Bit Origin Ltd Announces Court Hearing on June 5, 2025, for Share Capital Reduction
Bit Origin Ltd (NASDAQ: BTOG), a crypto mining company, has announced a court hearing scheduled for June 5, 2025, at 10:00 a.m. before the Grand Court of the Cayman Islands. The hearing will consider confirming the company's proposed share capital reduction, which was approved by special resolution on March 14, 2025.
The reduction aims to decrease the par value of each authorized share from US$0.30 to US$0.000001. Post-reduction, the company's authorized share capital will be US$500, divided into 500,000,000 shares, comprising 475,000,000 Class A Ordinary Shares and 25,000,000 Class B Ordinary Shares. Creditors or shareholders opposing this reduction must notify Mourant Ozannes by June 4, 2025.
Bit Origin Ltd (NASDAQ: BTOG), una società di mining di criptovalute, ha annunciato un'udienza in tribunale fissata per il 5 giugno 2025 alle 10:00 davanti alla Grand Court delle Isole Cayman. L'udienza valuterà la conferma della proposta di riduzione del capitale sociale della società, approvata con risoluzione speciale il 14 marzo 2025.
La riduzione mira a diminuire il valore nominale di ogni azione autorizzata da US$0,30 a US$0,000001. Dopo la riduzione, il capitale sociale autorizzato della società sarà di 500 US$, suddiviso in 500.000.000 azioni, di cui 475.000.000 azioni ordinarie di Classe A e 25.000.000 azioni ordinarie di Classe B. I creditori o azionisti contrari a questa riduzione devono notificare Mourant Ozannes entro il 4 giugno 2025.
Bit Origin Ltd (NASDAQ: BTOG), una empresa de minería de criptomonedas, ha anunciado una audiencia judicial programada para el 5 de junio de 2025 a las 10:00 a.m. ante la Gran Corte de las Islas Caimán. La audiencia considerará la confirmación de la propuesta de reducción de capital social de la empresa, aprobada mediante resolución especial el 14 de marzo de 2025.
La reducción tiene como objetivo disminuir el valor nominal de cada acción autorizada de US$0.30 a US$0.000001. Tras la reducción, el capital social autorizado de la empresa será de US$500, dividido en 500,000,000 acciones, que comprenden 475,000,000 acciones ordinarias Clase A y 25,000,000 acciones ordinarias Clase B. Los acreedores o accionistas que se opongan a esta reducción deben notificar a Mourant Ozannes antes del 4 de junio de 2025.
Bit Origin Ltd (NASDAQ: BTOG)는 암호화폐 채굴 회사로, 2025년 6월 5일 오전 10시에 케이맨 제도 대법원에서 예정된 법원 심리를 발표했습니다. 이번 심리에서는 2025년 3월 14일 특별 결의로 승인된 회사의 제안된 주식 자본 감소를 확인할 예정입니다.
감소의 목적은 각 승인 주식의 액면가를 미화 0.30달러에서 0.000001달러로 낮추는 것입니다. 감소 후 회사의 승인된 자본금은 500달러가 되며, 4억 7,500만 주의 A 클래스 보통주와 2,500만 주의 B 클래스 보통주를 포함한 총 5억 주로 구성됩니다. 이 감소에 반대하는 채권자나 주주는 2025년 6월 4일까지 Mourant Ozannes에 통지해야 합니다.
Bit Origin Ltd (NASDAQ : BTOG), une société de minage de cryptomonnaies, a annoncé une audience judiciaire prévue le 5 juin 2025 à 10h00 devant la Grand Court des îles Caïmans. L’audience examinera la confirmation de la réduction de capital social proposée par la société, approuvée par résolution spéciale le 14 mars 2025.
Cette réduction vise à diminuer la valeur nominale de chaque action autorisée de 0,30 $US à 0,000001 $US. Après réduction, le capital social autorisé de la société sera de 500 $US, divisé en 500 000 000 actions, comprenant 475 000 000 actions ordinaires de classe A et 25 000 000 actions ordinaires de classe B. Les créanciers ou actionnaires s’opposant à cette réduction doivent en informer Mourant Ozannes avant le 4 juin 2025.
Bit Origin Ltd (NASDAQ: BTOG), ein Krypto-Mining-Unternehmen, hat eine Gerichtsverhandlung für den 5. Juni 2025 um 10:00 Uhr vor dem Grand Court der Kaimaninseln angekündigt. Die Verhandlung wird die Bestätigung der vorgeschlagenen Kapitalherabsetzung des Unternehmens prüfen, die am 14. März 2025 durch eine Sonderbeschluss genehmigt wurde.
Die Herabsetzung zielt darauf ab, den Nennwert jeder genehmigten Aktie von US$0,30 auf US$0,000001 zu senken. Nach der Herabsetzung beträgt das genehmigte Grundkapital des Unternehmens 500 US$, aufgeteilt in 500.000.000 Aktien, bestehend aus 475.000.000 Stammaktien der Klasse A und 25.000.000 Stammaktien der Klasse B. Gläubiger oder Aktionäre, die dieser Herabsetzung widersprechen, müssen Mourant Ozannes bis zum 4. Juni 2025 benachrichtigen.
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Insights
Bit Origin's share capital reduction hearing represents a significant financial restructuring with potential regulatory compliance implications.
Bit Origin's upcoming court hearing on June 5, 2025, represents a substantial financial restructuring with the proposed reduction of share par value from
This type of capital restructuring typically serves specific strategic purposes. The substantially reduced par value provides increased flexibility in future equity financing and corporate transactions. Companies often pursue such reductions to eliminate accumulated deficits or to prepare for potential acquisitions or mergers by creating a more adaptable capital structure.
For shareholders, while this doesn't directly impact their ownership percentage, it does fundamentally alter the technical valuation baseline of their holdings. The reduced par value could facilitate easier future share issuances with fewer regulatory hurdles related to below-par-value offerings.
The Cayman Islands court involvement indicates this is following proper regulatory channels, with appropriate protections for creditors and shareholders who may oppose the reduction. The notification period ending June 4, 2025, ensures stakeholders have the opportunity to voice concerns before implementation.
For a crypto mining business with "diversified expansion strategies" as Bit Origin describes itself, this capital restructuring potentially positions the company for more nimble operations in a rapidly evolving sector where access to capital and structural flexibility can be crucial competitive advantages.
NEW YORK, May 16, 2025 (GLOBE NEWSWIRE) -- Bit Origin Ltd (NASDAQ: BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in the crypto mining business with diversified expansion strategies, today announced that a court hearing will be held at 10:00 a.m. on June 5, 2025, before the Grand Court of the Cayman Islands to consider the confirmation of its proposed share capital reduction.
As previously disclosed on the report on Form 6-K filed with the Securities and Exchange Commission on March 18, 2025, the Company approved, by a special resolution on March 14, 2025, subject to the confirmation by the Grand Court of the Cayman Islands, the par value of each authorized share in the capital of the Company (including all issued shares) to reduce from US
On May 1, 2025, the Company presented a petition (the “Petition”) to the Grand Court of the Cayman Islands for confirmation of the Share Capital Reduction.
The Petition is directed to be heard before a Judge in the Grand Court of the Cayman Islands at 10:00 a.m. on June 5, 2025.
Any creditor or shareholder of the Company desiring to oppose the making of an order for the confirmation of the Share Capital Reduction shall provide notice to Mourant Ozannes (Cayman) LLP, the Attorneys-at-Law for the Company that they intend to appear at the hearing in person or by counsel at least 24 hours prior to the hearing, by June 4, 2025.
A copy of the Petition will be furnished to any such person requiring the same by written request to Mourant Ozannes (Cayman) LLP as follows on payment of the regulated charge for the same.
94 Solaris Avenue, Camana Bay, P.O. Box 1348
Grand Cayman, KY1-1108, Cayman Islands
Contact:
About Bit Origin Ltd
Bit Origin Ltd, formerly known as China Xiangtai Food Co., Ltd., is an emerging growth company operating in the United States and engaged in the cryptocurrency mining business. The Company is also actively deploying blockchain technologies alongside diversified expansion strategies. For more information, please visit https://bitorigin.io.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
Company Contact
Bit Origin Ltd
Mr. Jiang Jinghai, Chairman of the Board, CEO and COO
Email: ir@bitorigin.io
To keep updated on Bit Origin’s news releases and SEC filings, please subscribe to email alerts at https://bitorigin.io/contact
FAQ
What is the purpose of BTOG's share capital reduction hearing on June 5, 2025?
What will be Bit Origin's (BTOG) new share structure after the capital reduction?
How can BTOG shareholders oppose the share capital reduction?
When did Bit Origin Ltd approve the share capital reduction?
