Hut 8 Mining (HUT) Stock Spaces 81% Within A Month: It Announces Its $150 Million Public Offering

The stock price enormously soared a great deal more than three weeks ago by reaching 81%. Nevertheless, today Hut 8 Mining is trading at $10.36. In addition, the Company has agreed to sell the underwriters 17,550,000 common shares for 8.55 US dollars per share, bringing the Company’s total gross revenue amounted to 150,052,500 US dollars. It is expected that the placement will be closed on September 17, 2021, subject to customary closing conditions, including approval of the NASDAQ Stock Exchange and the Toronto Stock Exchange.
The Company has granted the underwriters an over-allotment option, which can be implemented within 30 days from the Offer’s closing date, to purchase up to 2,632,500 additional common shares, representing 15% of the total number of ordinary shares to be sold according to the Offering. The Company expects that the net proceeds from the sale will be used to support the growth of its business, including to finance capital investments in digital asset mining equipment to increase mining capacity, for working capital and other general corporate purposes, and possibly for strategic partnerships, joint ventures or acquisitions.

April Sanchez

Business and Tech Reporter

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