BitMine Stock Falls 15.1% After-Hours As Peter Thiel-Backed Company Files Shelf Offering, Might Consider Ethereum Purchase With Proceeds
Shares of Bitmine Immersion Technologies Inc. (AMEX:BMNR) plummeted in Monday’s after-market trading after the company filed for a shelf offering to register securities for sale by selling stockholders
What happened: BMNR fell 15.1% after-hours after the Ethereum (CRYPTO: ETH)-focused company submitted a Form S-3ASR with the SEC.
“The selling stockholders may from time to time sell, transfer or otherwise dispose of any or all of the securities in a number of different ways and at varying price,” the registration statement read.
The company clarified that the securities are being offered for resale by the selling stockholders, not directly by BitMine. While it won’t receive proceeds from the sale of common stock, it stands to gain about $25.18 million if equity warrants are exercised in full, which might be used …
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