Bit Brother Limited Announces Pricing of $12.0 Million Registered Direct Offering
- None.
- The company will effectuate a reverse split if the closing bid price of the shares trades below $0.01 for five consecutive trading days, indicating potential volatility and financial distress.
Under the terms of the securities purchase agreement, Bit Brother has agreed to sell 184,615,385 Class A ordinary shares, Class D warrants to purchase 184,615,385 Class A ordinary shares, and Class E warrants to purchase 184,615,385 Class A ordinary shares at a combined purchase price of
The gross proceeds to Bit Brother are estimated to be
Maxim Group LLC acted as sole placement agent for the offering.
The Class A ordinary shares, Class B warrants and Class C warrants being sold pursuant to the registered direct offering is being made pursuant to a shelf registration statement on Form F-3 (File No. 333-256628), previously filed with the Securities and Exchange Commission (the "SEC") on May 28, 2021, amended on June 3, 2021, and declared effective on June 8, 2021. Such securities are being offered only by means of a prospectus. A prospectus supplement and the accompanying prospectus relating to and describing the terms of the registered direct offering will be filed with the SEC. When available, copies of the prospectus supplement and the accompanying prospectus relating to the registered direct offering may be obtained at the SEC's website www.sec.gov or by contacting Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at 212-895-3745.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Bit Brother Limited
Bit Brother Ltd is a multifaceted corporation with operations spanning business management in
Forward-Looking Statements Disclaimer
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.
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SOURCE Bit Brother Limited
FAQ
What is the purpose of Bit Brother Limited's (BETS) registered direct offering?
How many shares are included in the offering by Bit Brother Limited (BETS)?
What are the terms of the Class D warrants in Bit Brother Limited's (BETS) offering?
What are the terms of the Class E warrants in Bit Brother Limited's (BETS) offering?
What will Bit Brother Limited (BETS) do if the closing bid price of the shares trades below $0.01 for five consecutive trading days?