- BitMine Immersion Technologies (BMNR, Financial) to implement a 1-for-20 reverse stock split effective May 16, 2025.
- No fractional shares will be issued; cash will be provided for fractional entitlements based on the closing price of May 15, 2025.
- The move aims to meet national securities exchange listing requirements.
BitMine Immersion Technologies, Inc. (OTCQX:BMNR) has announced a 1-for-20 reverse stock split set to take effect on Friday, May 16, 2025, at 9:00 AM Eastern Time. The company will not issue fractional shares in this process. Instead, shareholders who are entitled to fractional shares will receive cash compensation equivalent to the market value of those shares, determined by the closing price on May 15, 2025.
According to CEO Jonathan Bates, the reverse stock split is strategically designed to fulfill listing requirements necessary for BitMine's application to a national securities exchange. This action is part of BitMine's broader strategy to increase the company's visibility, potentially enhance trading volume, and attract institutional investors by presenting a more favorable stock price.
BitMine Immersion Technologies is a technology company specializing in Bitcoin mining with an emphasis on immersion technology, which involves cooling computers by submerging them in specialized oil. This method is both environmentally friendly and cost-effective. The company's operations are strategically located in regions with low-cost energy, such as Trinidad, Pecos, Texas, and Murray, Kentucky.
