CHANGSHA, China, Jan. 20,
2023 /PRNewswire/ -- Bit Brother Limited ("Bit
Brother", "BTB", "We" or the "Company") (NASDAQ: BTB) announced
today that its Board of Directors has approved the formation of a
Special Task Force to address suspected illegal shorting of its
stock. The Special Task Force plans to engage competent counsel
and/or investigation professionals and to take all possible actions
to identify and prosecute those involved in the market manipulation
of BTB's stock, especially the institutions or individuals involved
in illegal naked short selling. The Special Task Force is comprised
of Mr. Xianlong Wu, Chairman of the Board and CEO of BTB, Ms. Diyu
Jiang, Director and CFO of BTB, and Mr. Ralph Jones, Director of BTB and CEO of its
subsidiary, Bit Brother New York Inc.
The Company plans to utilize all reasonable resources to conduct
the investigation. Management believes that the formation of the
Special Task Force would help expose those who may have
participated in market manipulation of the Company's stock. The
Board believes that this action will deter any future manipulation
of the market by exposing and persecuting naked short sales of the
Company's stock and other violations.
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
cryptocurrency mining in North America and the distribution and retail
of specialty tea products. For more information, please
visit: www.bitbrother.com.
Forward-Looking Statements Disclaimer
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.
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SOURCE Bit Brother Limited