Bitari Files for $30 Million IPO, Preserving Share Control

Bitari Inc., a Bitcoin mining hosting company, has filed for an initial public offering (IPO) on the Nasdaq Global Market. The proposal calls for the sale of 4,285,715 shares at $7 each, with gross proceeds of $30 million. This means that new investors will contribute 99.8% of the total consideration but receive only about 10% of the company after the transaction.

The IPO structure would also preserve share control for AI Power X Inc., which would hold 85.87% of the shares outstanding after the base offering, and its beneficiary Pei Zhao could exercise the same percentage of voting power, keeping Bitari as a controlled company.

According to the prospectus, about $26.95 million in net proceeds will be available before any overallotment. Of this total, 40% would go towards acquisitions and strategic investments, although the company has not yet identified a target or signed an acquisition agreement.