Bit Origin Ltd. (NASDAQ: BTOG) entered into a securities purchase agreement providing for the issuance of up to $10.0 million aggregate principal amount of senior convertible notes in a private placement.
The financing includes an initial closing of up to $2.0 million in aggregate principal amount of notes, with the parties retaining the ability to complete up to an additional $8.0 million in subsequent closings, subject to mutual agreement. The notes are being sold at an issue price of approximately 93% of principal value, mature four years from issuance, and are convertible into the Company’s Class A ordinary shares in accordance with their terms.
The proceeds are expected to be used for working capital and general corporate purposes.
Lucosky Brookman LLP served as counsel to Bit Origin Ltd. in connection with the transaction.
