What is going on with RIOT?
RIOT Blockchain, Inc. (RIOT) stock fell today after the company filed a prospectus with the SEC covering the offering, sale, and issuance of up to $600,000,000 of common stock. The prospectus stated that the shares “may be issued and sold from time to time” under a sales agreement with RIOT’s sales agents: Cantor Fitzgerald & Co., B. Riley FBR, Inc., BTIG, LLC, Compass Point Research & Trading, LLC and Roth Capital Partners, LLC.
RIOT is a leading cryptocurrency mining company operating in North America. The company has a commercial data center facility in Rockdale, Texas, and operates a fleet of “Antminers” manufactured by Bitmain Technologies. RIOT expects to operate a miner fleet of over 80,000 Antminers by 4Q 2022.
Shares of RIOT hovered around $37.32 as of Wednesday at 11:45am.
What does this mean for Riot Blockchain, Inc?
A shelf offering is a type of public offering where certain issuers are allowed to offer and sell securities to the public without a separate prospectus for each act of offering, and without the issue of further prospectus. Often, there might be no present intention to sell any of the shares.
RIOT disclosed that they may sell the following securities in their offering: shares of our common stock, shares of our preferred stock, warrants to acquire shares of our common stock and/or preferred stock; debt securities, which may be senior or subordinated, or any combination of the named sceurities.
Currently, RIOT’s authorized capital stock consists of 170,000,000 shares of common stock, 15,000,000 shares of “blank check” preferred stock, 2,000,000 shares of preferred stock designated as “2% Series A Convertible Preferred Stock, and 1,750,001 shares of preferred stock designated as “0% Series B Convertible Preferred Stock.”
RIOT has a Short-Term Technical Rank of 52. Find out what this means to you and get the rest of the rankings on RIOT!
Riot Blockchain Inc is focused on building, supporting, and operating blockchain technologies. Distributed blockchain technology is a decentralized and encrypted ledger that is designed to offer a secure, efficient, verifiable, and permanent way of storing records and other information without the need for intermediaries. It serves as a medium of exchange, store of value, or unit of account. It operates in a single segment of cryptocurrency mining. The company’s portfolio consists of Verady, Tesspay, Coinsquare, and others.