Bit Origin Limited Announces Proposed Underwritten Public Offering of Ordinary Shares

Rhea-AI Summary

Bit Origin Limited (NASDAQ: BTOG) announced a proposed underwritten public offering of ordinary shares to raise capital for working expenses and general business needs. The offering's details, including its size and terms, are subject to market conditions. Univest Securities, LLC is managing the offering. This sale is made under a previously filed shelf registration statement with the SEC. Investors are advised to read the related prospectus and documents available on the SEC website.

Positive

• Proposed offering of ordinary shares to strengthen working capital.
• Use of proceeds intended for general business purposes.

Negative

• Offering may cause shareholder dilution.
• Market conditions might affect the timing and completion of the offering.

New York, June 02, 2022 (GLOBE NEWSWIRE) -- Bit Origin Limited (NASDAQ: BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in crypto mining business with diversified expansion strategies, today announced that it intends to offer ordinary shares to purchase ordinary shares in a proposed underwritten public offering. The Company intends to use the net proceeds from the offering for working capital and general business purposes. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Univest Securities, LLC is acting as the book runner for this offering.

The sale of the ordinary shares in the registered direct offering is being made pursuant to a shelf registration statement on Form F-3 (File No. 333-238700), previously filed with the U.S. Securities and Exchange Commission (the "SEC") on May 26, 2020, and declared effective on July 7, 2020. Such securities are being offered only by means of a prospectus. A prospectus supplement and the accompanying prospectus relating to and describing the terms of the registered direct offering will be filed with the SEC. When available, copies of the prospectus supplement and the accompanying prospectus relating to the registered direct offering may be obtained at the SEC's website www.sec.gov or by contacting Univest Securities, LLC by email at info@univest.us or standard mail to Univest Securities, LLC, 75 Rockefeller Plaza, Suite 1838, New York, NY 10019.

Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying base prospectus, which provide more information about the Company and such offering. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About Bit Origin Limited

Bit Origin Limited, formerly known as China Xiangtai Food Co., Ltd., is an emerging growth company operating in the United States and engaged in crypto mining business. The Company is also actively deploying blockchain technologies, alongside diversified expansion strategies. For more information, please visit https://bitorigin.io.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

Company Contact

Bit Origin Limited
Erick W. Rengifo
Phone: +1-347-556-4747
Email: ir@bitorigin.io

Investor Relations Contact

Ms. Tina Xiao, President
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com

FAQ

What is Bit Origin Limited's planned share offering?

Bit Origin Limited intends to offer ordinary shares to raise capital for working capital and general business purposes.

Who is managing the offering for Bit Origin Limited?

Univest Securities, LLC is acting as the book runner for Bit Origin's share offering.

What are the risks associated with Bit Origin Limited's share offering?

The offering may lead to shareholder dilution and is subject to market conditions that could affect its completion.

Where can I find the prospectus for Bit Origin's share offering?

The prospectus will be filed with the SEC and can be accessed through the SEC's website.