Bitcoin Miner Marathon Digital Plans to Close About $14.25 Million in Private Equity Funding

Bitcoin mining company Marathon Digital has reached a share purchase agreement with investors, and will sell 15,000 shares of Series A redeemable convertible preferred shares in a private placement, with a purchase price of US$952.38 per share, equivalent to approximately US$1,000 per share. A 5% discount on the original offering, at any time after the company receives shareholder approval for an increase in its authorized shares, holders have the option to convert the Series A preferred stock into common shares of the company's common stock at an initial conversion price of $14.52 per share. H.C. Wainwright & Co. will act as the exclusive placement agent and the gross net proceeds of the offering are expected to be approximately $14.25 million. The offering is expected to close on or about June 8, subject to the satisfaction of customary closing conditions.