Zach Anderson
Oct 05, 2024 12:46
Bitfarms Ltd. updates its prospectus complement, adjusting its at-the-market fairness providing to mirror the potential acquisition of Stronghold Digital Mining, with $127 million nonetheless out there beneath this system.
Bitfarms Adjusts Providing Amid Acquisition Plans
Bitfarms Ltd. (Nasdaq/TSX: BITF), a outstanding participant within the Bitcoin mining business, has filed an amended and restated prospectus complement to its present at-the-market (ATM) fairness providing program. This modification is primarily pushed by the corporate’s proposed acquisition of Stronghold Digital Mining, as reported by [GlobeNewswire](https://www.globenewswire.com/news-release/2024/10/04/2958530/0/en/Bitfarms-Recordsdata-Amended-and-Restated-Prospectus-Complement-for-its-Current-At-the-Market-Fairness-Providing-Program.html).
The ATM program, initially established on March 8, 2024, in collaboration with H.C. Wainwright & Co., LLC, permits Bitfarms to promote frequent shares at its discretion, aiming for gross proceeds of as much as $375 million. The corporate has already raised roughly $248 million via this program.
Strategic Use of Proceeds
Bitfarms intends to make the most of the remaining proceeds to reinforce its mining infrastructure and help total company progress. The funds will primarily give attention to capital expenditures and normal company functions, guaranteeing the growth and improvement of its present operations.
Operations and Sustainability
Based in 2017, Bitfarms operates 12 Bitcoin information facilities throughout Canada, the US, Paraguay, and Argentina, with two extra facilities beneath improvement. The corporate emphasizes sustainability, leveraging hydroelectric energy and long-term contracts to attenuate its environmental footprint.
Market and Regulatory Concerns
The amended prospectus is a part of Bitfarms’ technique to align with regulatory necessities and market dynamics. The corporate’s shares are distributed via market costs on the time of sale, guaranteeing flexibility in pricing and quantity. The ATM program might be terminated by both celebration at any time, providing adaptability in response to market situations.
Ahead-Trying Statements
Bitfarms has issued cautionary statements concerning forward-looking data, acknowledging potential dangers and uncertainties within the digital forex market and operational expansions. These statements are topic to vary primarily based on market situations and regulatory developments.
For extra detailed data, the corporate’s amended prospectus and associated paperwork can be found on SEDAR+ and the SEC’s EDGAR database.
Picture supply: Shutterstock
