Bullet Blockchain Provides Update on the Stock Round-Up
Bullet Blockchain (OTC PINK:BMIND) updated shareholders on its recently completed 1-for-10 reverse stock split (RSS) and the accompanying stock Round-Up strategy aimed at preserving shareholder value. Shareholders holding less than 4,440 shares will be rounded up to 444 shares. The processing may take up to seven business days, and adjustments will reflect post-Thanksgiving. The trading symbol will remain BMIND for 20 business days before changing to BULT. Bullet Blockchain is actively expanding its bitcoin mining operations, with a goal to increase the number of miners within the next year.
- Successfully completed a 1-for-10 reverse stock split aimed at enhancing shareholder value.
- Implemented a Round-Up strategy allowing shareholders to consolidate their holdings.
- Plans to scale bitcoin mining operations to 60,000 miners within a year.
- The reverse stock split may signal financial distress or an attempt to boost stock price artificially.
RENO, NV / ACCESSWIRE / November 24, 2021 / Bullet Blockchain, Inc. ("Bullet" or the "Company"), (OTC PINK:BMIND), which completed a merger with Britannia Mining, Inc. ("Britannia")-to pivot Britannia into the crypto mining industry, with an initial focus on Bitcoin mining-provided an update on the anticipated stock Round-Up.
As part of the 1-for-10 reverse stock split ("RSS") that the Company recently completed, management implemented a round-up strategy to help preserve shareholder value after the RSS. In this case, shareholders who held less than 4,440 shares of the Company's common stock prior to the RSS, will be rounded up to 444 shares of common stock, post RSS (the "Round-Up").
Round-Ups can take as long as seven business days to complete. During this time, there is a coordinated process that the Company undergoes with its Transfer Agent and the Depository Trust and Clearing Corporation ("DTCC"). The Company's RSS however, occurred during a holiday week, which tends to be a shorter workweek. Management anticipates that the Round-Up should be completed shortly after the Thanksgiving holiday. At that time, any shareholder that was holding between 1 and 4,440 shares of the Company's common stock prior to the RSS, will see an adjustment in their holdings, reflecting 444 shares of Bullet's common stock.
Lastly, management also reminds its shareholders that the Company's common stock will trade under the symbol BMIND for 20 business days from the completion date of the RSS. Thereafter, the trading symbol will be updated to reflect BULT.
For more information, please visit www.BulletBlockchain.com.
About Bullet Blockchain, Inc. (f/k/a Britannia Mining)
Bullet Blockchain, Inc. is a blockchain technology company that secures the bitcoin blockchain ledger. Bullet has secured partnerships that affords the Company access to highly coveted hardware, land, buildings, gas, generators, racks, security, etc. Bullet has secured 200 megawatts of electricity and infrastructure capacity for 6,000 petahash and has deployed an initial hardware fleet of 3,500 next generation ASIC miners-focused on bitcoin mining - with an initial hash rate capacity of 315 petahash and 12 megawatts of electricity.
Bullet is confident that it can manage its bitcoin mining operations at a far lesser cost per kilowatt than industry competitors, therefore producing bitcoin at a lower cost with greater profit margins. Bullet is focused on efficiency, stability, transparency, and scalability, and has set its goals to swiftly scale operations to 60,000 miners within the next 12 months.
For investor and general information, please email: contact@BulletBlockchain.com
Forward Looking Statements
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking.
Contact: contact@BulletBlockchain.com
SOURCE: Bullet Blockchain, Inc.
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FAQ
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