Rhodium Enterprises to make $7.7 million stock offering, ticker RHDM

rhdm

Rhodium Enterprises, Inc., the digital asset tech company, is set for its IPO launch as it plans to raise $7.7 million in stock offerings. On Thursday, Rhodium Enterprises announced the launch of its Initial Public Offering of 7,692,307 shares of its class A common stock.   

Rhodium Enterprises intends to list on the Nasdaq Global Select Market with the ticker symbol ‘RHDM.’ The company is a growing operator of Bitcoin mining computers and has ordered many new miners to expand its operations.

The company anticipates the initial offering price between $12.00 and $14.00 per share following its registration statement on Form S-1 filed with the SEC (Securities and Exchange Commission).  

Rhodium also intends to grant the investors or sponsors a 30-day option to purchase an additional of around 1,153,846 shares. These will be the Class A of common stock at the initial public offering price, including fewer underwriting discounts and commissions.   

The registration statement relating to and including the prospectus, preliminary and subject to completion, was filed with the SEC (Securities and Exchange Commission). But it has not become effective yet.  

Before the registration statement becomes effective, these securities may not be sold or offered to buy and accepted. The bitcoin miner valued itself at around $1.7 billion.  

Rhodium Enterprise Inc. is an industrial-scale digital asset technology company. The company utilizes proprietary technologies to mine Bitcoin. The company has Nathan Nicholas as its co-founder and CEO, while Chase Blackmon is its co-founder, acting as COO. 

It aims to be a fully integrated Bitcoin mining operator and has received around $151 million in equity, debt, and convertible notes. Rhodium operates up to 22,600 Bitcoin mining computers at its Texas facility with an 80 MW power capacity.

The global bitcoin mining markets have a significant flux, with regulators showing concern for the crypto market. The market value for mining depends on Bitcoin price, and the mining operator also benefits accordingly.

Related Posts