Australia-based bitcoin miner Iris Energy has announced the signing of an agreement with B Riley Principle Capital II; Regarding the potential offer and sale of up to 25 million of the bitcoin miner's common stock valued at $100 million.
The document, filed Friday with the US Securities and Exchange Commission, states that B Riley has a 24-month time frame to complete the purchase of Iris Energy, beginning as soon as practicable after the effective date of the registration statement, Coin Telegraph reported.
Because Iris Energy qualifies as a foreign private issuer under US securities laws, the company said it intends to follow most of the NASDAQ corporate governance and listing standards while also complying with Australian law.
Iris Energy has already expected to issue 198174 shares to B Riley in exchange for its irrevocable commitment to purchase more shares.
According to the Iris Energy document, the company plans to use the proceeds from the sale to fund growth initiatives including the purchase of mining hardware and data center development: for any net returns we receive. Accordingly, we will have wide discretion in the way we use these proceeds.
Cryptocurrency mining company Iris Energy was listed on Nasdaq in November of 2021, after a $200 million funding round.
B Riley Securities, a subsidiary of the capital market firm, also acted as a joint bookrunner with Cowen for Stronghold Digital Mining's plan to list approximately 6 million shares on Nasdaq in an initial public offering in October of 2021.
