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Urban Tea, Inc. (NASDAQ: MYT) announced a name change to Bit Brother Limited, effective June 16, 2021, along with a ticker symbol change to BTB. CEO Xianlong (Jack) W expressed optimism about the future of blockchain technology, stating that the company plans to invest in blockchain software, applications, and cryptocurrency mining. This shift marks a strategic pivot from its previous focus on specialty tea distribution towards the rapidly evolving blockchain sector, positioning the company to capitalize on emerging opportunities.
Urban Tea Inc. (NASDAQ: MYT) has established a new wholly-owned subsidiary in China, named Hunan Bit Brother Holding Limited, to venture into the cryptocurrency industry. This subsidiary will focus on various activities such as global cryptocurrency mine distribution, HashRate leasing, and cryptocurrency exchange services. The Company plans to apply for required licenses in multiple regions to facilitate these operations. CEO Jack Wu expressed optimism about this strategic move, anticipating revenue growth and innovation through their entry into the blockchain and cryptocurrency sectors.
Urban Tea Inc. (MYT) has announced the acceptance of cryptocurrency payments, including Bitcoin, Ethereum, and Dogecoin, in its stores in China and restaurants in the U.S. starting this week. The company is also venturing into blockchain technology research and cryptocurrency mining through a new subsidiary in China. CEO Jack Wu stated that these initiatives aim to integrate cryptocurrency into daily consumer life and explore potential growth opportunities in the blockchain sector.
Urban Tea, Inc. (NASDAQ: MYT) announced a registered direct offering to sell approximately $25 million in ordinary shares and warrants to accredited investors. The deal includes 6,950,000 ordinary shares and corresponding warrants with an exercise price of $3.60. Proceeds will fund blockchain and cryptocurrency operations, as well as general corporate purposes. The offering is expected to close on or about April 30, 2021.
Urban Tea Inc. (NASDAQ: MYT) has appointed Fengdan Zhou as Chief Operating Officer and Dr. Yunfei Song as an independent director, effective immediately. This strategic move aims to advance the Company's expansion into the blockchain and cryptocurrency mining sectors. Ms. Zhou brings substantial experience from the blockchain data center industry, while Dr. Song offers expertise in blockchain applications and cryptocurrency management. CEO Yi Long expressed optimism about leveraging their skills to add shareholder value through this new business direction.
Urban Tea Inc. (NASDAQ: MYT) announced that its 51% owned subsidiary, Hunan 39 Pu Tea Co., Ltd., achieved its financial performance commitment for 2020, with revenues of $4.05 million, exceeding the $4 million target. This success is expected to contribute to Urban Tea's projected revenue growth of over 400% for the year ending June 30, 2021. The company attributes this growth to innovative sales strategies adopted during the pandemic. Urban Tea's CEO expressed confidence in continuing operational momentum and franchise expansion.
Urban Tea Inc. (NASDAQ: MYT) has announced an acquisition agreement to obtain a 51% stake in two Chinese entities: Chuangyeying Brand Management Co., Ltd. (CYY) and Store Master Food Trading Co., Ltd. The deal, valued at approximately RMB 3.1 million ($468,000), aims to enhance Urban Tea's franchise operations and supply chain efficiency. CYY manages 302 tea beverage franchisees, while Store Master specializes in supply chain management. This acquisition is expected to drive franchise growth and shareholder value.
Urban Tea Inc. (NASDAQ: MYT) has announced plans to open a new store in New York City, further expanding its presence in the catering industry. The company currently operates two stores in NYC, Meno and Crop Circle, offering tea-based beverages and popular northern Chinese street snacks. CEO Long Yi expressed optimism about the company's growth potential, citing the positive reception of their products. Urban Tea aims to enhance product R&D and integrate its offerings, catering to consumer demands.
Urban Tea Inc. (NASDAQ: MYT) reported a remarkable 25% monthly sales growth for its newly acquired restaurant, CROP CIRCLE, from August to October 2020. Located in New York City's Greenwich Village, CROP CIRCLE specializes in Chinese-inspired street food, contributing to Urban Tea's branding strategy in the U.S. Despite challenges from the COVID-19 pandemic, the restaurant's performance indicates strong market potential. The company also owns the MENO tea and coffee shop, enhancing its portfolio in the food and beverage sector.
Urban Tea Inc. (NASDAQ: MYT) announced a share purchase agreement to acquire 80% of Guokui Management Inc. for $400,000. Based in New York, Guokui operates CROP CIRCLE, a casual street food restaurant featuring traditional Chinese guokui. The acquisition positions MYT to own the CROP CIRCLE trademark in the U.S. and aligns with its strategy to expand its brand presence in the American market. CFO Kan Lu expressed optimism about the deal, highlighting the aim to enhance brand awareness and explore future restaurant openings.
