Bitcoin mining firm Ionic Digital completes $400 million private placement financing

CoinFeed July 2 news, according to TheEnergyMag, Ionic Digital completed approximately $400 million private placement before its planned direct listing on Nasdaq under the ticker IOND. The company sold approximately 7.55 million Series A convertible preferred shares at $53 per share, along with three tranches of warrants, each exercisable for approximately 1.01 million Class A common shares at exercise prices of $63.60, $74.20, and $87.45 respectively. The preferred shares will automatically convert into Class A common shares upon Nasdaq listing or other qualifying public trading. Investors agreed not to transfer the preferred shares, converted common shares, and related warrants and warrant shares at a price below $70 per share for six months post-listing, except in limited circumstances.