[144] WEX Inc. SEC Filing

Rhea-AI Filing Summary

Bit Origin Ltd (BTOG) filed a Form 6-K announcing the final court approval and registration of its previously proposed Share Capital Reduction.

The Grand Court of the Cayman Islands on 5 Jun 2025 confirmed lowering the par value of every authorized and issued share from US$0.30 to US$0.000001. The order and minute of reduction were registered on 25 Jul 2025, making the change effective. Post-reduction, authorized share capital is US$500, split into 500 million shares (475 million Class A, 25 million Class B). All outstanding shares remain fully paid; only the nominal value changed. Management states the action provides a more efficient capital structure and greater flexibility for future equity financings. No change occurs to shareholder ownership percentages, earnings, or cash. A press release titled “Bit Origin Announces Completion of Share Capital Reduction” (Exhibit 99.1) accompanies the filing.

Positive

• Court approval and registration completed, removing legal uncertainty around the capital restructure
• Lower par value enhances flexibility for future capital raising and corporate actions

Negative

• Potential dilution risk increases because the low par value makes large share issuances administratively easier
• No immediate improvement to revenue, earnings or cash flows; purely nominal change

Insights

Capital Markets Analyst

TL;DR: Nominal par cut completed; balance-sheet optics improve, but no immediate financial impact.

The par value drop from US$0.30 to US$0.000001 collapses stated capital from US$150 m to US$500 while preserving paid-in surplus, aligning with global micro-cap norms and easing future share issuances or equity-linked deals under the Form F-3 shelf. Because economic ownership, cash and earnings stay unchanged, the step is largely accounting-driven. Investors should watch forthcoming equity raises, as the ultra-low par value simplifies large share issuances that could dilute existing holders.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common Stock	Merrill Lynch 194 Wood Ave S Iselin NJ 08830	875	150223.68	32264311	07/31/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common Stock	03/15/2025	Vesting of Restricted Stock	Issuer			192	03/15/2025	Cash
Common Stock	03/15/2024	Vesting of Restricted Stock	Issuer			683	03/15/2014	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What did Bit Origin (BTOG) announce in its August 2025 Form 6-K?

The company completed a court-approved reduction of share par value from US$0.30 to US$0.000001.

Does the share capital reduction change BTOG shareholders’ ownership percentages?

No. All issued shares remain fully paid; only the nominal value changed.

How many shares are authorized after the reduction?

500 million ordinary shares: 475 million Class A and 25 million Class B.

Why lower the par value to US$0.000001?

A minimal par value simplifies future equity issuances and aligns the capital structure with common micro-cap practices.

Is there an accompanying press release for investors?

Yes. Exhibit 99.1 is the press release titled “Bit Origin Announces Completion of Share Capital Reduction.”