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China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) has changed its ticker symbol to BTOG, effective February 15, 2022. This change reflects the company's recent engagement in cryptocurrency mining and blockchain technologies. CEO Zeshu Dai emphasized that the new symbol signifies a shift towards modern operations. Shareholders do not need to take any action as the ordinary shares will continue to be listed on Nasdaq with an unchanged CUSIP number. The company continues to expand its agricultural business while incorporating emerging technologies.
China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) announced it will purchase 2,200 Bitcoin miners for approximately US$13 million through its subsidiary, SonicHash LLC. These miners will enhance the company's hash rate by over 209 PH/s, leading to a total of 3,628 miners producing approximately 341.2 PH/s at full capacity. The company anticipates generating US$21.5 million in revenue and US$13.5 million in cash contributions over the next year, based on Bitcoin's recent average price of US$43,576/BTC.
China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) has successfully closed a registered direct offering and private placement, raising approximately US$16.1 million in gross proceeds. The offering includes 18,124,400 ordinary shares at a price of US$0.89 each, along with warrants for the same number of shares, exercisable for five years at US$1.008. The funds will be allocated towards business development, product R&D, and working capital.
China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) has announced a securities purchase agreement to raise up to US$16,130,716 through the sale of 18,124,400 ordinary shares and warrants. The offering price is set at US$0.89 per share and warrant, with an exercise price of US$1.008 for the warrants exercisable within 60 days.
The funds will be allocated for business assessment, acquisitions, research and development, and working capital. The offering is expected to close around February 2, 2022.
China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) announced a purchase agreement through its U.S. subsidiary SonicHash LLC to acquire 686 Bitcoin miners worth US$6 million. These miners, with a hash rate of 92 TH/s, will enhance the company's mining capacity by over 63,000 TH/s. Expected to be delivered by the end of January 2022, the total mining fleet will consist of 1,428 miners generating approximately US$11 million in revenue and US$7.7 million in cash contribution margin in the first year based on Bitcoin's recent average price.
China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) announced the launch of its U.S. operations by establishing a headquarters in the Seagram Building, New York City, on December 20, 2021. This strategic move is a key milestone in the company's global expansion, aimed at enhancing operational efficiency and identifying new growth opportunities in the U.S. market. Led by its senior executive team, the New York office is expected to strengthen PLIN's presence in the crypto sector, reflecting the management's commitment to long-term shareholder value.
China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) announced the acquisition of 742 Bitcoin miners valued at approximately US$7 million through its Canadian subsidiary. The miners are expected to begin generating Bitcoin revenue within three days, increasing mining capacity to 69,000 Th/s. Assuming Bitcoin stabilizes at US$50,000, the new venture could yield US$6.2 million in revenue and US$4.4 million in gross profit before depreciation.
Dr. Erick Rengifo emphasized the strategic importance of this move for diversification and the potential for significant returns.
China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) appointed Mr. Jinghai Jiang as Chief Operating Officer. Jiang, an experienced professional in blockchain and cryptocurrency, founded Haiyuan Culture and Qisuan Technology, and operates data centers with a total capacity of 1,030MW. His leadership is expected to enhance the company's operational efficiency in the growing cryptocurrency sector. Chairwoman Ms. Zeshu Dai expressed enthusiasm about Jiang's appointment, noting his potential to elevate the company's strategic direction.
China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) has appointed Dr. Erick W. Rengifo as Chief Strategy Officer and Dr. Jiaming Li as President, effective December 6, 2021. Dr. Rengifo, a Professor of Economics with extensive experience in capital markets and cryptocurrencies, aims to strengthen the company’s internal governance and enhance its image in global markets. Dr. Li brings a wealth of experience in asset management and investment strategies. This leadership change follows the resignation of Mr. Xiaohui Wu, signaling a strategic shift for the company's growth trajectory.
China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) has closed a registered direct offering and concurrent private placement, raising approximately US$16.5 million in gross proceeds. This offering consists of 17,175,412 ordinary shares and warrants to purchase the same amount of shares, with an exercise price of US$1.008. The funds will be allocated to product R&D, marketing, business development, and working capital. The Company aims to leverage this financing to explore new opportunities and strengthen its competitive position in the market.
