B. Riley Could Buy Up to $100 Million Stake in Bitcoin Miner Iris Energy
The Iris Energy filing suggested that the company planned to use proceeds from the sale to fund growth initiatives, including the purchase of mining equipment and development of data centers.
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Australian crypto-mining firm Iris Energy has signed an agreement with B. Riley giving the capital market firm the ability to buy up to 25 million of its shares.
According to a filing Friday with the U.S. Securities and Exchange Commission, Iris Energy has signed an agreement with B. Riley Principal Capital II regarding the "potential offer and sale" of up to $25 million of Bitcoin (BTC) mining dollars. common stock of the company, worth $100 million. The filing indicates that B. Riley has 24 months to complete the purchase beginning "as soon as practicable" after the effective date of the registration statement.
Because Iris Energy is considered a “foreign private issuer” under U.S. securities laws, the company said it intends to follow “most listing standards for Nasdaq's Corporate Governance Guidelines" while adhering to Australian law. The company already planned to issue 198,174 shares to B. Riley "in return for his irrevocable commitment" to purchase more shares.
According to Iris Energy's filing, the company planned to use the proceeds from the sale to fund growth initiatives, including the purchase of mining equipment and the development of data centers:
“As of the date of this Prospectus, we cannot specify with certainty all of the particular uses, and the respective amounts that we may allocate to those uses, for any net proceeds that we receive. As a result, we will have wide discretion in how we use this income. »
Shares of the crypto mining company listed on Nasdaq in November 2021 following a $200 million funding round. B. Riley Securities, a subsidiary of the capital markets firm, also acted as co-bookkeeper with Cowen for Stronghold Digital Mining's plan to list approximately 6 million shares on. .
The Iris Energy filing suggested that the company planned to use proceeds from the sale to fund growth initiatives, including the purchase of mining equipment and development of data centers.
New
Australian crypto-mining firm Iris Energy has signed an agreement with B. Riley giving the capital market firm the ability to buy up to 25 million of its shares.
According to a filing Friday with the U.S. Securities and Exchange Commission, Iris Energy has signed an agreement with B. Riley Principal Capital II regarding the "potential offer and sale" of up to $25 million of Bitcoin (BTC) mining dollars. common stock of the company, worth $100 million. The filing indicates that B. Riley has 24 months to complete the purchase beginning "as soon as practicable" after the effective date of the registration statement.
Because Iris Energy is considered a “foreign private issuer” under U.S. securities laws, the company said it intends to follow “most listing standards for Nasdaq's Corporate Governance Guidelines" while adhering to Australian law. The company already planned to issue 198,174 shares to B. Riley "in return for his irrevocable commitment" to purchase more shares.
According to Iris Energy's filing, the company planned to use the proceeds from the sale to fund growth initiatives, including the purchase of mining equipment and the development of data centers:
“As of the date of this Prospectus, we cannot specify with certainty all of the particular uses, and the respective amounts that we may allocate to those uses, for any net proceeds that we receive. As a result, we will have wide discretion in how we use this income. »
Shares of the crypto mining company listed on Nasdaq in November 2021 following a $200 million funding round. B. Riley Securities, a subsidiary of the capital markets firm, also acted as co-bookkeeper with Cowen for Stronghold Digital Mining's plan to list approximately 6 million shares on. .
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