Bitdeer Technologies Group (NASDAQ: BTDR) noticed a jump in its shares Friday. The Singapore-based company, a world-leading technology concern for blockchain and high-performance computing, today announced that it entered into a subscription agreement with Tether International Limited for the private placement of 18,587,360 Class A ordinary shares and a warrant to purchase up to 5,000,000 additional shares at $10.00 per share. The closing of the private placement occurred on Thursday.
The transaction generated $100 million in gross proceeds from the share issuance and could provide an additional $50 million if the warrant is fully exercised. The warrant is subject to customary anti-dilution provisions reflecting share dividends and splits or other similar transactions, and weighted average anti-dilution protection with respect to the issuance of ordinary shares or ordinary share equivalents for consideration per share less than the initial exercise price of the warrant. The warrant is exercisable at Tether’s discretion within 12 months after closing.
Bitdeer intends to use the net proceeds from this private placement to fund its data center expansion, ASIC based mining rig development and for working capital and other general corporate purposes.
Said Chief Business Officer Linghui Kong, “This substantial investment demonstrates confidence in our vision and the strength of our extensive global operations. With Tether's support, we are poised to accelerate our growth and continue our leadership in sustainable and efficient bitcoin mining.”
BTDR shares began the last day of May up 61 cents, or 10.5%, to $6.43.
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