M&A
confidence high
sentiment neutral
materiality 0.95
SPIN completes reverse merger with Bitech Mining; Bitech holders to own ~96% of SPIN
Bimergen Energy Corp
- SPIN issued 9M shares of Series A Convertible Preferred Stock to Bitech shareholders for 100% of Bitech's stock.
- Each Series A share converts into 53.975685 common shares (total ~485.8M common), giving Bitech holders ~96% fully diluted ownership.
- Bitech is a development-stage green tech company focused on power-saving solutions for crypto mining, with an exclusive license to Tesdison Technology patent.
- Legacy spine and video businesses to be evaluated for sale; management services agreement with Peter Dalrymple for 90 days.
- Peter Dalrymple's $95,000 secured note amended, due 90 days post-closing; obligations can be offset against Bitech-related liabilities.