BIT Mining Limited Announces Results of Annual General Meeting

Rhea-AI Summary

BIT Mining (NYSE: BTCM) held its annual general meeting (AGM) on January 7, 2025, where shareholders approved a significant increase in the company's authorized share capital to US$440,000. The new capital structure includes:

- 8,399,935,000 Class A Ordinary Shares (par value US$0.00005 each)
- 65,000 Class A Preference Shares (par value US$0.00005 each)
- 400,000,000 Class B Ordinary Shares (par value US$0.00005 each)

This restructuring involves the creation of 6,800,000,000 new Class A Ordinary Shares at a par value of US$0.00005 each.

Positive

• Increased authorized share capital provides greater financial flexibility for future capital raising

Negative

• Potential significant shareholder dilution due to creation of 6.8 billion new Class A Ordinary Shares

News Market Reaction – BTCM

-6.96%

1 alert

-6.96% News Effect

On the day this news was published, BTCM declined 6.96%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

AKRON, Ohio, Jan. 8, 2025 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading technology-driven cryptocurrency mining company, today announced the results of its annual general meeting of shareholders (the "AGM") held on January 7, 2025.

At the AGM, the shareholders of the Company passed the resolution increasing the authorised share capital of the Company to US$440,000 divided into 8,399,935,000 Class A Ordinary Shares of a nominal or par value of US$0.00005 each, 65,000 Class A Preference Shares of a nominal or par value of US$0.00005 each, and 400,000,000 Class B Ordinary Shares of a nominal or par value of US$0.00005 each, by the creation of 6,800,000,000 Class A Ordinary Shares of a nominal or par value of US$0.00005 each.

About BIT Mining

BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company with operations in cryptocurrency mining, data center operation and mining machine manufacturing. The Company is strategically creating long-term value across the industry with its cryptocurrency ecosystem. Anchored by its cost-efficient data centers that strengthen its profitability with steady cash flow, the Company also conducts self-mining operations that enhance its marketplace resilience by leveraging self-developed and purchased mining machines to seamlessly adapt to dynamic cryptocurrency pricing. The Company also owns 7-nanometer BTC chips and has strong capabilities in the development of LTC/DOGE miners and ETC miners.

For more information:

BIT Mining Limited
ir@btcm.group
Ir.btcm.group  
www.btcm.group  

Piacente Financial Communications
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com

View original content:https://www.prnewswire.com/news-releases/bit-mining-limited-announces-results-of-annual-general-meeting-302345628.html

SOURCE BIT Mining Limited

FAQ

What was the outcome of BIT Mining's (BTCM) January 2025 AGM?

At the January 7, 2025 AGM, shareholders approved increasing the company's authorized share capital to US$440,000, including the creation of 6.8 billion new Class A Ordinary Shares.

How many new Class A Ordinary Shares did BTCM create in January 2025?

BIT Mining created 6,800,000,000 new Class A Ordinary Shares with a par value of US$0.00005 each.

What is the new authorized share capital structure of BTCM after January 2025 AGM?

The new structure includes 8.4 billion Class A Ordinary Shares, 65,000 Class A Preference Shares, and 400 million Class B Ordinary Shares, all at US$0.00005 par value.

What is the total authorized share capital of BTCM after the January 2025 AGM?

The total authorized share capital of BIT Mining was increased to US$440,000.