Bit Digital Selling Shareholders To Offload Stake Via Equity Offering

Bitcoin mining company Bit Digital Inc BTBT selling shareholders proposed to offload 23.6 million shares under a secondary equity offering. Bit Digital will not get any of the offering proceeds.
The selling shareholders offered 13.5 million shares to institutional investors. The remaining 10.1 million shares were issuable upon exercise of share warrants exercisable at $7.91 per share.
The offering fetches proceeds worth $148.8 million from 13.5 million shares based on the October 13 closing price of $11.03.
Price Action: BTBT shares traded higher by 6.07% at $11.35 in the premarket session on the last check Friday.