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BIT Mining Announces Sale of Remaining Shares of Crypto Flow Technology Limited
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.
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