Hut 8 Mining to Raise $82M in Stock Offering Ahead of Nasdaq Listing
11 Jun, 2021•1 min read•Mining
Canadian crypto mining company Hut 8 has entered an agreement with Canaccord Genuity as lead underwriter to raise C$100 million ($82 million).
The Toronto-based firm said the underwriters have agreed to buy 20 million units at a price of C$5.00 per share with each unit containing one common share and one half of a common share purchase warrant. Each warrant will be valid for two years after the date of issuance at an exercise price of $6.25 per share, said the firm. Proceeds will be used by the firm to fund the expansion of digital mining sites, expand its power capacity, fund the purchases of digital mining equipment, and for joint ventures or acquisitions. On Thursday, the company announced it had received approval for its shares to be listed on the Nasdaq Global Select Market. Hut 8 will also retain its listing on the Toronto Stock Exchange (TSX). Hut 8 Mining said it expects to trade on the Nasdaq Global Select Market under the “HUT” ticker on or about June 15. HUT shares listed on the TSX were trading down 19% at C$4.93 at the time of publication.