Bit Brother Ltd. Received Nasdaq Notification Letter Regarding Bid Price Deficiency

Rhea-AI Summary

Bit Brother Limited has received a notification letter from Nasdaq stating that its minimum bid price per share has been below $1.00 for 30 consecutive business days, causing it to no longer meet the minimum bid price requirements. The company has until November 13, 2023, to regain compliance.

Positive

• The company has until November 13, 2023, to regain compliance with the minimum bid price requirements.

Negative

• The company's minimum bid price per share has been below $1.00 for 30 consecutive business days, which may negatively impact its stock price.

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

FAQ

What is the notification letter from Nasdaq about?

The notification letter from Nasdaq states that Bit Brother Limited's minimum bid price per share has been below $1.00 for 30 consecutive business days.

What happens if the company does not regain compliance within the given period?

If the company does not regain compliance within the 180-day period, it may be eligible for an additional 180 calendar days to regain compliance.

What is the deadline for the company to regain compliance?

The company has until November 13, 2023, to regain compliance with the minimum bid price requirements.

What can the company do to cure the deficiency?

The company can potentially effect a reverse stock split to cure the deficiency.