Svmuu reported that Bitmine Immersion Technologies announced plans to issue 3 million shares of 9.50% Series A perpetual preferred stock, each with a par value of $100, with an expected total fundraising amount of $300 million. The initial liquidation preference of the preferred stock is $100 per share, and dividends will be accumulated and paid at an annual rate of 9.5%, distributed weekly in cash. Dividends will continue to accumulate even if the company does not declare a dividend or temporarily lacks distributable funds. Bitmine has the right to redeem the shares early: within 18 months from issuance, shares can be redeemed at 110% of par value; between 18 months and 3 years, at 105% of par value; and after 3 years, at 100% of par value. Upon redemption, any accumulated but unpaid dividends must also be paid.