HIVE Digital Technologies Ltd. (NASDAQ: HIVE) is currently experiencing an upward trend in the US stock market. As of the last check within the current session, HIVE stock demonstrated a 14.36% increase, reaching a trading value of $4.38. This surge in HIVE Digital stock follows a notable equity move.

HIVE Digital (HIVE) has forged an agreement with Stifel Canada and Canaccord Genuity, acting as co-lead underwriters and joint bookrunners. According to the terms of the agreement, the Underwriters will acquire, on a bought-deal basis, 5,000,000 special warrants of HIVE at a price of $5.00 per Special Warrant.

The agreement is poised to generate aggregate gross proceeds of $25,000,000 for the Company. The successful execution of the Offering is contingent upon obtaining all requisite regulatory and corporate approvals or consents.

HIVE Digital will afford the Underwriters an option to augment the Offering’s size by an additional 15% of the Special Warrants sold under the Offering. This option is exercisable, either wholly or partially, at any time within 48 hours before the Closing Date.

Each Warrant will confer the right upon the holder to purchase one common share of HIVE at a price of $6.00 per Warrant Share for a duration of 36 months following the closure of the Offering. The Special Warrants will be exercisable by their holders at any time subsequent to the Closing Date without incurring additional costs.

In a strategic business move, HIVE Digital recently acquired 96 Nvidia H100 GPUs as part of its high-performance computing (HPC) and artificial intelligence (AI) strategy. The Company anticipates the delivery of eight GPUs in January 2024 and 88 in March 2024.

HIVE aims to list 2,800 GPUs on its HPC platforms by the upcoming week. Upon the full market utilization of these chips, HIVE anticipates realizing an annual run rate revenue exceeding $15 million in January 2024.