BTC Digital Ltd. Announces Launch of Proposed Underwritten Public Offering
BTC Digital (NASDAQ: BTCT) has announced the launch of a proposed underwritten public offering of Ordinary Shares and pre-funded warrants. The company plans to use the proceeds for general corporate and working capital purposes. Aegis Capital Corp. will serve as the sole book-running manager with a 45-day option to purchase additional shares up to 15% of the offering to cover over-allotments.
The offering is being conducted through an effective shelf registration statement on Form S-3 (No. 333-283367), which was declared effective by the SEC on December 5, 2024. The completion and terms of the offering are subject to market conditions, with no guarantees provided regarding its execution.
BTC Digital (NASDAQ: BTCT) ha annunciato il lancio di un'offerta pubblica di azioni ordinarie e warrant prefinanziati proposta e sottoscritta. L'azienda prevede di utilizzare i proventi per scopi generali aziendali e per il capitale circolante. Aegis Capital Corp. agirà come unico gestore della registrazione con un'opzione di acquisto aggiuntivo di azioni fino al 15% dell'offerta per coprire eventuali sovraassegnazioni, valida per 45 giorni.
L'offerta viene condotta tramite una registrazione di scaffale efficace su forma S-3 (No. 333-283367), dichiarata efficace dalla SEC il 5 dicembre 2024. Il completamento e i termini dell'offerta sono soggetti a condizioni di mercato, senza fornire garanzie riguardo alla sua esecuzione.
BTC Digital (NASDAQ: BTCT) ha anunciado el lanzamiento de una oferta pública propuesta de acciones ordinarias y garantías prefinanciadas. La empresa planea utilizar los ingresos para fines corporativos generales y capital de trabajo. Aegis Capital Corp. actuará como el único administrador de la oferta, con una opción de compra adicional de acciones de hasta el 15% de la oferta para cubrir sobreasignaciones, válida por 45 días.
La oferta se lleva a cabo a través de una declaración de registro de estante efectiva en el Formulario S-3 (No. 333-283367), que fue declarada efectiva por la SEC el 5 de diciembre de 2024. La finalización y los términos de la oferta están sujetos a condiciones del mercado, sin garantías proporcionadas con respecto a su ejecución.
BTC 디지털 (NASDAQ: BTCT)는 보통주 및 사전 자금 조달된 보증서의 공매 제안 출시를 발표했습니다. 회사는 이 자금을 일반 회사 및 운전 자본 목적에 사용할 계획입니다. Aegis Capital Corp.는 제안의 단독 북런닝 관리자 역할을 하며, 초과 배정을 보완하기 위해 제안의 최대 15%에 해당하는 추가 주식을 구매할 수 있는 45일 옵션이 있습니다.
이 제안은 2024년 12월 5일 SEC에 의해 효력이 발생된 S-3 형식(번호 333-283367)의 유효한 선반 등록 신고서를 통해 진행되고 있습니다. 제안의 완료 및 조건은 시장 조건에 따라 달라지며, 이를 실행하는 것에 대한 보장은 제공되지 않습니다.
BTC Digital (NASDAQ: BTCT) a annoncé le lancement d'une offre publique proposée d'actions ordinaires et de bons préfinancés. L'entreprise prévoit d'utiliser les produits pour des fins générales d'entreprise et de fonds de roulement. Aegis Capital Corp. agira en tant que seul gestionnaire de livre avec une option de 45 jours pour acheter des actions supplémentaires allant jusqu'à 15 % de l'offre pour couvrir les surallocations.
L'offre est réalisée par le biais d'une déclaration d'enregistrement de type shelf efficace sur le formulaire S-3 (No. 333-283367), qui a été déclarée efficace par la SEC le 5 décembre 2024. L'achèvement et les termes de l'offre sont soumis aux conditions du marché, sans garanties fournies concernant son exécution.
BTC Digital (NASDAQ: BTCT) hat den Start eines vorgeschlagenen unterzeichneten öffentlichen Angebots von Stammaktien und vorfinanzierten Warrants bekannt gegeben. Das Unternehmen plant, die Einnahmen für allgemeine Unternehmens- und Betriebskapitalzwecke zu verwenden. Aegis Capital Corp. wird als alleiniger Book-Running-Manager fungieren, mit einer 45-tägigen Option, zusätzliche Aktien von bis zu 15% des Angebots zu kaufen, um Überzuweisungen abzudecken.
Das Angebot erfolgt über eine wirksame Shelf-Registrierungsanmeldung auf Formular S-3 (Nr. 333-283367), die von der SEC am 5. Dezember 2024 für wirksam erklärt wurde. Der Abschluss und die Bedingungen des Angebots unterliegen den Marktbedingungen, und es werden keine Garantien für die Durchführung gegeben.
- Secured Aegis Capital Corp. as underwriter on firm commitment basis
- Effective shelf registration statement already in place
- 15% over-allotment option available for additional funding
- Potential shareholder dilution from new share issuance
- Uncertain offering terms and completion timeline
- No specific funding amount disclosed
Insights
This public offering announcement signals potential significant dilution for existing shareholders. The firm commitment structure with Aegis Capital Corp. provides some certainty of execution, but the lack of disclosed pricing and size raises concerns. With a relatively small market cap of
The 15% over-allotment option and the inclusion of pre-funded warrants suggest a complex capital raising structure that could lead to additional future dilution. The vague use of proceeds for "general corporate and working capital needs" rather than specific growth initiatives or acquisitions may indicate cash flow pressures. The timing of this offering, coming just as the registration statement became effective, suggests urgency in raising capital.
The shelf registration on Form S-3 becoming effective provides BTC Digital with flexible access to capital markets over time. The firm commitment underwriting structure offers more certainty than a best-efforts offering, though the terms remain undefined. The inclusion of multiple legal firms (VCL Law, Conyers Dill & Pearman and Kaufman & Canoles) suggests thorough due diligence and complex cross-border considerations given the company's Singapore headquarters and U.S. listing.
The careful disclaimers regarding offering completion and state-specific securities laws compliance indicate proper regulatory framework adherence. The SEC-compliant distribution process through prospectus supplements provides transparency for investors while maintaining legal compliance.
The Company intends to use the net proceeds from this Offering for general corporate and working capital needs. The Company's Ordinary Shares are trading on the Nasdaq Capital Market under the symbol "BTCT". The Offering is subject to market conditions, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering.
In addition, the Company expects to grant Aegis Capital Corp. a 45-day option to purchase additional Ordinary Shares of up to
Aegis Capital Corp. is acting as the sole book-running manager for the offering on a firm commitment basis. VCL Law LLP and Conyers Dill & Pearman are acting as counsel to the Company. Kaufman & Canoles, P.C. is acting as counsel to Aegis Capital Corp.
The offering is being made pursuant to an effective shelf registration statement on Form S-3 (No. 333-283367) previously filed with the
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About BTC Digital Ltd.
BTC Digital Ltd.is a blockchain technology company, with a long-term strategy to create value across the metaverse, blockchain and cryptocurrency mining industry. The Company is committed to developing blockchain related businesses in
Forward-Looking Statements
The foregoing material may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company's product development and business prospects, and can be identified by the use of words such as "may," "will," "expect," "project," "estimate," "anticipate," "plan," "believe," "potential," "should," "continue" or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the security laws of
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SOURCE BTC Digital Ltd.
FAQ
What is the purpose of BTC Digital's (BTCT) public offering announced on December 5, 2024?
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