CHANGSHA, China, Oct. 26,
2023 /PRNewswire/ -- Bit Brother Limited ("Bit
Brother, " "We" or the "Company") (NASDAQ: BETS), announced today
that it has entered into a securities purchase agreement with
certain accredited investors to sell $5.04 million of its
Class A ordinary shares, Class B warrants and Class C warrants in a
registered direct offering.
Under the terms of the securities purchase agreement, Bit
Brother has agreed to sell 14,000,000 Class A ordinary shares,
Class B warrants to purchase 14,000,000 Class A ordinary
shares, and Class C warrants to purchase 14,000,000 Class A
ordinary shares at a combined purchase price of $0.36 per Class A ordinary share and associated
warrants. The Class B warrants will be exercisable immediately upon
the date of issuance for a term of five years and have an initial
exercise price of $0.36 and the Class
C warrants will be exercisable immediately upon the date of
issuance for a term of two years and have an initial exercise price
of $0.46 subject to certain reset 30
trading days after closing. In addition to the customary cashless
exercise rights provided in both the Class B warrants and the Class
C warrants, the Class C warrants will also provide an alternate
cashless exercise allowing the holder to right to exercise at any
time, on a cashless exercise basis for a larger number of Class A
ordinary shares under certain conditions.
The gross proceeds to Bit Brother are estimated to be $5.04
million before deducting the placement agent fees and other
estimated offering expenses. The registered direct offering is
expected to close on or about October 30, 2023, subject to the
satisfaction of customary closing conditions.
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 China and blockchain and
cryptocurrency ventures in the United States. Within the U.S.
jurisdiction, the company strategically manages and integrates
cryptocurrency mining facilities. With a dedicated
team of specialists, company has successfully expanded two mining
ventures and is committed to further growth. For more information,
please visit: www.bitbrother.com.
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