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Investing.com -- BitMine Immersion Technologies Inc (NYSE AMERICAN:BMNR) stock rose 3.8% premarket Friday following the company’s statement clarifying its position regarding recent media reports about NASDAQ’s increased scrutiny of crypto treasury companies.
The company emphasized that it is listed on the NYSE American, not NASDAQ, and confirmed that its ability to issue shares via its existing shelf registration does not require shareholder approval. BitMine also stated that its current ATM (at-the-market) program remains a registered bona fide public deal that can continue without shareholder approval.
According to BitMine, recent media reports about NASDAQ requiring shareholder approval for companies issuing new shares to purchase cryptocurrency reflect existing NASDAQ guidance. This guidance specifically applies to companies establishing crypto treasuries and accepting crypto in exchange for new shares, with those exceeding 20% in an offering requiring shareholder approval.
The company clarified that these requirements do not apply to BitMine, which has already secured NYSE approval for its PIPE (private investment in public equity) transaction scheduled to close on July 8, 2025.
The stock’s positive movement suggests investors welcomed the clarification about BitMine’s regulatory position and its ability to continue with planned transactions without additional approval processes.
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