Bit Brother Ltd BETS shares are trading lower by 37% to $0.022 Thursday morning. The stock is falling on continued volatility after the company on Tuesday announced a deal to sell $12.0 million worth of Class A ordinary shares, Class D warrants and Class E warrants to accredited investors through a registered direct offering.
The offering comprises 184,615,385 Class A ordinary shares along with associated Class D and Class E warrants. These shares are sold at $0.065 per share.
Investors can exercise Class D warrants immediately at $0.06 for five years (with potential adjustments after 30 days), while Class E warrants can be exercised at $0.13 for two years. Both warrant types offer cashless exercise options.
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The offering is anticipated to conclude around December 8, pending standard conditions, and Maxim Group LLC is overseeing the placement as the sole placement agent.
What Else?
Bit Brother late Tuesday announced the company obtained a Certificate of Occupancy for its new 2-acre cryptocurrency mining farm in Abilene, Texas, ensuring compliance with city regulations by segregating industrial operations from residential zones.
With an initial investment of $5 million in mining servers, they aim to commence operations in early 2024, aspiring to produce 12 Bitcoin BTC/USD per month, subject to successful equipment delivery and functionality.
According to data from Benzinga Pro, Bit Brother has a 52-week high of $0.66 and a 52-week low of $0.021.
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