Bit Origin Limited (NASDAQ: BTOG), a company engaged in digital asset mining and related operations, announced that it has entered into a securities purchase agreement providing for the issuance of senior convertible notes in an aggregate principal amount of up to $5.0 million, subject to customary closing conditions.
In connection with the agreement, the Company completed an initial closing and issued a senior convertible note in the principal amount of $500,000, maturing on April 16, 2030. The note is convertible into the Company’s Class A ordinary shares at a conversion price of $2.76 per share, subject to adjustment in accordance with its terms.
Net proceeds from the financing are expected to be used for general corporate purposes, including supporting the Company’s digital asset operations.
Lucosky Brookman LLP served as counsel in connection with the transaction.
