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

Rhea-AI Summary

Bit Brother Limited (NASDAQ: BTB) received a notification from Nasdaq on January 4, 2022, regarding a deficiency in the minimum bid price of its shares, which fell below $1.00 for 30 consecutive business days.

The company has until July 5, 2022, to regain compliance. If the share price reaches at least $1 for 10 consecutive days during this period, Nasdaq will confirm compliance.

If compliance is not achieved, Bit Brother may qualify for an additional 180 days to correct the issue, potentially through a reverse stock split.

Positive

• The company has a grace period until July 5, 2022, to regain compliance.
• If the share price reaches $1 for 10 consecutive days, compliance will be confirmed.

Negative

• Shares have been below the $1 minimum bid price for 30 consecutive business days, indicating potential financial instability.
• If compliance is not achieved, the company may need to perform a reverse stock split.

 CHANGSHA, China, Jan. 7, 2022 /PRNewswire/ -- Bit Brother Limited (the "Company," "we" or "Bit Brother") (NASDAQ: BTB), announced today that on January 4, 2022, 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 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 July 5, 2022 to regain compliance. If at any time during such 180-day period the closing bid price of the Company's 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. For more information, please visit: http://ir.h-n-myt.com/investor.

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.

 

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SOURCE Bit Brother Limited

FAQ

What does the recent Nasdaq notification mean for Bit Brother Limited (BTB)?

The notification indicates that Bit Brother's share price has been below $1 for 30 consecutive days, which could affect its listing status.

How long does Bit Brother have to regain compliance with Nasdaq regulations?

Bit Brother has until July 5, 2022, to regain compliance with the minimum bid price requirement.

What happens if Bit Brother does not regain compliance by the deadline?

If compliance is not regained, Bit Brother may be eligible for an additional 180-day period, potentially requiring a reverse stock split.

How can Bit Brother Limited (BTB) regain compliance with Nasdaq?

Bit Brother can regain compliance by having its share price reach at least $1 for 10 consecutive business days.