CHANGSHA, China, May 22, 2023
/PRNewswire/ -- Bit Brother Limited (the "Company," "we" or "Bit
Brother") (NASDAQ: BTB), announced today that on May 16, 2023, the Company received a notification
letter from the Nasdaq Listing Qualifications Staff of The NASDAQ
Stock Market LLC ("Nasdaq") notifying the Company that the minimum
bid price per share for its Class A ordinary shares has been below
$1.00 for a period of 30 consecutive
business days and the Company therefore no longer meets the minimum
bid price requirements set forth in Nasdaq Listing Rule
5550(a)(2).
The notification received has no immediate effect on the listing
of the Company's ordinary shares on Nasdaq. Under the Nasdaq
Listing Rules, the Company has until November 13, 2023 to regain compliance. If at any
time during such 180-day period the closing bid price of the
Company's Class A ordinary shares is at least $1 for a minimum of 10 consecutive business days,
Nasdaq will provide the Company written confirmation of
compliance.
If the Company does not regain compliance during such 180-day
period, the Company may be eligible for an additional 180 calendar
days, provided that the Company meets the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for Nasdaq except for Nasdaq Listing Rule
5550(a)(2), and provide a written notice of its intention to cure
this deficiency during the second compliance period, by effecting a
reverse stock split, if necessary.
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. We have
conducted research and planning of our blockchain technology and
cryptocurrency mining business since 2021. For more
information, please visit: http:www.bitbrother.com.
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.
Related Links
www.bitbrother.com
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SOURCE Bit Brother Limited