Bitdeer completed a private financing of 150 million dollars

ChainCatcher news, Bitdeer announced on its official website the completion of a $150 million private placement financing. Bitdeer Technology Group has reached a subscription agreement with Tether International Limited ("Tether") to issue 18,587,360 shares of Class A common stock in a directed share offering and to purchase up to 5,000,000 warrants at a price of $10.00 per share. The private placement is expected to be completed on May 30, 2024.

The transaction generated a total revenue of $100 million from the stock issuance, and if the warrants are fully exercised, it could provide an additional $50 million. The warrants are subject to customary anti-dilution provisions reflecting stock dividends and splits or other similar transactions, as well as weighted average anti-dilution protection for the issuance of common stock or common stock equivalents, if the per-share consideration is below the initial exercise price of the warrants. The warrants may be exercised by Tether at its discretion within 12 months after the completion of the transaction.

Bitdeer intends to use the net proceeds from this private placement to fund the expansion of its data centers, the development of ASIC-based mining equipment, as well as for working capital and other general corporate purposes.