Bit Brother (BETS) Prices 14M Share Offering at $0.36/sh

Bit Brother Limited (NASDAQ: BETS), announced today that it has entered into a securities purchase agreement with certain accredited investors to sell $5.04 million of its Class A ordinary shares, Class B warrants and Class C warrants in a registered direct offering.

Under the terms of the securities purchase agreement, Bit Brother has agreed to sell 14,000,000 Class A ordinary shares, Class B warrants to purchase 14,000,000 Class A ordinary shares, and Class C warrants to purchase 14,000,000 Class A ordinary shares at a combined purchase price of $0.36 per Class A ordinary share and associated warrants. The Class B warrants will be exercisable immediately upon the date of issuance for a term of five years and have an initial exercise price of $0.36 and the Class C warrants will be exercisable immediately upon the date of issuance for a term of two years and have an initial exercise price of $0.46 subject to certain reset 30 trading days after closing. In addition to the customary cashless exercise rights provided in both the Class B warrants and the Class C warrants, the Class C warrants will also provide an alternate cashless exercise allowing the holder to right to exercise at any time, on a cashless exercise basis for a larger number of Class A ordinary shares under certain conditions.

The gross proceeds to Bit Brother are estimated to be $5.04 million before deducting the placement agent fees and other estimated offering expenses. The registered direct offering is expected to close on or about October 30, 2023, subject to the satisfaction of customary closing conditions.

Maxim Group LLC acted as sole placement agent for the offering.

The Class A ordinary shares, Class B warrants and Class C warrants being sold pursuant to the registered direct offering is being made pursuant to a shelf registration statement on Form F-3 (File No. 333-256628), previously filed with the Securities and Exchange Commission (the "SEC") on May 28, 2021, amended on June 3, 2021 and declared effective on June 8, 2021. 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 Maxim Group LLC, 300 Park Avenue, 16^th Floor, New York, NY 10022, at 212-895-3745.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

You May Also Be Interested In

• IES Holdings (IESC) files mixed shelf
• Circle Internet Group sells $20.25M in ARC tokens to institutions
• Radnostix acquires Lucerno Dynamics assets for radiopharma portfolio