Why Bit Brother (BTB) Shares Are Plunging Today

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.

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Bit Brother Plunges After $7.1M Equity Offering