08:30 AM EDT, 03/26/2025 (MT Newswires) -- Intchains Group ( ICG ) said Wednesday it has entered into a securities purchase agreement with an institutional investor for a direct offering of 361,011 American depositary shares, each representing two class A ordinary shares, priced at $2.77 per American depositary shares for gross proceeds of $1 million.

The provider of altcoin mining products also said it will issue warrants to the unnamed investor, allowing the purchase of up to an additional 361,011 American depositary shares at the same price, which would be exercisable after the date of issuance for five years.

The company said the investor was granted an option to purchase up to $1 million worth of additional American depositary shares at a price to be determined, exercisable during 60 days following the offering's closing.

Intchains Group ( ICG ) said it plans to use the net proceeds from the offering, which is expected to close on March 27, to upgrade its altcoin mining machines and for general corporate purposes.

Shares of the company were over 17% lower in recent premarket trading.