China-based AirNet Technology (NASDAQ: ANTE) shares are gaining ground premarket on Monday after the company said it has entered into an investment agreement with Unistar Group Holdings.
As part of the agreement, AirNet has agreed to issue 23,876,308 ordinary shares with a par value of US$0.001 per share, or approximately 19% of the company's currently outstanding ordinary shares, to Unistar.
In exchange, Unistar will deliver 500 computer servers specifically designed for mining cryptocurrencies, to AirNet.
The servers are valued at $2.53 million, according to AirNet.
“With the acquisition of 500 computer servers specifically designed for mining cryptocurrencies, the Agreement epitomizes the Company's determination to create values for its investors along with its drive for technological innovations, which sets the Company on a relentless search for new venues to expand and broaden the Company's ability to provide blockchain empowered solutions to its existing and potential clients,” commented Herman Guo, AirNet’s CEO.
AirNet shares are trading 50.68% higher ahead of the first day of trading in the US in 2021, priced at $3.30.