Bitmine plans to raise $300 million through perpetual preferred stock offering, with an annual dividend yield of 9.5%

Odaily Planet Daily News: Bitmine Immersion Technologies announced plans to issue 3 million shares of 9.50% Series A perpetual preferred stock, with a par value of $100 per share, expected to raise a total of $300 million. The preferred stock has an initial liquidation preference of $100 per share and will accrue dividends at an annual rate of 9.5%, paid weekly in cash; dividends will continue to accrue even if the company does not declare distributions or temporarily lacks distributable funds. Bitmine has the right of early redemption - redeemable at 110% of par value within 18 months of issuance, at 105% of par value from 18 months to 3 years, and at 100% of par value after 3 years, with accumulated unpaid dividends to be paid additionally upon redemption.