Bit Brother Limited Announces Completion of Name and Ticker Symbol and Receipt of U.S. MSB License
Rhea-AI Summary
Bit Brother Limited (NASDAQ: BTB), formerly known as Urban Tea Inc., has officially changed its name and ticker symbol as of June 16, 2021. This rebranding reflects its strategic pivot towards the cryptocurrency and blockchain sectors. Additionally, its US subsidiary, Bit Brother New York Inc., has successfully obtained a money services business (MSB) license from the U.S. Financial Crimes Enforcement Network (FinCEN), enabling it to operate as a foreign exchange dealer and money transfer agent. The CEO expressed optimism about further developments in their cryptocurrency business.
Positive
- Successful rebranding to Bit Brother Limited from Urban Tea; new ticker symbol BTB.
- Acquisition of MSB license allows Bit Brother NY to operate as a foreign exchange dealer and money transfer agent.
- Strategic pivot towards cryptocurrency and blockchain industries indicates growth potential.
Negative
- None.
News Market Reaction – BTB
In the trading session that priced this news, BTB gained 3.90%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
CHANGSHA, China, June 25, 2021 /PRNewswire/ -- Bit Brother Limited (the "Company," "we" or "Bit Brother") (NASDAQ: BTB) is pleased to announce that effective on June 16, 2021, its name has changed from Urban Tea Inc. to Bit Brother Limited, and its ticker symbol has changed from MYT to BTB, reflecting our vision for the future to conduct business in the cryptocurrency and blockchain industry.
We are also pleased to announce that our US subsidiary, Bit Brother New York Inc. ("Bit Brother NY"), has obtained the money services business (MSB) license from the U.S. Financial Crimes Enforcement Network (FinCEN) Department of the Treasury. The MSB license issued by FinCEN allows Bit Brother NY to act as a foreign exchange dealer, money transfer agent and seller of money orders.
Mr. Xianlong Wu, CEO of Bit Brother, commented, "We are on track to roll out our cryptocurrency and blockchain business. We anticipate setting up a cryptocurrency payment system in the near future and receiving the MSB License is a milestone in our compliance efforts. We plan on continuing to work on acquiring additional State licenses and permits for money services businesses."
About Bit Brother Limited.
Bit Brother Limited (formerly known as Urban Tea, Inc.) was incorporated in the British Virgin Islands as a company with limited liability on November 28, 2011. Our business currently consists of the distribution and retail of specialty tea products.For more information, please visit: http://ir.h-n-myt.com/investor.
Forward-Looking Statements
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