Bit Brother Ltd. Regains Compliance with Nasdaq Minimum Bid Price Requirements for Continued Listing

Rhea-AI Summary

Bit Brother Limited (NASDAQ: BTB) announced on January 9, 2023, that it has regained compliance with Nasdaq's minimum bid price requirement. The notification was received on December 30, 2022, confirming that the company's Class A ordinary shares had maintained a closing bid price of $1.00 or more for 10 consecutive business days. This follows a reverse stock split of 15-to-1 effective December 15, 2022, aimed at meeting Nasdaq's requirements after initially failing to do so on January 4, 2022. The company is focused on specialty tea distribution and blockchain technology.

Positive

• Regained compliance with Nasdaq's minimum bid price requirement.
• Class A shares maintained a closing bid price of $1.00 for 10 consecutive business days.
• Successful execution of a 15-to-1 reverse stock split to meet listing requirements.

Negative

• None.

CHANGSHA, China, Jan. 9, 2023 /PRNewswire/ -- Bit Brother Limited (the "Company," "we" or "Bit Brother") (NASDAQ: BTB), is pleased to announce that on December 30, 2022, the Company received a notification letter from the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market LLC ("Nasdaq") notifying the Company that it has regained compliance with the Nasdaq's minimum bid price requirement and the matter is closed.

On January 4, 2022, the Company was first notified by Nasdaq its failure to maintain a minimum bid price of $1.00 per share for 30 consecutive business days under Nasdaq Listing Rules 5550(a)(2) and 5810(c)(3)(A), and was given its first 180-day extension, or until July 5, 2022 to regain compliance. On July 7, 2022, the Company received a second 180-day extension from Nasdaq or until January 2, 2023 to regain compliance. Effective December 15, 2022, the Company effected a fifteen-to-one (15-to-1) reverse split of its Class A Ordinary Shares, which was reflected with Nasdaq and in the marketplace at the opening of business on December 15, 2022.

The letter the Company received from Nasdaq on December 30, 2022 noted that as of December 29, 2022, the Company evidenced a closing bid price of its Class A ordinary shares at or greater than the $1.00 per share minimum requirement for the last 10 consecutive business days, from December 15, 2022 through December 29, 2022. Nasdaq stated that accordingly, Bit Brother Limited has regained compliance with Nasdaq Listing Rule 5550(a)(2).

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 does Bit Brother Limited's compliance with Nasdaq mean for its stock BTB?

Regaining compliance with Nasdaq's minimum bid price requirement allows Bit Brother Limited to continue trading on the exchange, which is crucial for maintaining investor confidence.

When did Bit Brother Limited receive notification of compliance with Nasdaq?

The notification of compliance was received on December 30, 2022.

What actions did Bit Brother Limited take to regain compliance with Nasdaq?

The company executed a 15-to-1 reverse stock split and maintained the required share price for 10 consecutive business days.

What is the current focus of Bit Brother Limited?

Bit Brother Limited is focused on the distribution of specialty tea products and exploring blockchain technology and cryptocurrency mining.

What was the previous status of Bit Brother Limited's stock before regaining compliance?

The company was initially notified of failing to maintain a minimum bid price on January 4, 2022.