Bit Digital receives counsel for oversubscribed public stock sale

Bit Digital receives counsel for oversubscribed public stock sale

White & Case LLP, a global law firm, has successfully advised Bit Digital, Inc. on its $172.5 million public offering of ordinary shares. This significant transaction was led by two of the firm's partners – Laura Katherine Mann, Capital Markets specialist from Houston, and Prat Vallabhaneni, M&A expert from New York.

The multi-disciplinary team, which included associates and specialists from various fields, managed the offering of 86.25 million ordinary shares at a public offering price of $2.00 per share. The net proceeds to Bit Digital from this offering, including the underwriters' option, were approximately $162.9 million.

Laura Katherine Mann, the lead partner, brought her extensive experience in Capital Markets, Technology, Mergers & Acquisitions, and Energy, as well as US Public Company Advisory, to the table. Prat Vallabhaneni, with his expertise in Debt Finance, Financial Institutions, Fintech, Financial Services Regulatory, Mergers & Acquisitions, and Technology, played a crucial role in the transaction.

The team also included Tax partner Neil Clausen, who specialises in Mergers & Acquisitions, Capital Markets, Tax, Energy, and Private Capital, with a focus on Technology. Neil's expertise was instrumental in ensuring a smooth tax structure for the offering. F. Paul Pittman, Data, Privacy & Cybersecurity partner, brought his knowledge in Data, Privacy & Cybersecurity, Fintech, Technology, Mergers & Acquisitions, Life Sciences and Healthcare, and Privacy Advisory and Compliance to the table.

Environment & Climate Change associate Sam McCombs was also a member of the White & Case team, ensuring that the offering was environmentally friendly and compliant with all necessary regulations. Real Estate partner Jason McCoy and associate Julia Garcez were involved in the deal, providing their expertise in various capacities.

Capital Markets associates Bryson Manning, Chanel Holmes, and Daniel Quesenberry, all based in Houston, were part of the team. They supported the transaction in various capacities across capital markets, environment, and other fields.

Bit Digital, a company known for its large-scale Ethereum staking operations, will use the funds from the offering to further advance these operations. The company intends to use the net proceeds from this offering to purchase Ethereum, cementing its position as one of the largest Ethereum staking operations globally.

The offering was an underwritten public offering, with the underwriting discount and estimated offering expenses being deducted from the net proceeds. Yuhan Wang, who specializes in Intellectual Property, Technology, Data, Privacy & Cybersecurity, Litigation, and Mergers & Acquisitions, also contributed to the team's efforts.

This successful transaction underscores White & Case LLP's ability to assemble a multi-disciplinary team to handle complex transactions, providing clients with comprehensive legal advice and ensuring a successful outcome.

1. The team at White & Case LLP, led by Laura Katherine Mann and Prat Vallabhaneni, advised Bit Digital, Inc. on a $172.5 million public offering.
2. The team included associates and specialists from various fields such as Capital Markets, Technology, Mergers & Acquisitions, Tax, Data Privacy & Cybersecurity, Real Estate, and Environment & Climate Change.
3. Laura Katherine Mann brought her expertise in Capital Markets, Technology, Mergers & Acquisitions, Energy, and US Public Company Advisory to the table.
4. Prat Vallabhaneni contributed with his expertise in Debt Finance, Financial Institutions, Fintech, Financial Services Regulatory, Mergers & Acquisitions, and Technology.
5. Neil Clausen, a Tax partner, ensured a smooth tax structure for the offering with his focus on Technology and expertise in Mergers & Acquisitions, Capital Markets, Tax, Energy, and Private Capital.
6. F. Paul Pittman, a Data, Privacy & Cybersecurity partner, provided his knowledge in Data, Privacy & Cybersecurity, Fintech, Technology, Mergers & Acquisitions, Life Sciences and Healthcare, and Privacy Advisory and Compliance.
7. Environment & Climate Change associate Sam McCombs ensured the offering was environmentally friendly and compliant with all necessary regulations.
8. Capital Markets associates Bryson Manning, Chanel Holmes, and Daniel Quesenberry provided support across capital markets, environment, and other fields.
9. Bit Digital, a company known for its large-scale Ethereum staking operations, will use the funds from the offering to purchase Ethereum and further advance these operations.

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