US bitcoin mining company Stronghold Digital Mining will list about six million shares in Nasdaq’s initial public offering.
Stronghold plans to list 5,882,352 common stock shares between $ 16 and $ 18 under the ticker “SDIG”. Taking the average price of the proposed offer, the IPO reaches around ১০ 100 million.
The Kenardale, Pennsylvania-based firm first filed for a Nasdaq IPO with the Securities and Exchange Commission in July. It will fund about 900% expansion of capacity next year. The final prospectus has already been filed with the SEC, but it has not yet been implemented.
According to Nasdaq, Stronghold plans to become the first North American crypto mining company to reach the public through an actual IPO. This differs from the popular direct listing and special purpose company (SPAC) way now.
Stronghold seeks to allow underwriters, or intermediaries, to help prepare the company for the offer, offering the public a 30-day option to buy 882,352 additional shares of its stock at an IPO price of 8 5.8 million.
Stronghold describes itself as an “emerging growth company” that currently operates about 3,000 crypto mines with a hash rate capability of about 185 petas per second (PH / s) according to the prospectus.
It said it had contracted with three suppliers to provide an additional 26,150 mines with a total hash rate capacity of 2,500 pH / sec. 722% of their deliveries are scheduled for delivery this year, the rest will be delivered in 2022.
Stronghold wants to acquire more hardware with the proceeds of the IPO as an additional 55,800 mines are planned.
Related: US Minor raises 10 105 million to recycle waste coal into crypto
The firm owns and operates a “scrubgrass plant” in Pennsylvania that has been recognized as an alternative energy source because it converts waste coal into energy. The prospectus states:
“We are committed to generating our energy and managing our resources sustainably, and we believe we are one of the first vertically integrated crypto resource mining companies to focus on environmentally beneficial activities.”