Bit Brother Limited Closes Previously Announced $7.1 Million Registered Direct Offering

Rhea-AI Summary

Bit Brother Limited (NASDAQ: BTB) announced the completion of a registered direct offering on January 20, 2023. The offering included 1,569,444 Class A ordinary shares and warrants for 2,354,166 shares at a price of $4.50 each, generating gross proceeds of $7.1 million. The warrants are immediately exercisable at the same price and will expire in five years. The offering was facilitated by Maxim Group LLC as the sole placement agent. The shares are offered under a shelf registration statement effective since June 8, 2021. For further details, the prospectus supplement is available on the SEC's website.

Positive

• The offering raised $7.1 million in gross proceeds.
• Warrants are immediately exercisable, providing potential future capital.
• Funds may be utilized for business expansion in blockchain and cryptocurrency.

Negative

• Potential dilution for existing shareholders due to new shares issued.

CHANGSHA, China, Jan. 20, 2023 /PRNewswire/ -- Bit Brother Limited ("Bit Brother," "We" or the "Company") (NASDAQ: BTB), announced today the closing on January 20, 2023 of its previously announced registered direct offering of 1,569,444 Class A ordinary shares and warrants to purchase 2,354,166 Class A ordinary shares at a purchase price of $4.50 per share for gross proceeds of $7.1 million. The warrants are exercisable immediately upon the date of issuance and have an exercise price of $4.50. The warrants will expire five years from the date of issuance.

Maxim Group LLC ("Maxim") acted as sole placement agent for this offering.

The securities described above are being offered by the Company pursuant to a shelf registration statement on Form F-3 (File No. 333-256628) filed with the Securities and Exchange Commission (the "SEC") dated May 28, 2021, as amended on June 3, 2021 and declared effective on June 8, 2021. A prospectus supplement related to the offering has been filed with the SEC and is available on the SEC's website at http://www.sec.gov. Copies of the prospectus supplement relating to the offering may be obtained by contacting: Maxim Group LLC, 300 Park Avenue, 16^th Floor, New York, NY 10022, by telephone: 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 such state or jurisdiction.

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 and started crypto mining operations in North America. 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

What was Bit Brother's recent stock offering amount?

Bit Brother's recent registered direct offering raised $7.1 million.

What are the details of the warrants issued by Bit Brother?

Bit Brother issued warrants for 2,354,166 shares, exercisable at $4.50 each and expiring in five years.

How many shares were offered in the Bit Brother direct offering?

The offering included 1,569,444 Class A ordinary shares.

Who acted as the placement agent for Bit Brother's offering?

Maxim Group LLC served as the sole placement agent for the offering.

When was Bit Brother's offering completed?

The offering was completed on January 20, 2023.