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Bitdeer Technologies Group Unveils $1B ATM Program: Financial Report Insights

$BTDR
Form 6-K
Filed on: 2025-01-03
Source
Bitdeer Technologies Group Unveils $1B ATM Program: Financial Report Insights

Here are the key insights extracted from the financial report (Form 6-K) for Bitdeer Technologies Group dated January 3, 2025:

  1. Company and Filing Information:
  • Company Name: Bitdeer Technologies Group
  • Commission File Number: 001-41687
  • Address: 08 Kallang Avenue, Aperia Tower 1, #09-03/04, Singapore 339509
  1. Purpose of the Filing:
  • This report serves as a current report under the Securities Exchange Act of 1934, providing updates on corporate activities.
  1. At Market Issuance Sales Agreement:
  • On January 3, 2025, Bitdeer entered into an "At Market Issuance Sales Agreement" (ATM program) with various sales agents, including Barclays Capital Inc., Cantor Fitzgerald & Co., among others.
  • The agreement allows the company to offer and sell up to $1,000,000,000 of its Class A ordinary shares.
  1. Prospectus Supplement:
  • The company filed a prospectus supplement to register the offer, sale, and issuance of the shares under the Securities Act of 1933.
  • The ATM program will be utilized at the company's discretion, allowing for sales of shares as market conditions permit.
  1. Share Structure:
  • As of January 2, 2025, Bitdeer had a total of 192,499,656 ordinary shares issued and outstanding, which includes:
    • 144,099,734 Class A ordinary shares
    • 48,399,922 Class V ordinary shares
  1. Legal and Compliance:
  • The Sales Agreement is subject to the provisions of the Securities Act of 1933, and the sales agents are expected to comply with applicable laws and regulations.
  • An opinion from Ogier, the company's Cayman counsel, regarding the validity of the shares to be issued is also included in the filing.
  1. Management Signature:
  • The report is signed by Jihan Wu, the Chairman of the Board and Chief Executive Officer of the company, affirming the authenticity of the filing.

In summary, Bitdeer Technologies Group is initiating a significant capital raise through an ATM program allowing for up to $1 billion in sales of its Class A shares. This move is intended to provide the company with financial flexibility according to market conditions. The report includes necessary legal compliance and governance aspects to ensure transparency with investors and regulators.