Bitdeer prices 10.66M shares at $13.94 in registered direct offering

Bitdeer (BTDR) announced the pricing of its registered direct offering of 10,661,140 of its Class A ordinary shares, par value $0.0000001 per share, to certain holders of its 5.25% convertible senior notes due 2029 at a price of $13.94 per Class A ordinary share in a direct placement registered under the Securities Act of 1933, as amended. The registered direct offering is expected to close on November 19, subject to customary closing conditions. Bitdeer estimates that the net proceeds from the registered direct offering will be approximately $148.4M, after deducting the estimated offering expenses payable by Bitdeer. Bitdeer estimates that the net proceeds from Bitdeer’s separately announced private offering of 4.00% Convertible Senior Notes due 2031 will be approximately $388M, after deducting the initial purchasers’ discounts and estimated offering expenses payable by Bitdeer. Bitdeer intends to use the net proceeds from the registered direct offering and the notes offering: to pay the approximately $35.4M cost of the capped call transactions that Bitdeer entered into with one of the initial purchasers or its affiliate and other financial institutions; and to pay the approximately $267.9M cost of repurchasing for cash $200M aggregate principal amount of Bitdeer’s 5.25% convertible senior notes due 2029 in privately negotiated transactions effected through its agent. Bitdeer intends to use the remaining net proceeds from the registered direct offering and the notes offering for datacenter expansion, ASIC-based mining rig development and manufacture, expansion of its HPC and AI cloud business, as well as working capital and other general corporate purposes. If the initial purchasers in the notes offering exercise their option to purchase additional notes, Bitdeer intends to use net proceeds from the sale of the additional notes to enter into additional capped call transactions with the option counterparties and the remaining net proceeds for datacenter expansion, ASIC-based mining rig development and manufacture, expansion of its HPC and AI cloud business, as well as working capital and other general corporate purposes as described above.