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Hut 8 Mining's Underwriters Agree to Buy $82M in Stock Ahead of Nasdaq Listing
The shares are scheduled to make their debut on Nasdaq next week.
Canadian crypto mining company Hut 8 – whose shares will begin trading on Nasdaq next week – has entered an agreement with Canaccord Genuity, its lead underwriter, to raise C$100 million ($82 million).
STORY CONTINUES BELOW
- The Toronto-based company said the underwriters have agreed to buy 20 million units at a price of C$5.00 per share with each unit containing one common share and a warrant that gives holders the right to purchase one half of a common share.
- Each warrant will be valid for two years after the date of issuance at an exercise price of $6.25 per share, Hut 8 said.
- Proceeds will be used to fund the expansion of the Hut 8's crypto mining sites and its power capacity. The money raised will also pay for the purchase of mining equipment and for joint ventures or acquisitions, Hut 8 said.
- On Thursday, the company announced it had received approval for its shares to be listed on the Nasdaq Global Select Market. Hut 8 will also retain its listing on the Toronto Stock Exchange (TSX).
- Hut 8 Mining said it expects to trade on the Nasdaq Global Select Market under the “HUT” ticker on or about June 15.
- HUT shares listed on the TSX were trading down 19% at C$4.93 at the time of publication.
Read more: Hut 8 Mining’s Shares to Be Listed on Nasdaq
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
