TechFlow reports, according to an official announcement, Bitdeer, a technology company in the blockchain and high-performance computing sectors, has entered into a subscription agreement with Tether International Limited ("Tether") to privately place 18,587,360 Class A ordinary shares and purchase up to 5,000,000 warrants at a price of USD 10.00 per share. The private placement was completed on May 30, 2024.
The transaction generated total proceeds of USD 100 million from the share issuance, with an additional potential USD 50 million if the warrants are fully exercised. The warrants include customary anti-dilution provisions reflecting stock dividends, splits, or similar transactions, as well as weighted-average anti-dilution protection in the event of issuances of ordinary shares or ordinary share equivalents at a price per share below the initial exercise price of the warrants. The warrants may be exercised at Tether’s discretion within 12 months following the closing of the transaction. Bitdeer intends to use the net proceeds from this private placement to fund the expansion of its data centers, the development of ASIC-based mining equipment, and for working capital and other general corporate purposes.
