Bit Brother Limited (BTB) Prices 1.57M Share Offering at $4.50/sh

Bit Brother Limited (NASDAQ: BTB), announced today that it has entered into a securities purchase agreement with certain accredited investors to sell $7.1 million of its ordinary shares and warrants in a registered direct offering.

Under the terms of the securities purchase agreement, Bit Brother has agreed to sell 1,569,444 ordinary shares and warrants to purchase 2,354,166 ordinary shares. The warrants will be exercisable immediately upon the date of issuance and have an exercise price of $4.50. The warrants will expire five years from the date of issuance. The purchase price for one ordinary share and one corresponding warrant will be $4.50. The gross proceeds to Bit Brother are estimated to be $7.1 million before deducting the placement agent fees and other estimated offering expenses.

The registered direct offering is expected to close on or about January 20, 2023, subject to the satisfaction of customary closing conditions.

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

The ordinary shares 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, 16th 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.

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