Bit Origin Ltd announced that it has entered into a securities purchase agreement with an accredited investor for the issuance and sale of a senior secured convertible note in the principal amount of $6,740,000 and warrants to purchase ordinary shares of the company , at a purchase price of $6,127,334 for the aggregate gross proceeds of $12,867,334 on December 7, 2023. Pursuant to the Securities Purchase Agreement, the buyer may elect to purchase additional senior secured convertible note in the same form of the Note in an aggregate principal amount shall not exceed $18,000,000 in such additional closings. The initial closing of the Note in the principal amount of $6,740,000 and the Warrants will occur on the date the closing conditions have been satisfied by the company and the buyer.

The Securities Purchase Agreement contains customary representations and warranties, conditions to closing, termination provisions and indemnification obligations, including for liabilities under the Securities Act of 1933, as amended.