BitMine Immersion Technologies, Inc. has reached a significant milestone by announcing its ability to issue new shares on NYSE American without the need for shareholder approval due to existing registration.
Share Issuance Without Shareholder Approval
BitMine has announced its capacity to issue new shares on NYSE American without the need for shareholder approval. This has been made possible by the company's existing shelf registration and a completed private investment in public equity (PIPE) transaction. The issuance includes 8,804,122 shares offered at a price of $4.50 each.
Role of ThinkEquity LLC and Accredited Investors
ThinkEquity LLC serves as the sole placement agent for this offering. The securities purchase agreements involve accredited investors, who can pay with cryptocurrency or cash for BitMine shares. Investors fall into two categories: cryptocurrency purchasers using ETH or BTC, and cash purchasers.
Comparison with Other Exchanges' Approaches
The exemption from shareholder approval for BitMine's issuance is supported by its compliance with NYSE standards. While NASDAQ requires shareholder approval for similar transactions, BitMine has taken advantage of processes pre-approved by NYSE American, demonstrating a significant regulatory approach difference between exchanges.
BitMine has showcased its ability to effectively issue shares in compliance with regulatory requirements, reinforcing its status as a compliant player in the cryptocurrency market.
