bitdeer’s latest operations report, it
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