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Bit Digital stock tumbled 16% in morning trading after announcing $80 million private placement.

Bit Digital, Inc. today announced that it has entered into a definitive agreement with institutional investors to purchase 13,490,728 ordinary shares in a private placement. The Company will also issue to the investors unregistered warrants to purchase up to an aggregate of 10,118,046 ordinary shares. The purchase price foroneordinary share and one warrant to purchase three-fourths of an ordinary share is$5.93.  The warrants have an exercise price of$7.91per whole ordinary share, will be exercisable immediately, and will have a term equal to three and one-half years following the effective date of the resale registration statement registering the ordinary shares and warrant shares.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds from the private placement are expected to be approximately $80 million before deducting placement agent fees and other estimated offering expenses. The private placement is expected to close on or about October 4, 2021, subject to the satisfaction of customary closing conditions.

AboutBit Digital

Bit Digital, Inc. is a sustainability-focused bitcoin mining company. Headquartered inNew York, Bit Digital's mining operations are located inthe United StatesandCanada.