AKRON,
Ohio, March 15, 2023 /PRNewswire/ -- BIT Mining
Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading
technology-driven cryptocurrency mining company, today
announced that the Company entered into a share sale and purchase
agreement (the "Sale and Purchase Agreement") with an unaffiliated
third party (the "Buyer"), pursuant to which the Company agreed to
sell, and the Buyer agreed to purchase, all of the Company's
remaining share ownership in Crypto Flow Technology
Limited ("Crypto Flow"), previously known as Loto
Interactive Limited, namely, 48,195,605 shares of
Crypto Flow, representing approximately 8.79% of the
total issued share capital of Crypto Flow, at the
price of HK$0.38 per share (the "Sale
Price") for the total consideration of HK$18,314,330 (the "Transaction").
The Transaction and its terms are subject to satisfaction of the
conditions set out in the Sale and Purchase Agreement, including by
relevant regulatory authorities. Upon completion of the
Transaction, the Company will not own any shares in
Crypto Flow.
Pursuant to the transaction previously announced on July 12, 2022, and completed on July 26, 2022, the Company sold approximately 51%
of the total issued share capital of Crypto Flow,
reducing the Company's share ownership in Crypto Flow
to 8.79%.
"We will remain focused and continue to devote resources to our
mining operations in light of better cost control and operational
efficiency improvement," commented Mr. Xianfeng Yang, CEO of
the Company.
About BIT Mining Limited
BIT Mining (NYSE: BTCM) is a leading technology-driven
cryptocurrency mining company, with a long-term
strategy to create value across the cryptocurrency
industry. Its business covers cryptocurrency mining,
mining pool, data center operation and mining machine
manufacturing. The Company owns the world's top blockchain browser
BTC.com and the comprehensive mining pool business operated under
BTC.com, providing multi-currency mining services including BTC,
ETC and LTC. The Company also owns a 7-nanometer
cryptocurrency mining machine manufacturer, Bee
Computing, enabling the Company's self-efficiency through vertical
integration with its supply chain.
Safe Harbor Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will", "expects", "anticipates",
"future", "intends", "plans", "believes", "estimates", "target",
"going forward", "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions and relate to events that involve known or
unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
For more information:
BIT Mining Limited
ir@btcm.group
ir.btcm.group
www.btcm.group
Piacente Financial Communications
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com
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SOURCE BIT Mining Limited
