In the news release, Bit Brother Announces 1 for 1,000 Reverse
Share Split, issued 08-Jan-2024 by
Bit Brother Limited over PR Newswire, we are advised by the company
that the stock ticker should be "NASDAQ: BETS" rather than "NASDAQ:
BTB" as originally issued inadvertently. The complete, corrected
release follows:
Bit Brother Announces 1 for 1,000 Reverse Share Split
CHANGSHA, China, Jan. 8, 2024
/PRNewswire/ -- Bit Brother Limited (the "Company," "we" or "Bit
Brother") (NASDAQ: BETS), today announced that a 1 for 1,000
reverse split of its Class A ordinary shares and Class B ordinary
shares was approved by the Company's board of directors on
November 14, 2023 and is expected to
become effective on or around January 10,
2024.
Upon the effectiveness of the reverse share split, Bit
Brother shareholders will receive one new Class A ordinary
share of Bit Brother for every thousand shares they
hold. Bit Brother's Class A ordinary shares are expected
to begin trading on a split-adjusted basis when the market opens
on January 10, 2024.
The reverse share split is expected to lead Bit Brother's
Class A ordinary shares to trade at approximately one thousand
times the price per share at which it trades prior to the
effectiveness of the reverse share split. Bit Brother,
however, cannot assure that the price of its Class A ordinary
shares after the reverse split will reflect the 1 for 1,000 reverse
split ratio, that the price per share following the effective time
of the reverse split will be maintained for any period of time, or
that the price will remain above the pre-split trading price.
There will be no changes to Bit Brother's Amended and Restated
Articles and Memorandum of Association in connection with the
reverse share split. As of January 8,
2024, there were approximately 3.8 Billion of Bit Brother's
Class A ordinary shares outstanding. Effecting the 1 for 1,000
reverse split will reduce that amount to approximately 3.8 Million
Class A ordinary shares outstanding.
Treatment of Stock Options and Restricted Shares
The number of ordinary shares into which Bit Brother's
outstanding stock options and restricted shares as well as the
options' relevant exercise price per share will be proportionally
adjusted to reflect the reverse split. The number of shares
authorized for issuance under Bit Brother's equity incentive plans
will also be proportionally reduced to reflect the reverse
split.
Fractional Shares
Any fractional shares that would have resulted because of the
Reverse Split will be rounded up to the nearest whole share.
New Ordinary Share Certificates
Bit Brother will adopt a new share certificate in
connection with the implementation of the reverse share
split. Bit Brother's transfer agent, VStock Transfer LLC,
will manage the exchange of share certificates. Shareholders of
record will receive a letter of transmittal providing instructions
for the exchange of their old certificates as soon as practicable
following the effectiveness of the reverse split. Shareholders
should not send in their old stock certificates until they receive
a letter of transmittal from VStock Transfer LLC. Shareholders who
hold their shares through a securities broker or nominee (i.e., in
"street name") will be contacted by their brokers or nominees with
any instructions.
For more information, shareholders and securities brokers should
contact VStock Transfer LLC at 212-828-8436.
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