Stronghold shares are expected to begin trading on the Nasdaq today under the ticker symbol “SDIG.”
- Stronghold has upsized its IPO to $19 per share, with plans to raise $127 million.
- The company had previously announced an IPO price of between $16 and $18 per share, which would allow it to raise around $100 million.
- Stronghold’s common stock shares are expected to begin trading today under the ticker symbol $SDIG.
Bitcoin miner Stronghold Digital has upsized its initial public offering (IPO) price to $19 per share, allowing it to raise $127 million, the company said in an announcement. The 6,687,305 shares of Stronghold’s Class A common stock are expected to begin trading on the Nasdaq today under the ticker symbol “SDIG.”
The miner had announced its IPO on October 13, at which time it expected each share to fall between a $16 and $18 IPO price. The new upsized share price might allow Stronghold to capture $114.8 million of net proceeds from the offering.
Stronghold also granted underwriters a 30-day overallotment option to purchase up to an additional 1,003,095 shares of its Class A common stock at the IPO price, less underwriting discounts, and commissions. If the underwriters exercise their option to purchase additional shares in full, Stronghold could receive around $132.5 million of net proceeds from the offering in total.
“B. Riley Securities and Cowen are acting as joint book-running managers, Tudor, Pickering, Holt & Co. is serving as lead manager, and D.A. Davidson & Co., Compass Point and Northland Capital Markets are acting as co-managers for the proposed offering,” per the announcement.
Stronghold has sought to restore the usability of geographical areas damaged by waste coal by converting it into power and mining bitcoin with its first power generation plant in Pennsylvania. In August, Stronghold acquired a second power plant, seeking to double the miner’s capacity.
The bitcoin miner plans to employ the proceeds of its IPO for general corporate purposes, including for the acquisition of miners and power generating assets.
Source: Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides
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