Just yesterday, Bit Brother’s stock was at $2.16. Nevertheless, today despite getting a good investment, it is currently declining: $1.05, resulting in a sensational 51% loss. The company today announced that it agreed to sell 15,000,000 ordinary shares and warrants.
The warrants will be exercisable immediately upon the date of issuing and have a price of $1.50. They will expire five years from the date of issuing. The purchase price for one ordinary share and one warrant will be $1.50. The gross proceeds to Bit Brother are estimated to be $22.5 million before deducting the placement agent fees and other estimated offering expenses.
Bit Brother engages in the specialty tea product distribution and retail business in the People’s Republic of China. The company offers tea-based beverages, including fresh milk tea, fruit tea, milk cap tea, etc.; light meals comprising salads, sandwiches, pasta, steak, burritos, and other healthy options; and pastries consisting of fresh-baked bread, freshly baked cakes, frosting cakes, etc.
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