|9 Months Ended|
Sep. 30, 2021
|Subsequent Events [Abstract]|
Note 17. Subsequent Events
Subsequent to September 30, 2021, the Company’s shareholders approved the second amendment to its 2019 Equity Plan, which increases the number of shares of the Company’s common stock reserved for issuance by 4,400,000 shares.
Subsequent to September 30, 2021, in connection with the Company’s 2021 ATM Offering, the Company received gross proceeds of approximately $564.3 million from the sale of 18.7 million shares of common stock, which completed the 2021 ATM Offering.
Subsequent to September 30, 2021, the Company granted 9,131 time-based restricted stock units with a fair value of approximately $0.3 million and 118,805 performance-based restricted stock units with a fair value of approximately $3.7 million.
Subsequent to September 30, 2021, 69,948 shares of common stock were issued to officers of the Company in settlement of an equal number of fully vested restricted stock units awarded to such individuals by the Company pursuant to grants made under the Company’s 2019 Equity Plan. The Company withheld 20,984 of these shares at a fair value of approximately $0.5 million, to cover the withholding taxes related to the settlement of these vested restricted stock units.
In October 2021, the Company entered into an agreement to issue 180,000 restricted share rights to XMS for its continued advisory services on potential strategic matters. These restricted share rights vest quarterly in equal tranches over three years, beginning in October 2021.
In October 2021, the Company entered into a purchase agreement with Bitmain to acquire 9,000 S19j Pro (100 TH/s) miners, for a total purchase price of approximately $54 million, with an anticipated delivery and deployment schedule set for May 2022 through October 2022.
In November 2021, the Company entered into a lease termination agreement with the landlord of certain Whinstone abandoned leases for approximately $0.9 million. After eliminating the associated operating lease liability of approximately $1.5 million, we anticipate recognizing other income of approximately $0.6 million during the three months ending December 31, 2021.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef