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Bitmine Immersion (NASDAQ:IMMR) Technologies, Inc. (NYSE:BMNR) announced Wednesday that it has entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. and ThinkEquity LLC. Under the agreement, the company may offer and sell shares of its common stock, with a total aggregate sales price of up to $2 billion, from time to time through Cantor Fitzgerald, acting as principal and/or the sole designated sales agent.
According to the press release statement filed with the Securities and Exchange Commission, Cantor Fitzgerald will use commercially reasonable efforts to sell the shares based on instructions from Bitmine Immersion Technologies. The agents will receive a commission of up to 3.0% of the gross proceeds from each sale made under the agreement.
The company is not obligated to sell any shares under the agreement and may suspend or terminate the offering at any time. The shares, if sold, will be issued under Bitmine Immersion Technologies’ automatic shelf registration statement on Form S-3, which was filed with the SEC on Wednesday.
Sales of the shares may be made as “at the market offerings” as defined by SEC Rule 415 or by other methods permitted by law. The agreement also includes customary indemnification and contribution rights in favor of the agents.
The legal opinion of Winston & Strawn LLP regarding the validity of the shares to be issued is included as an exhibit to the SEC filing.
This article is based on a press release statement filed with the Securities and Exchange Commission.
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