Bit Brother Limited Received Nasdaq Delisting Letter Regarding Bid Price Deficiency

Rhea-AI Summary

Bit Brother Limited (NASDAQ: BETS) has received a notice from NASDAQ Stock Market regarding the potential delisting of its securities due to non-compliance with listing rules. The company intends to request a hearing to demonstrate compliance and avoid delisting.

CHANGSHA, China, Nov. 15, 2023 /PRNewswire/ -- Bit Brother Limited ("Bit Brother, " "We" or the "Company") (NASDAQ: BETS), today announced that it has received a notice (the "Notice")  from the NASDAQ Stock Market ("Nasdaq") notifying the Company that the Nasdaq Staff ("Staff") had determined to delist the Company's securities from Nasdaq based upon the Company's non-compliance with Nasdaq Listing Rule 5550(a)(2) and 5810(c)(3)(A)(iii), as the Company's securities had a closing bid price of $0.10 or less for 11 consecutive trading days from October 26 through November 9, 2023.  The notice has no immediate impact on the Company's listing and trading, as the Company intends to request a hearing before the Panel by November 17, 2023. Such request will stay any suspension or delisting action by Nasdaq pending the completion of the hearing process There can be no assurance that the Panel will grant the Company's request for additional time to demonstrate compliance of continued listing requirement or that the Company will be able meet the continued listing requirement during any compliance period or in the future. If the Panel does not grant the Company's request for additional time, its ordinary shares will be subject to delisting and the liquidity and marketability of the Company's ordinary shares would be adversely affected.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a delisting notification.

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

FAQ

Why is Bit Brother Limited at risk of delisting from NASDAQ?

Bit Brother Limited is at risk of delisting from NASDAQ due to non-compliance with listing rules, specifically related to the closing bid price of its securities.

What is the impact of the delisting notice on Bit Brother Limited's securities?

The delisting notice has no immediate impact on Bit Brother Limited's listing and trading. However, if the Panel does not grant the company's request for additional time, its ordinary shares will be subject to delisting, adversely affecting the liquidity and marketability of the company's ordinary shares.

Is there a possibility for Bit Brother Limited to avoid delisting?

Bit Brother Limited intends to request a hearing before the Panel to demonstrate compliance and avoid delisting. However, there is no assurance that the Panel will grant the company's request for additional time or that the company will be able to meet the continued listing requirement.

What is the requirement for prompt disclosure of the delisting notification?

The announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a delisting notification.