[10-Q/A] BitMine Immersion Technologies, Inc. Amended Quarterly Earnings Report

Rhea-AI Filing Summary

Mersana Therapeutics, Inc. (NASDAQ: MRSN) filed an 8-K to disclose the termination of its October 29, 2021 loan and security agreement with Oxford Finance LLC and other lenders. On July 1, 2025, the company paid approximately $17.9 million, which fully satisfied and discharged all outstanding indebtedness and related obligations under the agreement. As a result, the loan agreement and its related collateral security documents are no longer in effect.

The disclosure was made under Item 1.02 (“Termination of a Material Definitive Agreement”). No other material events, financial results, or operational updates were included in this filing.

Positive

• Elimination of approximately $17.9 million in outstanding debt under the 2021 Oxford Finance loan agreement.
• Termination of all related covenants and collateral obligations, giving the company increased operational flexibility.

Negative

• None.

Insights

Financial Analyst

TL;DR – Mersana extinguishes $17.9 M debt, ending 2021 Oxford Finance loan.

The filing signals a clean payoff of all obligations under the 2021 Oxford Finance facility. Eliminating this debt simplifies the balance sheet and removes any financial covenants or liens connected to the loan agreement. While the company expended $17.9 million in cash, it no longer carries the corresponding liability. The disclosure is straightforward, limited to the repayment event, and does not provide details on the post-payment liquidity position or the source of funds. Overall, the move is moderately positive because it resolves a material obligation without creating new ones.

Corporate Debt Specialist

TL;DR – Full early payoff ends lender claims and collateral ties.

From a creditor perspective, complete discharge on July 1 removes Oxford’s collateral rights and terminates the lending relationship. Such pay-offs often follow equity raises or partnering cash infusions, though the filing does not specify funding sources. Absence of penalties or continuing covenants suggests a clean exit. Investors should note that the company no longer benefits from the credit line’s liquidity but gains flexibility free from lender restrictions. With no new facility announced, the net impact leans positive yet modest until further capital strategy is disclosed.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 31, 2025

Or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number: 000-56220

BITMINE IMMERSION TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

Delaware		84-3986354
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
10845 Griffith Peak Dr. #2 Las Vegas, NV		89135
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (404) 816-8240

_________________________________________

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of exchange on which registered
Common Stock, par value $0.0001 per share		BMNR		NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes   ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes   ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes   ☒ No

The number of shares outstanding of the registrant’s common stock as of July 1, 2025 was 6,162,804 shares.

DOCUMENTS INCORPORATED BY REFERENCE — NONE

EXPLANATORY NOTE

Bitmine Immersion Technologies, Inc. is filing this Amendment No. 1 to the Quarterly Report on Form 10-Q for the quarter ended May 31, 2025, originally filed on July 2, 2025 to correct the number of common shares outstanding of the Company’s common stock as of July 1, 2025. The original report erroneously reported 4,303,366 shares outstanding. The correct total should have been 6,162,804 shares outstanding.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BITMINE IMMERSION TECHNOLOGIES, INC.
Dated: July 3, 2025	By:	/s/ Jonathan Bates
		Jonathan Bates, Chief Executive Officer (Principal Executive Officer)
Dated: July 3, 2025	By:	/s/ Raymond Mow
		Raymond Mow, Chief Financial Officer (Principal Financial and Accounting Officer)

2

FAQ

What did Mersana Therapeutics (MRSN) announce in its July 1, 2025 8-K?

The company repaid about $17.9 million to fully discharge its 2021 loan agreement with Oxford Finance and other lenders.

Which loan agreement was terminated by MRSN?

The October 29, 2021 loan and security agreement with Oxford Finance LLC and participating lenders.

Under which 8-K item is the repayment disclosed?

It is reported under Item 1.02 – Termination of a Material Definitive Agreement.

How much did Mersana pay to settle the loan?

Approximately $17.9 million was paid on July 1, 2025.

Does the filing mention any new financing replacing the repaid loan?

No. The 8-K only covers the repayment and termination; it does not reference any new credit facilities.