BitMine Immersion Technologies Inc. (OTCMKTS:BMNR) Appoints New CEO, and Conversion of Debt to Preferred Equity by IDI
BitMine Immersion Technologies, Inc. (OTCMKTS:BMNR) has announced the appointment of Jonathan Bates as Chief Executive Officer and Erik Nelson’s new appointment as President. Since July 2021, Mr. Bates has been serving as Chairman of the Board of Directors, and is set to continue in that responsibility. He will work for no salary through the end of 2022. All equity options received won’t exercisable until 2023. Mr. Nelson previously served as Chief Executive Officer.
Market Stats
On Thursday, BMNR stock ended flat at $2.02 with 500 shares, compared to its average volume of 463 shares. The stock moved within a range of $2.0200 – 2.0200 after opening trading at $2.05.
Key Details
Moreover, Bitmine and Innovative Digital Investors Emerging Technology, LP (IDI), which is an investment fund managed by Jonathan Bates, and BitMine’s largest shareholder, have agreed in principle to IDI’s conversion of its existing indebtedness, totaling approximately $2,100,000. It will be in the form of a new class of preferred stock to be issued by Bitmine, along with IDI’s investment of an additional $900,000 in the preferred stock to further the growth and development of the company.
Jonathan Bates, BitMine’s Chairman and CEO, has emphasized about being invested in this business from day one. This move will surely aid in their efforts to generate new business from existing sites and others in future. As of now, the conversion of IDI’s debt to preferred stock are in negotiations with, and pending approval of, the disinterested members of Bitmine’s board of directors. The issuance of preferred stock is also subject to shareholder approval of an amendment to Bitmine’s certificate of incorporation to authorize the issuance of a class of preferred stock, which should take around days after a final agreement is approved by the board.
