TechFlow news — Bitcoin mining company Marathon Digital has reached a stock purchase agreement with investors to sell 15,000 shares of Series A preferred stock in a private placement. Each share will be purchased at $952.38, representing an original issuance discount of approximately 5% from the $1,000 face value per share.
At any time after the company receives shareholder approval authorizing an increase in authorized shares, holders may elect to convert the Series A preferred stock into common stock at an initial conversion price of $14.52 per share.
H.C. Wainwright & Co. is acting as the sole placement agent for this offering, which is expected to generate net proceeds of approximately $14.25 million.
The offering is expected to close around June 8, subject to customary closing conditions.
