Lates News

According to the filing submitted to the U.S. SEC, Bitmine Immersion Technologies, a bitcoin mining company, announced the issuance of 3 million shares of 9.50% Series A perpetual preferred stock with a face value of $100 per share, expecting to raise a total of $300 million. According to the terms of the issuance, the initial liquidation preference of the preferred stock is $100 per share, which may be adjusted in the future but not below $100. The preferred stock will accumulate dividends at an annual rate of 9.5% and will be paid in cash on a weekly basis. Even if the company does not declare dividends or temporarily lacks distributable funds, the dividends will continue to accumulate. Bitmine stated that it may increase the dividend frequency in the future to provide investors with a stable source of cash income. Additionally, the company has the right of early redemption. Within 18 months of issuance, Bitmine can redeem the preferred stock at a price of 110% of face value; between 18 months and 3 years, the redemption price is 105% of face value; after 3 years, the redemption can be done at 100% of face value. All redemptions require payment of accumulated unpaid dividends. If the number of outstanding preferred shares falls below 25% of the total issuance or specific tax events occur, the company also has the right to redeem the remaining preferred shares as a whole.