Bit Brother Shares Plunge After Raising $22.5M Via Equity Offering At 25% Discount

Bit Brother Ltd (NASDAQ:BTB) has entered into a securities purchase agreement with certain accredited investors to sell $22.5 million of shares and warrants in a direct offering.
Bit Brother will sell 15 million ordinary shares, and warrants for the purchase of 15 million shares. The warrants will expire five years from the date of issuance.
The purchase price for one ordinary share and one corresponding warrant will be $1.50.
The price represents a discount of 25% to Bit Brother’s last closing price of $2.00 on July 15, 2021.
The direct offering will close on or about July 20, 2021.
Price action: BTB shares are trading lower by 46.5% at $1.07 on the last check Friday.

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