Bit Digital Announces Closing of $80 Million Private Placement

NEW YORK, Oct. 5, 2021 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company" or "Bit Digital"), a Cayman Island exempted company, today announced that it has closed its previously announced private placement with institutional investors for the sale of 13,490,728 ordinary shares. The Company also issued to the investors unregistered warrants to purchase up to an aggregate of 10,118,046 ordinary shares. The purchase price for one ordinary share and one warrant to purchase three-fourths of an ordinary share is $5.93. The warrants have an exercise price of $7.91 per whole ordinary share, are exercisable immediately, and have a term equal to three and one-half years following the effective date of the resale registration statement registering the ordinary shares and warrant shares.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The gross proceeds from the private placement were approximately $80 million before deducting placement agent fees and other estimated offering expenses.

The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable under state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.