Bitcoin · Wall Street · CryptoSlate
Bitcoin miner IPO demands 99.8% of funds from public buyers while handing them just 10% equity
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Bitari Inc., a Bitcoin mining host pursuing a planned Bitcoin mining IPO and Nasdaq listing, is asking public buyers to provide nearly all of the consideration shown in its prospectus table while receiving about 10% of the company after the deal.
Key facts
- The company's preliminary S-1 proposes selling 4,285,715 shares at an expected $7 each, producing $30,000,005 of gross proceeds
- Bitari estimates about $26.95 million of net proceeds before any over-allotment and plans to direct 40%, about $10.78 million, to strategic acquisitions and investments
- For the nine months ended April 30, revenue slipped to $8.37 million from $8.59 million a year earlier, while net income fell to $183,905 from $990,960
- Existing stockholders would retain 38.8 million shares, or 90% of the post-offering total, after providing $45,000, or 0.2% of the consideration in the same table
Summary
01 Bitari’s preliminary IPO gives new investors 10% of post-offering shares for 99.8% of listed consideration. 02 Existing holders would keep 90%, while AI Power X would retain 85.87% of voting power after the base offering. 03 The deal has no firm close date and remains contingent on Nasdaq listing approval. The company's preliminary S-1 proposes selling 4,285,715 shares at an expected $7 each, producing $30,000,005 of gross proceeds.