BIT Mining Ltd – ADR BTCM shares are trading lower by 41.18% to $0.70 after the company announced a $16 million registered direct offering.

BIT Mining says the company intends to use the net proceeds of the registered direct offering to invest in mining machines, build new data centers, expand infrastructure and improve working capital position.

BIT Mining says the offering is expected to close on or about June 27, 2022, subject to satisfaction of customary closing conditions.

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BIT Mining is a cryptocurrency mining company, with a long-term strategy to encompass the whole cryptocurrency value chain.

According to data from Benzinga Pro, BIT Mining has a 52-week high of $14.65 and a 52-week low of $0.62.