Over the course of the past few months, the continued rally in some of the biggest cryptocurrencies has led to considerable interest in the stock of companies that are involved in the sector.
One such company is BIGG Digital Assets Inc (OTCMKTS:BBKCF) and over the course of the year so far, the company’s stock has managed to record significant gains.
But BBKCF has mirrored the recent pullback in the crypto market.
The BIGG stock has soared by as much as 550% so far this year. Considering the magnitude of the gains, investors might consider having a closer look at the company. There has been no news regarding the company in recent weeks but back on March 24, BIGG had made an announcement with regards to a bought deal financing transaction.
The company announced at the time that signed an agreement with a consortium of underwriters headed by PI Financial Corp and also including Echelon Wealth Partners and Canaccord Genuity Corp. As per the terms of the agreement, the consortium of underwriters is going to acquire as many as 12 million units in BIGG for the price of C$0.10 each.
The company is going to generate C$25.20 million in the form of gross proceeds from this transaction. Each unit sold by BIGG is made up of one share of the company’s common stock and half of a warrant.
One warrant is going to entitle the holder to exchange it for one common share in BIGG at C$2.70 up until 24 months from the day of issuance. In addition to that, BIGG has also decided to grant the consortium of underwriters the option to boost the size of the offering by as much as 15% of the total number of units offered.
The underwriters can choose to take up this particular offer up 30 days after the date of the closure of the offering. If the option is taken up by the underwriters then it might come as another important boost for the BIGG stock.
Disclosure: We hold no position in BBKCF stock.