Bitmine Immersion expands credit line to $2.3M and issues Series B Preferred, raising $450K

BITMINE IMMERSION TECHNOLOGIES, INC.

LOC increased from $1.75M to $2.3M; maturity is extendable monthly up to 6 months at $25K per extension fee.
IDI converts 11.5M common shares into 2,300 Series B Preferred shares and buys 200 additional shares for $200K cash.
Net new financing of $450K: $250K LOC draw plus $200K from Series B purchase; total Series B issued 2,500 shares.
Series A Preferred conversion price reset from $0.575 to $0.20 per share due to anti-dilution triggered by Series B issuance.
Series B Preferred has $1,000/share liquidation preference, conversion at $0.20/share, ranks senior to common but junior to Series A.

item 1.01 item 3.02 item 3.03 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

BITMINE IMMERSION TECHNOLOGIES, INC.: Approved Certificate of Designation for Series B Convertible Preferred Stock (effective 2024-11-04).

Change: charter amendment
Effective: 2024-11-04

Exact text from the filing

On November 4, 2024, the Company approved a Certificate of Designations, Rights and Preferences of Series B Convertible Preferred Stock (the “ Certificate of Designation ”) with the Delaware Secretary of State, which authorized the creation and issuance of up to 3,000 shares of Series B Convertible Preferred Stock (the “ Series B Preferred ”).

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189 governance changes filed in the last 30 days. Browse all governance changes →

BITMINE IMMERSION TECHNOLOGIES, INC. filing history →

Source: SEC EDGAR

accession 0001683168-24-007768

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