🌐🗞️Satsuma Technology Raises £163.6 Million
Oversubscribed Funding: Satsuma Technology Plc raised £163.6 million through its second Convertible Loan Notes offering, exceeding its original £100 million target by 63.66%.
Lead Investors: Led by ParaFi Capital, with participation from Pantera Capital, Digital Currency Group (DCG), Kraken, Arrington Capital, and London-based institutional funds with over £300 billion in combined AUM.
Bitcoin Payment Option: Some investors paid in 1,097.29 BTC (~£96.9 million) instead of cash.
Conversion Terms: Bonds will convert into ordinary shares at £0.01 per share (1 penny), subject to shareholder approval and publication of the prospectus.
Use of Proceeds:
Expand AI development teams and infrastructure
Maintain at least three months of working capital
Add to the Bitcoin reserves of its Singapore subsidiary (Satsuma Pte Ltd)
Transparency Commitment: The company will publish unaudited interim financial statements for the period ending August 6, 2025, with monthly updates going forward.
Stock Performance: Despite the successful raise, SATS shares fell over 25% on the announcement day and are down more than 50% since the June announcement of its Bitcoin treasury strategy, last trading around £3.70.
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Sources: Investing.com - Satsuma Technology Plc raises £163.6M