Bit Brother Special Task Force Took Further Actions to Address Suspected Illegal Shorting

Rhea-AI Summary

Bit Brother Limited (NASDAQ: BTB) announced actions to combat suspected illegal short selling of its stock on January 24, 2023. The Special Task Force is gathering evidence and may involve regulatory authorities. Legal counsel and shareholder intelligence firms are being engaged, and potential corporate actions—including share repurchase and special dividends—are being analyzed. CEO Ralph Jones will host a Reddit broadcast on January 25, 2023, to discuss these initiatives. The Board believes these steps will help deter illegal trading activities impacting market integrity.

Positive

• Formation of a Special Task Force to address illegal short selling.
• Engagement with legal and shareholder intelligence professionals to combat illegal activities.
• Consideration of corporate actions like share repurchase and special dividend to enhance shareholder value.

Negative

• None.

CHANGSHA, China, Jan. 24, 2023 /PRNewswire/ -- Bit Brother Limited ("Bit Brother", "BTB", "We" or the "Company") (NASDAQ: BTB) announced today the Special Task Force has taken and plan to take following actions to address the suspected illegal shorting of its stock:

• Started collecting evidence and may seek help from regulatory authorities.
• Reached out legal counsels and shareholder intelligence service firms about engagement of these professionals.
• conducted preliminary analysis of potential corporate actions including but not limited to share repurchase, special dividend, and dual listing.

In addition, Ralph Jones, CEO of the Company's subsidiary Bit Brother New York Inc, and a member of the Special Task Force, will hold a live broadcast on Reddit to communicate with investors in the morning of January 25, 2023. For more information on time and link of the live broadcast, please refer to announcement from BTB's official Twitter @BitBrotherLtd.

The Board of Directors believes that the above actions should effectively expose and curb companies or individuals that have profited or are about to profit through naked short selling and other illegal trading activities. The Company is committed to take all necessary actions to deter manipulation of the market.

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 cryptocurrency mining in North America and the distribution and retail of specialty tea products.  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 actions is Bit Brother Limited taking against illegal shorting?

Bit Brother Limited is forming a Special Task Force to gather evidence and may work with regulatory authorities to combat illegal short selling.

When will the CEO of Bit Brother Limited hold a live session?

CEO Ralph Jones will host a live broadcast on Reddit on January 25, 2023, to discuss the company's actions against illegal trading.

Why is Bit Brother Limited concerned about illegal shorting?

Bit Brother Limited believes illegal shorting manipulates the market and is taking steps to protect shareholder value and market integrity.

What potential corporate actions is Bit Brother Limited considering?

The company is considering share repurchase, special dividends, and dual listings as part of its strategy to counter illegal trading activities.

What is the stock symbol for Bit Brother Limited?

The stock symbol for Bit Brother Limited is BTB, traded on NASDAQ.