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Hut 8 Shares Drop After $150 Million Stock Offering Prices

09/15/2021 | 10:18am

By Robb M. Stewart

Hut 8 Mining Corp.'s shares retreated Wednesday after the digital-asset miner priced a $150.1 million equity raising.

In morning trading, the shares were down 14% on the Toronto Stock Exchange, at C$11.26, and 14% lower on Nasdaq, at $8.90.

Hut 8 said it agreed to sell to the underwriters of the public offering almost 17.6 million shares at $8.55 each. The underwriters have an overallotment option to buy up to about 2.6 million additional shares.

Proceeds from the offering, which is set to close Friday, are expected to be used to support the growth of Hut 8's business, including funding capital investments in crypto-mining equipment to increase mining capacity, it said.

Write to Robb M. Stewart at

(END) Dow Jones Newswires

09-15-21 1017ET

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