Odaily Planet Daily News Bitcoin mining company Stronghold Digital Mining announced that it has signed a securities purchase agreement with institutional investors and the company’s chairman and CEO Greg Beard to sell 9 million Class A ordinary shares and stock equivalents to institutional investors. and the gift of 1 million shares of Class A common stock to Beard, in each case at a price equal to $1 per share. The Company will also issue warrants to purchasers to purchase an aggregate of 10 million shares of Class A common stock with an initial exercise price of $1.10 per share (subject to adjustment). Such warrants will not be exercisable for six months after issuance. The total proceeds from the private placement, before deducting issuance expenses, are expected to be $10 million, which are expected to be used to acquire additional Bitcoin mining machines. The private placement is expected to close on April 21, 2023. As previously reported, on February 3, Stronghold Digital Mining submitted a prospectus and planned to sell 10 million Class A shares to increase cash reserves. (globenewswire)