BTC Digital Enters $7M Financing Agreement with Institutional Investors

BTC Digital announced that it has entered into definitive agreements with institutional investors for the purchase and sale of approximately $7M of Ordinary Shares and pre-funded and investor warrants at a price of $1.14 per Common Unit. The offering consisted of the sale of 6,140,350 Common Units, each consisting of one Ordinary Share or one Pre-Funded Warrant and two PIPE Common Warrants to purchase one Ordinary Share per warrant at an exercise price of $1.71. The offering price per Common Unit is $1.14. The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time until exercised in full. For each Pre-Funded Unit sold in the offering, the number of Common Units in the offering will be decreased on a one-for-one basis. The initial exercise price of each Common Warrant is $1.71 per Ordinary Share. The Common Warrants are exercisable immediately and expire 60 months after the initial issuance date. Gross proceeds to the company are expected to be approximately $7M. The potential additional gross proceeds to the company from the Common Warrants, if fully-exercised on a cash basis, will be approximately $21M. No assurance can be given that any of warrants will be exercised. The transaction is expected to close on or about June 29, subject to the satisfaction of customary closing conditions. Aegis Capital is acting as exclusive placement agent for the private placement.