Bit Origin Ltd Announces Effective Date of Reverse Stock Split
26 Mai 2023 - 6:55PM
Bit Origin Ltd (NASDAQ: BTOG) ("Bit Origin" or the "Company"), an
emerging growth company engaged in the crypto mining business with
diversified expansion strategies, today announced that it has
resolved to effect a reverse stock split of the Company’s ordinary
shares and has determined the ratio to be 1-for-30. The Company’s
shareholders approved the reverse stock split and granted the
Company’s Board of Directors the authority to determine the exact
split ratio at the Company’s annual meeting of shareholders held
on May 18, 2023. Bit Origin's ordinary shares will begin
trading on an adjusted basis giving effect to the reverse stock
split on May 30, 2023 under the existing ticker symbol “BTOG”.
The new CUSIP number of the Company’s ordinary shares will be
G21621118.
“Our Company went through a complete business
transformation into crypto mining over the past year. The reverse
stock split will better align Bit Origin’s number of shares
outstanding with company of our size and scope,” said
Mr. Lucas Wang, Chairman and Chief Executive Officer of the
Company.
When the reverse stock split is effective, every
thirty shares of the Company's ordinary shares issued and
outstanding as of the effective date will be automatically combined
into one ordinary share. This will reduce the number of outstanding
ordinary shares of Bit Origin from approximately 100.9 million to
approximately 3.3 million. Concurrently with the reverse stock
split, the Company amended its Memorandum of Association to
proportionately reduce the number of authorized ordinary for
issuance and change the par value of post-reverse stock split
ordinary shares to $0.30 per share.
Outstanding Bit Origin warrants and options will
be proportionately adjusted. No fractional shares will be issued in
connection with the reverse stock split. Shareholders otherwise
entitled to receive a fractional share as a result of the reverse
stock split will receive one full share.
Additional information concerning the reverse
stock split can be found in Bit Origin's notice of annual general
meeting filed with the Securities and Exchange Commission
on April 13, 2023.
About Bit Origin Ltd
Bit Origin Ltd, formerly known as China Xiangtai
Food Co., Ltd., is an emerging growth company operating in the
United States and engaged in the cryptocurrency mining business.
The Company is also actively deploying blockchain technologies
alongside diversified expansion strategies. For more information,
please visit https://bitorigin.io.
Safe Harbor Statement
This announcement contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical fact in this announcement are
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
current expectations and projections about future events and
financial trends that the Company believes may affect its financial
condition, results of operations, business strategy, and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results.
Company Contact
Bit Origin Ltd Mr. Lucas Wang, Chairman and Chief Executive
OfficerEmail: ir@bitorigin.io
To keep updated on Bit Origin’s news releases and SEC filings,
please subscribe to email alerts
at https://bitorigin.io/contact
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