TechFlow news, Bitcoin mining company Bitfarms announced the launch of a $375 million at-the-market (ATM) equity offering program. The company has established an ATM equity program ("ATM Program"). Under the ATM Program, the company may, from time to time and at its discretion during the term of the ATM agreements, sell shares of its common stock ("common stock") through agents, resulting in aggregate gross proceeds of up to $375 million. Any sales of common stock under the ATM Program will be made "at the market" through Nasdaq or other trading markets at prevailing market prices at the time of sale for U.S.-listed shares. The common stock will not be offered or sold under the ATM Program on the Toronto Stock Exchange or any other Canadian trading market.
The company intends to use the net proceeds from the program, if any, primarily for capital expenditures to support the growth and development of its existing mining operations, as well as for working capital and general corporate purposes.
Since the common stock will be issued at prevailing market prices at the time of each sale, the offering prices may vary among purchasers and during the distribution period.
