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Why is Bit Brother Limited (BETS) Stock down?

05 Dec, 2023:

Bit Brother Limited (BETS) stock dropped by 51.73% due to the company announced a registered direct offering of $12.0 million. The offering involved Class A ordinary shares, Class D warrants, and Class E warrants.

  • Offering Details: Bit Brother sold 184,615,385 Class A ordinary shares along with corresponding Class D and Class E warrants. These securities were offered at $0.065 per Class A ordinary share. Class D warrants had a five-year term with an initial exercise price of $0.06 (subject to reset), while Class E warrants had a two-year term with an initial exercise price of $0.13. A reverse split would be triggered if the Class A ordinary share's closing bid price fell below $0.01 for five consecutive days. The warrant holders agreed not to exercise cashlessly below $1.50 during the initial 20 trading days following the reverse split.
  • Proceeds and Closing Date: The offering aimed to generate $12.0 million in gross proceeds before deducting placement agent fees and other expenses. It was expected to conclude around December 8, 2023, subject to standard closing conditions. Maxim Group LLC served as the sole placement agent. This announcement had a substantial negative impact on BETS stock, causing a significant drop in its value.
05 Dec, 2023:

Bit Brother Limited (BETS) stock dropped by 51.73% due to the company announced a registered direct offering of $12.0 million. The offering involved Class A ordinary shares, Class D warrants, and Class E warrants.

  • Offering Details: Bit Brother sold 184,615,385 Class A ordinary shares along with corresponding Class D and Class E warrants. These securities were offered at $0.065 per Class A ordinary share. Class D warrants had a five-year term with an initial exercise price of $0.06 (subject to reset), while Class E warrants had a two-year term with an initial exercise price of $0.13. A reverse split would be triggered if the Class A ordinary share's closing bid price fell below $0.01 for five consecutive days. The warrant holders agreed not to exercise cashlessly below $1.50 during the initial 20 trading days following the reverse split.
  • Proceeds and Closing Date: The offering aimed to generate $12.0 million in gross proceeds before deducting placement agent fees and other expenses. It was expected to conclude around December 8, 2023, subject to standard closing conditions. Maxim Group LLC served as the sole placement agent. This announcement had a substantial negative impact on BETS stock, causing a significant drop in its value.
26 Oct, 2023:

Bit Brother Limited (BETS) stock dropped by 78.99% due to the company's disclosure of a registered direct offering. The company entered into a securities purchase agreement with accredited investors to sell $5.04 million worth of Class A ordinary shares, Class B warrants, and Class C warrants.

  • Offering Details: The agreement involved the sale of 14,000,000 Class A ordinary shares, accompanied by Class B warrants for the same amount and Class C warrants with identical quantities. These securities were priced at $0.36 per Class A ordinary share, along with associated warrants. The Class B warrants could be exercised for five years at an initial price of $0.36, while the Class C warrants had a two-year exercise period starting at $0.46, subject to specific reset conditions.
  • Proceeds and Closing Date: The offering generated gross proceeds of $5.04 million before accounting for placement agent fees and other expenses. The closing of this registered direct offering was expected around October 30, 2023, subject to standard closing conditions. Maxim Group LLC served as the sole placement agent for the transaction.
  • SEC Filing: The securities offered were made under a shelf registration statement (Form F-3) filed with the SEC. Detailed terms of the offering were available through the SEC's website or Maxim Group LLC. This announcement regarding the registered direct offering had a significant adverse impact on BETS stock.
18 Jan, 2023:

Bit Brother Limited (BETS) stock dropped by 69.43% due to the company's announcement of a registered direct offering. The company revealed that it had entered into a securities purchase agreement with accredited investors to sell $7.1 million worth of its ordinary shares and warrants.

  • Offering Details: Bit Brother agreed to sell 1,569,444 ordinary shares and accompanying warrants to purchase 2,354,166 ordinary shares. These warrants were exercisable immediately upon issuance with an exercise price of $4.50, valid for five years. The combined purchase price for one ordinary share and one warrant was $4.50.
  • Proceeds and Closing Date: The offering was expected to generate gross proceeds of $7.1 million, excluding placement agent fees and other expenses. The registered direct offering was anticipated to conclude around January 20, 2023, subject to standard closing conditions. Maxim Group LLC acted as the sole placement agent.
  • SEC Filing: The offering of ordinary shares was made through a shelf registration statement (Form F-3) filed with the Securities and Exchange Commission (SEC). Detailed terms of the offering would be accessible via the SEC's website once the prospectus supplement and accompanying prospectus were filed. This news about the registered direct offering significantly impacted BETS stock, causing a substantial decrease in its value.
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