Bit Brother Ltd. Regains Compliance with Nasdaq Minimum Bid Price Requirements for Continued Listing

CHANGSHA, China, Jan. 9, 2023 /PRNewswire/ -- Bit Brother Limited (the "Company," "we" or "Bit Brother") BTB, is pleased to announce that on December 30, 2022, the Company received a notification letter from the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market LLC ("Nasdaq") notifying the Company that it has regained compliance with the Nasdaq's minimum bid price requirement and the matter is closed.

On January 4, 2022, the Company was first notified by Nasdaq its failure to maintain a minimum bid price of $1.00 per share for 30 consecutive business days under Nasdaq Listing Rules 5550(a)(2) and 5810(c)(3)(A), and was given its first 180-day extension, or until July 5, 2022 to regain compliance. On July 7, 2022, the Company received a second 180-day extension from Nasdaq or until January 2, 2023 to regain compliance. Effective December 15, 2022, the Company effected a fifteen-to-one (15-to-1) reverse split of its Class A Ordinary Shares, which was reflected with Nasdaq and in the marketplace at the opening of business on December 15, 2022.

The letter the Company received from Nasdaq on December 30, 2022 noted that as of December 29, 2022, the Company evidenced a closing bid price of its Class A ordinary shares at or greater than the $1.00 per share minimum requirement for the last 10 consecutive business days, from December 15, 2022 through December 29, 2022. Nasdaq stated that accordingly, Bit Brother Limited has regained compliance with Nasdaq Listing Rule 5550(a)(2).

About Bit Brother Limited.

Bit Brother Limited (formerly known as Urban Tea, Inc.) was incorporated in the British Virgin Islands as a company with limited liability on November 28, 2011. Our business currently consists of the distribution and retail of specialty tea products. We have conducted research and planning of our blockchain technology and cryptocurrency mining business since 2021. For more information, please visit: http://www.bitbrother.com.

Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.