Bitdeer Announces Proposed Offering of US$150 Million Convertible Notes
Bitdeer Technologies Group (Nasdaq: BTDR), a leading blockchain and high-performance computing company, has announced a proposed public offering of US$150 million in convertible senior notes due 2029. The company may grant underwriters a 30-day option to purchase an additional US$22.5 million in notes. These unsecured notes will mature on August 15, 2029, unless converted, redeemed, or repurchased earlier.
Holders can convert notes to cash, Class A ordinary shares, or a combination, at Bitdeer's discretion. The company plans to use the proceeds for datacenter expansion, ASIC-based mining rig development, working capital, and general corporate purposes. BTIG is the book-running manager, with A.G.P./Alliance Global Partners as co-manager. The offering will be made through an effective shelf registration statement filed with the SEC.
Bitdeer Technologies Group (Nasdaq: BTDR), un'azienda leader nel settore della blockchain e dell'informatica ad alte prestazioni, ha annunciato un'offerta pubblica proposta di 150 milioni di dollari USA in note senior convertibili con scadenza nel 2029. L'azienda potrebbe concedere agli underwriter un'opzione di 30 giorni per acquistare ulteriori 22,5 milioni di dollari USA in note. Queste note non garantite scadranno il 15 agosto 2029, a meno che non vengano convertite, rimborsate o riacquistate in precedenza.
I detenitori possono convertire le note in contante, azioni ordinarie di Classe A, o una combinazione, a discrezione di Bitdeer. L'azienda prevede di utilizzare i proventi per l'espansione dei datacenter, lo sviluppo di rig di mining basati su ASIC, il capitale circolante e scopi aziendali generali. BTIG è il manager principale dell'operazione, con A.G.P./Alliance Global Partners in qualità di co-manager. L'offerta sarà effettuata tramite una dichiarazione di registrazione a scaffale efficace presentata alla SEC.
Bitdeer Technologies Group (Nasdaq: BTDR), una empresa líder en blockchain y computación de alto rendimiento, ha anunciado una oferta pública propuesta de 150 millones de dólares estadounidenses en notas convertibles senior con vencimiento en 2029. La empresa podría otorgar a los aseguradores una opción de 30 días para comprar 22,5 millones de dólares estadounidenses adicionales en notas. Estas notas no garantizadas vencerán el 15 de agosto de 2029, a menos que sean convertidas, redimidas o recompradas antes.
Los tenedores pueden convertir las notas a efectivo, acciones ordinarias Clase A, o una combinación, a discreción de Bitdeer. La empresa planea utilizar los ingresos para la expansión de centros de datos, el desarrollo de rig de minería basado en ASIC, capital de trabajo y fines corporativos generales. BTIG es el gerente de registro, con A.G.P./Alliance Global Partners como co-gerente. La oferta se realizará a través de una declaración de registro en efectivo presentada ante la SEC.
비트디어 테크놀로지스 그룹 (Nasdaq: BTDR), 선도적인 블록체인 및 고성능 컴퓨팅 회사가 2029년 만기의 1억 5천만 달러에 해당하는 전환형 우선채권 공모를 제안했다고 발표했습니다. 회사는 인수인에게 추가로 2천 2백 50만 달러의 채권을 구매할 수 있는 30일 옵션을 부여할 수 있습니다. 이 무담보 채권은 2029년 8월 15일에 만기가 되며, 이전에 전환, 상환 또는 재매입되지 않는 한 만료됩니다.
채권 보유자는 비트디어의 재량에 따라 채권을 현금, A급 보통주 또는 이들의 조합으로 전환할 수 있습니다. 회사는 수익금을 데이터 센터 확장, ASIC 기반 채굴 장비 개발, 운영 자본 및 일반 기업 목적에 사용할 계획입니다. BTIG는 본 공모의 주요 관리자이며, A.G.P./Alliance Global Partners가 공동 관리자입니다. 이 공모는 SEC에 제출된 유효한 선등록 신고서를 통해 이루어질 예정입니다.
Bitdeer Technologies Group (Nasdaq: BTDR), une entreprise leader dans le domaine de la blockchain et du calcul haute performance, a annoncé une offre publique proposée d'150 millions de dollars US en obligations senior convertibles arrivant à échéance en 2029. L'entreprise pourrait accorder aux souscripteurs une option de 30 jours pour acheter 22,5 millions de dollars US supplémentaires en obligations. Ces obligations non garanties arriveront à échéance le 15 août 2029, à moins qu'elles ne soient converties, remboursées ou rachetées plus tôt.
Les détenteurs peuvent convertir les obligations en espèces, en actions ordinaires de Classe A, ou en une combinaison, à la discrétion de Bitdeer. L'entreprise prévoit d'utiliser les produits pour l'expansion des centres de données, le développement de rigs de minage basés sur ASIC, le fonds de roulement et des fins générales d'entreprise. BTIG est le gestionnaire principal de l'opération, avec A.G.P./Alliance Global Partners en tant que co-gestionnaire. L'offre sera effectuée par le biais d'une déclaration d'enregistrement à effet déposée auprès de la SEC.
Bitdeer Technologies Group (Nasdaq: BTDR), ein führendes Unternehmen im Bereich Blockchain und Hochleistungsrechnen, hat ein öffentliches Angebot von 150 Millionen US-Dollar in wandelbaren vorrangigen Anleihen mit Fälligkeit im Jahr 2029 angekündigt. Das Unternehmen könnte den Underwritern eine Option von 30 Tagen gewähren, um weitere 22,5 Millionen US-Dollar in Anleihen zu erwerben. Diese unbesicherten Anleihen verfallen am 15. August 2029, es sei denn, sie werden vorher umgewandelt, eingelöst oder zurückgekauft.
Inhaber können die Anleihen nach Ermessen von Bitdeer in Bargeld, Stammaktien der Klasse A oder eine Kombination daraus umwandeln. Das Unternehmen plant, die Erlöse für die Erweiterung von Rechenzentren, die Entwicklung von ASIC-basierten Mining-Rigs, Betriebskapital und allgemeine Unternehmenszwecke zu verwenden. BTIG ist der leitende Book-Running-Manager, mit A.G.P./Alliance Global Partners als Co-Manager. Das Angebot wird durch eine wirksame Shelf-Registrierungserklärung bei der SEC erfolgen.
- Potential to raise up to US$172.5 million in capital through the convertible notes offering
- Funds allocated for strategic growth initiatives including datacenter expansion and mining rig development
- Flexibility in settlement options for note holders (cash, shares, or combination)
- Increase in long-term debt obligations with the US$150 million convertible notes
- Potential dilution of existing shareholders if notes are converted to Class A ordinary shares
- Additional interest expenses that may impact future profitability
Insights
Bitdeer's proposed
Bitdeer's investment in datacenter expansion and ASIC mining rig development signals a strong commitment to technological advancement in the blockchain industry. This move could potentially give Bitdeer a competitive edge in the rapidly evolving crypto mining sector. The focus on ASIC development is particularly noteworthy, as it could lead to more efficient mining operations, potentially increasing the company's hash rate and profitability. However, the success of this strategy heavily depends on the volatility of cryptocurrency markets and the ever-changing landscape of blockchain technology. Investors should consider both the potential for technological leadership and the risks associated with rapid obsolescence in this fast-paced industry.
The timing of Bitdeer's offering is intriguing, coming amid a period of renewed interest in cryptocurrency-related stocks. This move could be seen as capitalizing on current market sentiment. However, it's important to note the cyclical nature of the crypto industry. The success of this offering and subsequent investments will largely depend on broader crypto market trends and regulatory developments. The company's focus on infrastructure (datacenters) and technology (ASIC rigs) suggests a long-term strategy that may help weather market volatility. Investors should carefully consider Bitdeer's position relative to competitors and its ability to adapt to rapid changes in the blockchain and high-performance computing sectors.
SINGAPORE, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (Nasdaq: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today announced a proposed registered underwritten public offering (the “Offering”) by the Company of US
The Notes will be senior, unsecured obligations of the Company. The Notes will mature on August 15, 2029, unless earlier converted, redeemed or repurchased. Holders may convert their notes at their option prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will pay or deliver to such converting holders, as the case may be, cash, Class A ordinary shares, par value US
The Company intends to use the net proceeds from the Offering for datacenter expansion, ASIC based mining rig development as well as working capital and other general corporate purposes.
BTIG is acting as book-running manager for the Offering. A.G.P./Alliance Global Partners is acting as co-manager for the Offering.
The Offering will be made pursuant to an effective shelf registration statement on Form F-3 filed with the U.S. Securities and Exchange Commission (the “SEC”), which was declared effective by the SEC on April 2, 2024, New York City time. The preliminary prospectus supplement and the accompanying prospectus related to the Offering have been filed with the SEC and will be available on the SEC’s website at www.sec.gov. Before you invest, you should read the preliminary prospectus supplement and accompanying prospectus and other documents the Company has filed with the SEC for more complete information about Bitdeer and the Offering.
Copies of the preliminary prospectus supplement and the accompanying prospectus related to the Offering may also be obtained from: BTIG, LLC by mail at 350 Bush Street, 9th Floor, San Francisco, CA 94104, Attention: Syndicate Department, by phone at (415) 248-2200 or by email at prospectusdelivery@btig.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor shall there be a sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The Offering will be made only by means of the prospectus supplement and the accompanying prospectus. This press release contains information about the pending Offering, and there can be no assurance that the Offering will be completed.
About Bitdeer Technologies Group
Bitdeer is a world-leading technology company for blockchain and high-performance computing. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan.
Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, among others, statements relating to Bitdeer’s expectations regarding the completion, timing and size of the proposed Offering, the proposed terms of the Notes and the expected use of proceeds from the sale of the Notes. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks and uncertainties associated with market conditions, whether Bitdeer will offer the Notes or be able to consummate the proposed Offering at the anticipated size or on the anticipated terms, or at all, and the satisfaction of closing conditions related to the proposed Offering, as well as discussions of potential risks, uncertainties and other factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as those discussed in Bitdeer’s subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements as there are important factors that could cause actual results to differ materially from those in forward-looking statements, many of which are beyond Bitdeer’s control. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.
For investor and media inquiries, please contact:
Investor Relations
Yujia Zhai
Orange Group
bitdeerir@orangegroupadvisors.com
Public Relations
Wachsman
Bee Shin
bitdeer@wachsman.com
FAQ
What is the total value of convertible notes Bitdeer (BTDR) is offering?
When will Bitdeer's (BTDR) convertible notes mature?
How does Bitdeer (BTDR) plan to use the proceeds from the convertible notes offering?
Who are the underwriters for Bitdeer's (BTDR) convertible notes offering?
