Rhodium Enterprises sets IPO terms, valuing the bitcoin miner at up to $1.7 billion

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Rhodium Enterprises Inc. rhdm,

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has set the conditions for its initial public offering, which could value the bitcoin miner more than $1.7 billion. The company is looking to raise up to $107.7 million as it is offering 7.69 million Class A shares in the IPO, which is expected to be priced between $12 and $14 per share. With 56.84 million Class A shares and 67.50 million Class B shares expected to be outstanding after the IPO, the pricing could value the company up to $1.74 billion. The stock is expected to be listed on the Nasdaq under the ticker symbol “RHDM”. b. Riley Securities and Cowen are the joint bookrunners, and Needham is the principal manager of the IPO. During the nine months ended September 30, 2021, the company reported net income of $12.8 million on revenue of $82.1 million, and held $8.4 million in digital assets and $272.1 million in total assets as of September 30. The company is looking to go public at a time when investors have a disdain for IPOs and bitcoin, as in the Renaissance IPO ETF IPO,
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Bitcoin is down 19.2% over the past three months, while BTCUSD,
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23.8% and the S&P 500 SPX has fallen,
+0.28%
rose 8.3 percent.

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