NetworkNewsBreaks – BIT Mining Limited (NYSE: BT
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Posted On: 07/12/2022 4:34:04 PM
NetworkNewsBreaks – BIT Mining Limited (NYSE: BTCM) Announces Sale of Shares to Devote Resources More Extensively to North American Market
BIT Mining (NYSE: BTCM), a leading technology-driven cryptocurrency mining company, today announced its entry into a share sale and purchase agreement with an unaffiliated third party (the “buyer”). Under the agreement, the company agreed to sell and the buyer agreed to purchase approximately 51% of the total issued share capital of Loto Interactive Limited, representing 279,673,200 shares of Loto Interactive, each at the price of HK$0.28, for the total consideration of HK$78,308,496 (the “transaction”). Upon closing of the transaction, the company’s share ownership in Loto Interactive will decrease to 8.79%. “Following our strategy to focus on developing in the U.S., we believe this is the right decision to sell a majority of our shares of Loto Interactive and devote our resources more extensively to the North American market,” said Xianfeng Yang, CEO of BIT Mining. “Going forward, with the North American market as our center of excellence, we will continue to invest in technology, innovation and high-quality mining resources worldwide. At the same time, we will constantly improve operational efficiency as we expand our business to build a strong foundation across the cryptocurrency ecosystem.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
BIT Mining (NYSE: BTCM), a leading technology-driven cryptocurrency mining company, today announced its entry into a share sale and purchase agreement with an unaffiliated third party (the “buyer”). Under the agreement, the company agreed to sell and the buyer agreed to purchase approximately 51% of the total issued share capital of Loto Interactive Limited, representing 279,673,200 shares of Loto Interactive, each at the price of HK$0.28, for the total consideration of HK$78,308,496 (the “transaction”). Upon closing of the transaction, the company’s share ownership in Loto Interactive will decrease to 8.79%. “Following our strategy to focus on developing in the U.S., we believe this is the right decision to sell a majority of our shares of Loto Interactive and devote our resources more extensively to the North American market,” said Xianfeng Yang, CEO of BIT Mining. “Going forward, with the North American market as our center of excellence, we will continue to invest in technology, innovation and high-quality mining resources worldwide. At the same time, we will constantly improve operational efficiency as we expand our business to build a strong foundation across the cryptocurrency ecosystem.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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