BitDeer Announces $150 million in Private Funding

BitDeer Technology Group (NASDAQ: BTDR) announced a private placement of 18,587,360 shares of Class A common stock with Tether International Limited ("Tether"), accompanied by warrants to purchase up to an additional 5,000,000 shares for $10.00 each. The private placement closes on May 30, 2024.
The transaction generates a total proceeds of $100 million of the stock offering and may provide an additional $50 million if the warrant is exercised in full. The warrant is subject to customary anti-dilution provisions reflecting stock dividends and splits or other similar transactions, as well as weighted average anti-dilution protection against the issuance of common stock or common stock equivalents at consideration per share below the initial exercise price of the warrant. The warrant may be exercised at Tether's sole discretion within 12 months of closing.
Bitdeer plans to use the net proceeds from the private placement to fund its data center expansion, ASIC-based mining equipment development, and working funds and other general corporate purposes.