Bit Brother Limited to sell 14M shares at 36c in registered direct offering

Bit Brother Limited announced that it has entered into a securities purchase agreement with certain accredited investors to sell $5.04M of its Class A ordinary shares, Class B warrants and Class C warrants in a registered direct offering. Under the terms of the securities purchase agreement, Bit Brother has agreed to sell 14,000,000 Class A ordinary shares, Class B warrants to purchase 14,000,000 Class A ordinary shares, and Class C warrants to purchase 14,000,000 Class A ordinary shares at a combined purchase price of $0.36 per Class A ordinary share and associated warrants. The Class B warrants will be exercisable immediately upon the date of issuance for a term of five years and have an initial exercise price of $0.36 and the Class C warrants will be exercisable immediately upon the date of issuance for a term of two years and have an initial exercise price of $0.46 subject to certain reset 30 trading days after closing. In addition to the customary cashless exercise rights provided in both the Class B warrants and the Class C warrants, the Class C warrants will also provide an alternate cashless exercise allowing the holder to right to exercise at any time, on a cashless exercise basis for a larger number of Class A ordinary shares under certain conditions. The gross proceeds to Bit Brother are estimated to be $5.04M before deducting the placement agent fees and other estimated offering expenses. The registered direct offering is expected to close on or about October 30, 2023, subject to the satisfaction of customary closing conditions. Maxim Group LLC acted as sole placement agent for the offering.