US bitcoin miner Stronghold Digital Mining has announced that it will list nearly 6 million shares in an initial public offering on Nasdaq.
The company, according to Coin Telegraph, plans to list 5.88 million shares of its Class A common stock at $16-18 under the SDIG index. ).
Taking the average proposed offer price puts this IPO at around $100 million.
The Pennsylvania-based Kennerdale Corporation first filed with the Securities and Exchange Commission for an initial public offering on Nasdaq in July. It will fund a capacity expansion of nearly 90% next year. The final prospectus has already been submitted to the SEC, but is not yet effective.
Stronghold plans to become the first North American digital miner to go public through an actual initial public offering, according to Nasdaq. This differs from direct listing methods now popular and Special Purpose Acquisition Companies (SPAC).
Stronghold also plans to give insurers, or brokers who help the company prepare for the offer, a 30-day option to purchase up to 882.35 additional shares of its stock at the subscription price. year, in addition to offering 5.8 million shares to the public.
B Riley Securities, Inc. and Cowen will serve as joint records management managers, while Tudor, Pickering and Holt & Co. will serve as lead managers.
Stronghold describes itself as a startup growth company that currently operates approximately 3,000 crypto-mining rigs with a hashrate of around 185 petahs per second (PH/s). ) according to the prospectus.
and stated that it had entered into agreements with three suppliers to supply an additional 26,150 miners with a total hashrate capacity of more than 2,500 petahs per second. Seventy-two percent are scheduled for delivery this year, and the rest will be delivered in 2022.
Stronghold plans to acquire more rigs with proceeds from the IPO, as an additional 55,800 miners are planned.
