Mark Francis Bedingham, the company’s president and CEO, will see his single largest stake of 32.53% dip to 30.69%.
SMI Vantage, which has recently pivoted from running duty-free retail to crypto mining, plans to raise 100 million yen ($985,861.28) by issuing nearly 32.5 million new shares at 3.04 cents to an existing shareholder, Octo Force Capital Partners.
Upon completion of the placement, the shareholder, which is owned by one Akira Tanaka, will increase its stake from 1.15% to 6.74%.
