French bitcoin treasury company Capital B announced on Wednesday that it raised €7.6 million ($8.8 million) from Adam Back in a private placement of shares issued at a 15.4% premium to the Sept. 1 closing price.
The placement consists of 13.18 million shares issued at €0.58 ($0.67) each, with four warrants attached to every share. Two warrants are exercisable at €0.75 ($0.87), one at €0.98 ($1.13), and one at €1.27 ($1.47), with each maturing in five years, the company said in a statement.
If all 52.7 million warrants are exercised, Capital B would receive an additional €49.4 million ($57 million) and issue the corresponding shares. The company can also trigger an accelerated exercise period if its 20-day volume-weighted average price exceeds 130% of the applicable warrant exercise price for 20 consecutive trading days, it said.
The placement is expected to close Sept. 3 at the earliest, although Capital B said the completion could be delayed by a few days for technical reasons. The company expects net proceeds of about €7.3 million ($8.5 million) after fees and transaction expenses.
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