BIT Mining Announces Changes to its Board of Directors
BIT Mining Limited (NYSE: BTCM) announced the resignation of Chairman Shengwu Wu and independent director Yu Wei, effective November 30, 2021. Their resignations follow the company’s strategic pivot away from mainland China, focusing on global operations. With the board size reduced from seven to five, the company intends to fill the vacant committee positions. CEO Xianfeng Yang expressed gratitude for their contributions. BIT Mining is a leader in cryptocurrency mining, also operating BTC.com and entering a definitive agreement to acquire Bee Computing, enhancing its supply chain and competitive edge.
- Strategic pivot towards global operations may offer new market opportunities.
- Acquisition of Bee Computing could enhance supply chain and operational efficiency.
- Reduction of board members may raise concerns about governance and continuity.
- Resignation of key figures could lead to experience gaps in the board.
HONG KONG, Nov. 30, 2021 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading technology-driven cryptocurrency mining company, today announced that Mr. Shengwu Wu, the chairman of the Company's board of directors ("the Board"), and Mr. Yu Wei, independent director and member of the Board, have resigned from their positions, effective November 30, 2021. Their resignations follow the Company's pivot away from mainland China, and focus on global deployment.
Prior to their resignations, Mr. Wu was the chairman of the Company's strategic planning committee and a member of its compensation committee, and Mr. Wei was a member of the Company's audit committee and a member of its nominating and corporate governance committee. As a result of their resignations, the number of directors on the Board reduced to five from seven. The Company intends to fill these committee vacancies in due course.
"On behalf of the Company, I would like to express our sincerest gratitude to Mr. Shengwu Wu and Mr. Yu Wei, for their outstanding contributions over the past few years, " commented Mr. Xianfeng Yang, CEO of BIT Mining. "We wish them the best of success in their future endeavors."
Mr. Shengwu Wu and Mr. Yu Wei, said "It has been a great honor and experience working with the Company, and we are expecting to continuously support the Company going forward. "
About BIT Mining
BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company, with a long-term strategy to create value across the cryptocurrency industry. Its business covers cryptocurrency mining, mining pool, and data center operation. The Company owns the world's top blockchain browser BTC.com and the comprehensive mining pool business operated under BTC.com, providing multi-currency mining services including BTC, ETH and LTC. The Company has also entered into a definitive agreement to acquire a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, to complete the Company's vertical integration with its supply chain, increase its self-sufficiency and strengthen its competitive position.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Important factors that could cause BIT Mining's actual results to differ materially from those indicated in the forward-looking statements include, among others: the formation of the JV, the joint development and operation of the Ohio Mining Site, and the execution and anticipated benefits of BIT Mining's growth strategy, including the transactions contemplated under the Agreements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For further information:
BIT Mining Limited
ir@btc.com
Ir.btc.com
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com
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SOURCE BIT Mining Limited
FAQ
What significant changes occurred in BIT Mining's board of directors?
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