Intchains Group (Nasdaq: ICG) has announced a registered direct offering of 361,011 American Depositary Shares (ADSs) at $2.77 per ADS, with each ADS representing two Class A ordinary shares. The company will also issue warrants to purchase up to 361,011 ADSs at the same exercise price, expiring in five years.
The institutional investor receives an additional option to purchase up to $1.0 million of ADSs within 60 days after closing. The offering’s gross proceeds are estimated at $1.0 million before fees and expenses, with closing expected around March 27, 2025.
The proceeds will be used for upgrading altcoin mining machine offerings and working capital. The Benchmark Company, serves as the exclusive placement agent for this offering, which is being conducted through a prospectus supplement under the company’s effective shelf registration.
Intchains Group (Nasdaq: ICG) ha annunciato un’offerta diretta registrata di 361.011 American Depositary Shares (ADS) a $2.77 per ADS, con ogni ADS che rappresenta due azioni ordinarie di Classe A. L’azienda emetterà anche warrant per acquistare fino a 361.011 ADS allo stesso prezzo di esercizio, con scadenza tra cinque anni.
L’investitore istituzionale riceve un’opzione aggiuntiva per acquistare fino a $1.0 milione di ADS entro 60 giorni dalla chiusura. I proventi lordi dell’offerta sono stimati in $1.0 milione prima di spese e commissioni, con la chiusura prevista intorno al 27 marzo 2025.
I proventi saranno utilizzati per aggiornare le offerte di macchine per il mining di altcoin e per il capitale circolante. The Benchmark Company funge da agente di collocamento esclusivo per questa offerta, che viene condotta attraverso un supplemento di prospetto sotto la registrazione a scaffale efficace dell’azienda.
Intchains Group (Nasdaq: ICG) ha anunciado una oferta directa registrada de 361,011 American Depositary Shares (ADS) a $2.77 por ADS, con cada ADS representando dos acciones ordinarias de Clase A. La compañía también emitirá warrants para comprar hasta 361,011 ADS al mismo precio de ejercicio, con vencimiento en cinco años.
El inversor institucional recibe una opción adicional para comprar hasta $1.0 millón de ADS dentro de los 60 días posteriores al cierre. Los ingresos brutos de la oferta se estiman en $1.0 millón antes de tarifas y gastos, con el cierre esperado alrededor del 27 de marzo de 2025.
Los ingresos se utilizarán para actualizar las ofertas de máquinas de minería de altcoin y capital de trabajo. The Benchmark Company actúa como agente de colocación exclusivo para esta oferta, que se lleva a cabo a través de un suplemento de prospecto bajo la inscripción de estante efectiva de la empresa.
Intchains Group (Nasdaq: ICG)는 ADS당 $2.77에 361,011개의 미국 예탁주식(American Depositary Shares, ADS)의 등록 직접 공모를 발표했습니다. 각 ADS는 두 개의 클래스 A 보통주를 나타냅니다. 회사는 동일한 행사가격으로 최대 361,011개의 ADS를 구매할 수 있는 워런트를 발행할 것이며, 이는 5년 후에 만료됩니다.
기관 투자자는 마감 후 60일 이내에 최대 $1.0 백만의 ADS를 구매할 수 있는 추가 옵션을 받습니다. 이번 공모의 총 수익은 수수료 및 비용을 제외하고 약 $1.0 백만으로 예상되며, 마감은 2025년 3월 27일경으로 예상됩니다.
수익금은 알트코인 채굴 기계 제공 업그레이드 및 운영 자본에 사용될 것입니다. The Benchmark Company는 이 공모의 독점 배치 에이전트로 활동하며, 이는 회사의 유효 선반 등록에 따라 보충 prospectus를 통해 진행됩니다.
Intchains Group (Nasdaq: ICG) a annoncé une offre directe enregistrée de 361 011 American Depositary Shares (ADS) à 2,77 $ par ADS, chaque ADS représentant deux actions ordinaires de classe A. La société émettra également des bons de souscription pour acheter jusqu’à 361 011 ADS au même prix d’exercice, expirant dans cinq ans.
L’investisseur institutionnel reçoit une option supplémentaire pour acheter jusqu’à 1,0 million de dollars d’ADS dans les 60 jours suivant la clôture. Les produits bruts de l’offre sont estimés à 1,0 million de dollars avant frais et dépenses, la clôture étant prévue autour du 27 mars 2025.
Les produits seront utilisés pour mettre à niveau les offres de machines de minage d’altcoin et pour le fonds de roulement. The Benchmark Company agit en tant qu’agent de placement exclusif pour cette offre, qui est réalisée par le biais d’un supplément de prospectus sous l’enregistrement de shelf efficace de l’entreprise.
Intchains Group (Nasdaq: ICG) hat ein registriertes Direktangebot von 361.011 American Depositary Shares (ADS) zu einem Preis von $2.77 pro ADS angekündigt, wobei jede ADS zwei Stammaktien der Klasse A repräsentiert. Das Unternehmen wird auch Warrants ausgeben, um bis zu 361.011 ADS zum gleichen Ausübungspreis zu kaufen, die in fünf Jahren ablaufen.
Der institutionelle Investor erhält eine zusätzliche Option, innerhalb von 60 Tagen nach Abschluss bis zu $1,0 Millionen an ADS zu kaufen. Die Bruttoerlöse aus dem Angebot werden vor Gebühren und Ausgaben auf etwa $1,0 Millionen geschätzt, wobei der Abschluss um den 27. März 2025 erwartet wird.
Die Erlöse werden verwendet, um die Angebote von Altcoin-Mining-Maschinen zu aktualisieren und für Betriebskapital. The Benchmark Company fungiert als exklusiver Platzierungsagent für dieses Angebot, das über einen Prospektzusatz unter der wirksamen Shelf-Registrierung des Unternehmens durchgeführt wird.
Positive
- Secured immediate funding of $1.0 million through registered direct offering
- Potential for additional $1.0 million through investor’s purchase option
- 5-year warrant coverage provides potential for future capital injection
Negative
- Offering price of $2.77 per ADS may indicate dilution for existing shareholders
- Small offering size suggests capital raise
- Additional purchase option could lead to further dilution if exercised
Insights
Intchains Group’s registered direct offering represents a significant dilutive financing that warrants investor attention. The company is selling 361,011 ADSs at
The inclusion of warrants to purchase an equal number of additional ADSs at the same
While the absolute size of the offering (
This financing approach at such a deep discount raises questions about why management couldn’t secure more favorable terms, especially as this follows the recent shelf registration filed just last year. The timing and terms of this capital raise may signal underlying challenges in the company’s current operating environment.
SINGAPORE, March 26, 2025 (GLOBE NEWSWIRE) — Intchains Group Limited (Nasdaq: ICG) (“we,” “us” or the “Company”), a company that engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies, and the active development of innovative Web3 applications, today announced it has entered into a securities purchase agreement (the “Purchase Agreement”) with an institutional investor (the “Institutional Investor”) for a registered direct offering of 361,011 of its American Depositary Shares (“ADSs”), each ADS representing two Class A ordinary shares of the Company (the “Class A Ordinary Shares”) at US
The gross proceeds to the Company from the registered direct offering are estimated to be approximately
The offering is expected to close on or about March 27, 2025, subject to customary closing conditions.
The net proceeds from this offering will be used for upgrading our offerings of altcoin mining machines, with the remaining proceeds allocated to working capital and other general corporate purposes that support our long-term goals.
The Benchmark Company, LLC is acting as the exclusive placement agent in connection with this Offering. These Securities are being offered through a prospectus supplement and a base prospectus pursuant to the Company’s effective shelf registration statement on Form F-3 (File No. 333-279865), filed with the Securities and Exchange Commission (the “SEC”) on July 9, 2024, and declared effective on August 5, 2024 (the “Registration Statement”).
A prospectus supplement related to the offering will be filed with the SEC. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and these securities cannot be sold in any state in which this offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective Registration Statement.
About Intchains Group Limited
Intchains Group Limited is a company that engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies, and the active development of innovative Web3 applications. For more information, please visit the Company’s website at: https://intchains.com/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Forward-looking statements include, but are not limited to, statements about: (i) our goals and strategies; (ii) our future business development, formed condition and results of operations; (iii) expected changes in our revenue, costs or expenditures; (iv) growth of and competition trends in our industry; (v) our expectations regarding demand for, and market acceptance of, our products; (vi) general economic and business conditions in the markets in which we operate; (vii) relevant government policies and regulations relating to our business and industry; (viii) fluctuations in the market price of ETH-based cryptocurrencies; gains or losses from the sale of ETH-based cryptocurrencies; changes in accounting treatment for the Company’s ETH-based cryptocurrencies holdings; a decrease in liquidity in the markets in which ETH-based cryptocurrencies are traded; security breaches, cyberattacks, unauthorized access, loss of private keys, fraud, or other events leading to the loss of the Company’s ETH-based cryptocurrencies; impacts to the price and rate of adoption of ETH-based cryptocurrencies associated with financial difficulties and bankruptcies of various participants in the industry; and (ix) assumptions underlying or related to any of the foregoing. Investors can identify these forward-looking statements by words or phrases such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. Any forward-looking statement made by us in this press release is per information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.
For investor and media inquiries, please contact:
Intchains Group Limited
Investor relations
Email: [email protected]
Redhill
Belinda Chan
Tel: +852-9379-3045
Email: [email protected]
FAQ
What is the price per ADS in Intchains Group’s (ICG) March 2025 offering?
Intchains Group is offering ADSs at $2.77 per ADS, with each ADS representing two Class A ordinary shares.
How many warrants is ICG issuing in the March 2025 offering?
ICG is issuing warrants to purchase up to 361,011 ADSs (representing 722,022 Class A Ordinary Shares) at an exercise price of $2.77 per ADS.
What are the expected gross proceeds from ICG’s March 2025 offering?
The gross proceeds are estimated to be approximately $1.0 million before deducting placement agent’s fees and other offering expenses.
How will Intchains Group (ICG) use the proceeds from the March 2025 offering?
The proceeds will be used for upgrading altcoin mining machine offerings, working capital, and other general corporate purposes.
What additional option does the institutional investor receive in ICG’s offering?
The investor receives an option to purchase up to $1.0 million of additional ADSs within 60 days after closing.
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