BIT Mining stock slides on $9.3M securities offering

BIT Mining (NYSE:BTCM) shares plunged 38% pre-market on Tuesday after the cryptocurrency mining company announced a $9.3M securities offering.The firm entered into a securities purchase agreement with certain institutional investors for the purchase and sale of 15.56M of its American Depositary Shares, Series A Warrants to purchase up to 15.56M ADSs and Series B Warrants to purchase up to 15.56M ADSs, at a combined purchase price of $0.60 per ADS and associated warrants.The Series A Warrants will have an exercise price of $0.66/ADS, will be exercisable at any time upon issuance and will expire five years from the date of issuance.The Series B Warrants will have an exercise price of $0.60/ADS, will be exercisable at any time upon issuance and will expire two and a half years from the date of issuance.Offering is expected to close on August 18, 2022.Gross proceeds are estimated to be ~$9.3M; net proceeds will be used to invest in mining machines, expand infrastructure, improve working capital position and invest in new business opportunities.