Abits Group Announces Results of Annual Meeting of Shareholders

Rhea-AI Summary

Abits Group (NASDAQ: ABTS), a digital data center operator specializing in bitcoin self-mining operations, announced the outcomes of its 2024 Annual Meeting of Shareholders held on December 10, 2024 in Hong Kong.

Shareholders elected Conglin (Forrest) Deng, Lionel Choong Khuat Leok, Tao Xu, Chuan Zhan, and Yanyan Sun to the Board of Directors.

Additionally, they ratified the appointment of Audit Alliance LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024.

Moreover, shareholders approved a share consolidation of the issued and outstanding shares of the Company’s ordinary shares at a ratio between one-for-six and one-for-fifteen. The exact ratio will be determined by the Board of Directors.

Positive

• Election of new board members provides potential for fresh strategic perspectives.
• Ratification of Audit Alliance LLP ensures continued financial oversight.
• Approval of share consolidation could improve stock price stability and attract institutional investors.

Negative

• Share consolidation may lead to reduced liquidity and potential dilution effects.

Hong Kong, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Abits Group Inc (the “Company”) (NASDAQ: ABTS), a digital data center operator specializing in bitcoin self-mining operations, today announced the results of its 2024 Annual Meeting of Shareholders that was held on December 10, 2024 in Hong Kong.

At the meeting, the shareholders:

	●	Elected Conglin (Forrest) Deng, Lionel Choong Khuat Leok, Tao Xu, Chuan Zhan, and Yanyan Sun to its Board of Directors;
	●	Ratified the appointment of Audit Alliance LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024
	●	Approved a share consolidation of the issued and outstanding shares of the Company’s ordinary shares at a ratio between one-for-six and one-for-fifteen, with the exact ratio to be determined by the Board of Directors in its discretion and an amendment and restatement to the Company’s memorandum and articles of association giving effect to the Reverse Share Split.

About Abits Group Inc

Abits Group Inc (formerly, Moxian (BVI) Inc), a British Virgin Islands business company formed in May 2021, is the surviving company following its merger with Moxian, Inc. in August 2021. Abits Group Inc is a new generation digital company, with self-mining operations in the State of Tennessee through wholly owned U.S. subsidiaries.

Forward-Looking Statements

This announcement contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements are based on the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and may be governed by terms such as “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” Believe, “estimate”, “potential”, “continue”, “in progress”, “goal”, “guidance expectations” and similar statements are identified. The company may also include in its periodic reports to the US Securities and Exchange Commission (“SEC”), annual reports to shareholders, press releases and other written materials, as well as oral statements from third parties to the company’s management, directors or employees. Oral forward-looking statements. Any statements that are not historical facts, including statements about the company’s philosophy and expectations, are forward-looking statements that involve factors, risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These factors and risks include, but are not limited to, the following: company’s goals and strategies; future business development; financial status and operating results; expected growth of China’s credit industry, especially the expected growth of China’s online lending platform; market-oriented and credit products and The demand and acceptance of services; and the ability of credit to attract and retain borrowers and lenders in the market; the relationship between the company and strategic partners; industry competition; and policies and regulations related to the company’s structure, business and industry. More detailed information about these and other risks and uncertainties is included in the company’s filings with the Securities and Exchange Commission. All information provided in the company’s introduction is the latest information as of the date of publication of the company. Except as provided by applicable law, the company is not obligated to update such information.

For further information, please contact:

Wanhong Tan
Chief Financial Officer
+852 9855 6575
ir@abitgrp.com

FAQ

What were the results of the ABTS 2024 Annual Meeting of Shareholders?

The shareholders elected new board members, ratified the appointment of Audit Alliance LLP, and approved a share consolidation.

Who was elected to the ABTS Board of Directors in 2024?

Conglin (Forrest) Deng, Lionel Choong Khuat Leok, Tao Xu, Chuan Zhan, and Yanyan Sun were elected.

What does the ABTS share consolidation approved in 2024 entail?

The share consolidation involves a reverse split of issued and outstanding shares at a ratio between one-for-six and one-for-fifteen.

Who is ABTS's independent registered public accounting firm for the fiscal year ending December 31, 2024?

Audit Alliance LLP was ratified as the independent registered public accounting firm.

How might the ABTS share consolidation affect shareholders?

The share consolidation could lead to reduced liquidity and potential dilution effects, but may also stabilize stock prices and attract institutional investors.