Bitdeer Technologies Group (Nasdaq: BTDR)
(“
Bitdeer” or the “
Company”), a
world-leading technology company for blockchain and
high-performance computing, today announced that it entered into a
subscription agreement with Tether International Limited
(“
Tether”) for the private placement of 18,587,360
Class A ordinary shares and a warrant to purchase up to 5,000,000
additional shares at $10.00 per share. The closing of the private
placement occurred on May 30, 2024.
The transaction generated $100 million in gross proceeds from
the share issuance and could provide an additional $50 million if
the warrant is fully exercised. The warrant is subject to customary
anti-dilution provisions reflecting share dividends and splits or
other similar transactions, and weighted average anti-dilution
protection with respect to the issuance of ordinary shares or
ordinary share equivalents for consideration per share less than
the initial exercise price of the warrant. The warrant is
exercisable at Tether’s discretion within 12 months after
closing.
Bitdeer intends to use the net proceeds from this private
placement to fund its data center expansion, ASIC based mining rig
development and for working capital and other general corporate
purposes.
“We are thrilled to welcome Tether as a significant investor in
Bitdeer,” said Linghui Kong, Chief Business Officer of Bitdeer.
“This substantial investment demonstrates confidence in our vision
and the strength of our extensive global operations. With Tether's
support, we are poised to accelerate our growth and continue our
leadership in sustainable and efficient bitcoin mining. This
partnership marks a significant milestone for Bitdeer, and we look
forward to achieving great things together.”
“Tether is delighted to be working with Bitdeer. We regard
Bitdeer as one of the strongest vertically integrated operators in
the Bitcoin mining industry, differentiated by its cutting-edge
technologies, and a robust R&D organization,” said Paolo
Ardoino, CEO of Tether. “Bitdeer’s proven track record and
world-class management team are perfectly aligned with Tether’s
long-term strategic vision. We anticipate close collaboration with
Bitdeer across several key infrastructure areas moving
forward.”
Cantor Fitzgerald & Co. is acting as the placement agent for
the private placement. The securities sold in this private
placement have not been registered under the Securities Act of
1933, as amended, or any state or other applicable jurisdiction’s
securities laws, and may not be offered or sold in the United
States without registration or an applicable exemption from such
registration requirements. The Company has committed to filing
registration statements with the U.S. Securities and Exchange
Commission for the resale of the ordinary shares issuable in
connection with this private placement, including upon exercise of
the warrant.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any offer, solicitation or sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Bitdeer Technologies Group
Bitdeer is a world-leading technology company
for blockchain and high-performance computing. Bitdeer is committed
to providing comprehensive computing solutions for its customers.
The Company handles complex processes involved in computing such as
equipment procurement, transport logistics, datacenter design and
construction, equipment management, and daily operations. The
Company also offers advanced cloud capabilities to customers with
high demand for artificial intelligence. Headquartered in
Singapore, Bitdeer has deployed datacenters in the United States,
Norway, and Bhutan. To learn more,
visit https://ir.bitdeer.com/ or follow Bitdeer on X @
BitdeerOfficial and LinkedIn @ Bitdeer Group.
Investors and others should note that Bitdeer
may announce material information using its website and/or on its
accounts on social media platforms, including X, formerly known as
Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages
investors and others to review the information it posts on the
social media and other communication channels listed on its
website.
About TetherTether is a pioneer in the field of
stablecoin technology, driven by an aim to revolutionize the global
financial landscape. With a mission to provide accessible, secure,
and efficient financial, communication, and energy infrastructure.
Tether enables greater financial inclusion, communication
resilience, fosters economic growth, and empowers individuals and
businesses alike.
As the creator of the largest, most transparent, and liquid
stablecoin in the industry, Tether is dedicated to building
sustainable and resilient infrastructure for the benefit of
underserved communities. By leveraging cutting-edge blockchain and
peer-to-peer technology, it is committed to bridging the gap
between traditional financial systems and the potential of
decentralized finance.
Forward-Looking StatementsStatements in this
press release about future expectations, plans, and prospects, as
well as any other statements regarding matters that are not
historical facts, may constitute “forward-looking statements”
within the meaning of The Private Securities Litigation Reform Act
of 1995. The words “anticipate,” “look forward to,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “should,” “target,” “will,”
“would” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Actual results may
differ materially from those indicated by such forward-looking
statements as a result of various important factors, including
factors discussed in the section entitled “Risk Factors” in
Bitdeer’s annual report on Form 20-F, as well as discussions of
potential risks, uncertainties, and other important factors in
Bitdeer’s subsequent filings with the U.S. Securities and
Exchange Commission. Any forward-looking statements contained in
this press release speak only as of the date hereof. Bitdeer
specifically disclaims any obligation to update any forward-looking
statement, whether due to new information, future events, or
otherwise. Readers should not rely upon the information on this
page as current or accurate after its publication date.
Contacts
Investor RelationsRobin Yang, PartnerICR, LLCEmail:
Bitdeer.ir@icrinc.com Phone: +1 (212) 537-5825
Public RelationsBrad Burgess, SVPICR, LLCEmail:
Bitdeer.pr@icrinc.com Phone: +1 (212) 537-4056
Bitdeer Technologies (NASDAQ:BTDR)
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