Bit Brother Plunges After $7.1M Equity Offering

Bit Brother Plunges After $7.1M Equity Offering
  • Bit Brother Ltd BTB said it has entered into a securities purchase agreement with certain accredited investors to sell $7.1 million of its shares and warrants.
  • Under the terms of the securities purchase agreement, Bit Brother has agreed to sell 1.6 million and warrants to purchase 2.4 million shares.
  • The purchase price for one ordinary share and one corresponding warrant will be $4.50.
  • 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 offering is expected to close on January 20, 2023.
  • Price Action: BTB shares are trading lower by 70.3% at $1.96 on the last check Wednesday.

Posted In: NewsPenny StocksOfferingsMoversGeneralBriefswhy it's moving