BitMine Immersion Technologies issues 3.5 million preferred shares

BitMine Immersion Technologies Inc. (OTC: BMNR) completed a public offering of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock on June 10, 2026. The offering was underwritten by Moelis & Company LLC and Cantor Fitzgerald & Co.

The preferred shares carry a par value of $0.0001 per share and an initial liquidation preference of $100 per share. Dividends accumulate at an annual rate of 9.50% of the $100 stated amount per share and are payable weekly when declared by the board of directors.

If dividends are not paid on schedule, additional compounded dividends will accumulate at an initial rate of 9.55% annually, increasing by 5 basis points per period up to a maximum of 15% annually. The company commits to commercially reasonable efforts to raise proceeds through asset sales within 30 days of any dividend deferral.

The Series A Preferred Stock ranks senior to common stock for dividend payments and asset distribution during liquidation. The liquidation preference adjusts based on trading activity and market prices, with a minimum of $100 per share.

BitMine Immersion Technologies retains redemption rights for all outstanding preferred shares under specific conditions, including when less than 25% of originally issued shares remain outstanding or upon certain tax events. Redemption prices vary by timing, ranging from 100% to 110% of stated amount plus accumulated dividends.

Preferred shareholders receive voting rights on specific corporate matters and can elect one or two directors to the board if dividends remain unpaid for 12 or 18 months. The shares do not include preemptive rights or sinking fund obligations.

The company filed the Certificate of Designations with Delaware's Secretary of State to establish the preferred stock terms, according to the press release statement.

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