Duyuru • Mar 13
Bit Brother Plans to Appeal Delisting Determination by Nasdaq Hearing Panel Bit Brother Limited (‘Bit Brother’ or the ‘Company’) announced its intention to appeal the recent delisting decision issued by the Hearing Panel of Nasdaq Stock Market (‘Nasdaq’). The company has recently received correspondence from shareholders across the globe who indicted that they believe the company’s recent financing activities have not harmed their interests. And it is with their support that the company will be submitting its appeal. As the cryptocurrency market experiences a bullish trend, the company remains focused on its digital currency operations, and shareholders are eagerly anticipating the company’s growth in this thriving market. It is precisely during this opportune moment in the cryptocurrency market that Nasdaq’s decision to delist the company should be considered as detrimental to shareholder interests. The timing of this Panel’s decision is particularly unfortunate as shareholders expect significant returns from the company’s operations in the cryptocurrency sector. The company was told on the social media platform that since the trading of the company’s Class A ordinary shares was suspended on Nasdaq since March 7 many of the company’s shareholders were unable to trade on OTC. They told the company they could only sell shares and suffered a huge loss when the stock price fell sharply. The company intend to submit its appeal to Nasdaq no later than March 20, 2024. Duyuru • Mar 07
Bit Brother Limited(OTCPK:BETS) dropped from NASDAQ Composite Index Urban Tea Inc has been removed from NASDAQ Composite Index . Duyuru • Dec 07
Bit Brother Limited has filed a Follow-on Equity Offering in the amount of $12 million. Bit Brother Limited has filed a Follow-on Equity Offering in the amount of $12 million.
Security Name: Class A Ordinary Shares
Security Type: Common Stock
Securities Offered: 184,615,385
Price\Range: $0.065
Discount Per Security: $0.00455
Security Name: Class D Warrants
Security Type: Equity Warrant
Securities Offered: 184,615,385
Security Name: Class E Warrants
Security Type: Equity Warrant
Securities Offered: 184,615,385
Transaction Features: Registered Direct Offering Duyuru • Dec 06
Bit Brother Limited Receives a Certificate of Occupancy and is Scheduled to Commence Operations in Early 2024 Bit Brother Limited announced that its 2-acre cryptocurrency mining farm site located in Abilene, Texas received a Certificate of Occupancy and is scheduled to commence operations by early 2024. In the application and preparation process, the Company's operation team has adjusted a clear distinction between the industrial operations and the residential area in its mining farm in Abilene, Texas in accordance with the Abilene City code. At present, the Company has met all of the requirements and has received a Certificate of Occupancy from the city of Abilene. The Company has purchased an initial batch of approximately USD 5 million of cryptocurrency mining servers, and the entire set of equipment is scheduled to be shipped to the site before the end of December 2023, while operations are expected to in early 2024, assuming that the equipment will be fully delivered and passes inspection benchmarks. The monthly production is estimated to be 12 BTC, assuming that all the machines are functioning as expected. Duyuru • Nov 30
Bit Brother Limited Announces Significant achievements Regarding its 6MW Mining Farm At 1968 N Access Rd, Clyde, TX 79510 Bit Brother Limited announced significant achievements regarding its 6MW mining farm at 1968 N Access Rd, Clyde, TX 79510. Over the past 11 months, the facility has generated a total value exceeding 120 BTC. Starting operations on January 17, 2023, the mining farm reached full 6MW capacity after installing 1.5 MW miner servers in May. Despite challenges from the Texas summer heat, outcomes met expectations, due to the mining operation team's professionalism in addressing issues, managing server operations, handling power curtailments, and overseeing overall operations. The Company's second 2-acre mining farm at 5418 Lockheed Way, Abilene, TX 79603, is in the final stages of infrastructure development. This includes completing construction and setting up of the warehouse, mining containers and associated infrastructure. Anticipated in December, customized power transformers and sound insulation walls are expected to be delivered and installed in December. Operations are expected to start in January, assuming the equipment are inspected and accepted, and preparatory tasks are completed by then. The initial batch involved purchasing about 1,500 mining servers, with an estimated daily production of 0.4 BTC, assuming optimal functionality of all machines. New Risk • Oct 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$97.3m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$27m free cash flow). Earnings have declined by 90% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 27x increase in shares outstanding). Minor Risks Revenue is less than US$5m (US$2.9m revenue). Market cap is less than US$100m (US$97.3m market cap). Reported Earnings • Oct 13
Full year 2023 earnings released: US$0.68 loss per share (vs US$2.24 loss in FY 2022) Full year 2023 results: US$0.68 loss per share. Revenue: US$2.88m (up 277% from FY 2022). Net loss: US$96.7m (loss widened US$84.9m from FY 2022). Duyuru • Jun 16
Bit Brother Limited Announces Resignation of Ralph Leslie Jones as Executive Director Effective May 26, 2023, Mr. Ralph Leslie Jones resigned from his positions as the executive director of the board of directors of Bit Brother Limited. Mr. Jones' resignation was for personal reasons and did not result from any disagreement with the Company. Duyuru • May 23
Bit Brother Ltd. Receives Nasdaq Notification Letter Regarding Bid Price Deficiency Bit Brother Limited announced that on May 16, 2023, the Company received a notification letter from the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market LLC ("Nasdaq") notifying the Company that the minimum bid price per share for its Class A ordinary shares has been below $1.00 for a period of 30 consecutive business days and the Company therefore no longer meets the minimum bid price requirements set in Nasdaq Listing Rule 5550(a)(2). The notification received has no immediate effect on the listing of the Company's ordinary shares on Nasdaq. Under the Nasdaq Listing Rules, the Company has until November 13, 2023 to regain compliance. If at any time during such 180-day period the closing bid price of the Company's Class A ordinary shares is at least $1 for a minimum of 10 consecutive business days, Nasdaq will provide the Company written confirmation of compliance. If the Company does not regain compliance during such 180-day period, the Company may be eligible for an additional 180 calendar days, provided that the Company meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq except for Nasdaq Listing Rule 5550(a)(2), and provide a written notice of its intention to cure this deficiency during the second compliance period, by effecting a reverse stock split, if necessary. Reported Earnings • Mar 29
First half 2023 earnings released: US$0.65 loss per share (vs US$0.92 loss in 1H 2022) First half 2023 results: US$0.65 loss per share. Net loss: US$7.02m (loss widened 105% from 1H 2022). Duyuru • Jan 24
Bit Brother Limited Announces 2.39 Bitcoin Has Been Mined Bit Brother Limited announced till the time this Press Release is published, all 1,400 S19J Pro cryptocurrency mining servers have been operating with the total hash rate of 140,000 TH/S in Texas mining farm, which is owned by BTB's subsidiary Bit Brother New York Inc. And 2.39 Bitcoin has been mined. The Company seeks to provide as much transparency about its bitcoin mining operation as possible. These mining results do not include any financial results for the Company and do not address the Company's other, non-mining operations. United States generally accepted accounting principles for cryptocurrency mining are complex, emerging, and uncertain. Cryptocurrencies may not be recognized as cash or cash equivalents, and mining activities may not qualify for revenue recognition. Cryptocurrencies have no inherent value, are not legal tender recognized by any governmental entity, and might not be able to be converted into fiat currencies. Investors are advised not to place undue reliance on mining results alone, without considering other financial and non-financial metrics. Duyuru • Jan 10
Bit Brother Regains Compliance with Nasdaq Minimum Bid Price Requirements for Continued Listing Bit Brother Limited announced that on December 30, 2022, the Company received a notification letter from the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market LLC ("Nasdaq") notifying the Company that it has regained compliance with the Nasdaq's minimum bid price requirement and the matter is closed. On January 4, 2022, the Company was first notified by Nasdaq its failure to maintain a minimum bid price of $1.00 per share for 30 consecutive business days under Nasdaq Listing Rules 5550(a)(2) and 5810(c)(3)(A), and was given its first 180-day extension, or until July 5, 2022 to regain compliance. On July 7, 2022, the Company received a second 180-day extension from Nasdaq or until January 2, 2023 to regain compliance. Effective December 15, 2022, the Company effected a fifteen-to-one (15-to-1) reverse split of its Class A Ordinary Shares, which was reflected with Nasdaq and in the marketplace at the opening of business on December 15, 2022. The letter the Company received from Nasdaq on December 30, 2022 noted that as of December 29, 2022, the Company evidenced a closing bid price of its Class A ordinary shares at or greater than the $1.00 per share minimum requirement for the last 10 consecutive business days, from December 15, 2022 through December 29, 2022. Nasdaq stated that accordingly, Bit Brother Limited has regained compliance with Nasdaq Listing Rule 5550(a)(2). Reported Earnings • Nov 01
Full year 2022 earnings released: US$0.15 loss per share (vs US$0.80 loss in FY 2021) Full year 2022 results: US$0.15 loss per share. Net loss: US$11.8m (loss widened 46% from FY 2021). Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Yunfei Song was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Apr 17
First half 2022 earnings released First half 2022 results: Net income: (up US$681.0k from 1H 2021). Board Change • Apr 01
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Yunfei Song was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 17
Full year 2021 earnings released: US$0.80 loss per share (vs US$0.63 loss in FY 2020) The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2021 results: Revenue: US$5.71m (up US$4.85m from FY 2020). Net loss: US$8.13m (loss widened 286% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 43% per year, which means it is performing significantly worse than earnings. Executive Departure • May 17
Chief Financial Officer has left the company On the 11th of May, Jing Lu's tenure as Chief Financial Officer ended after 2.1 years in the role. We don't have any record of a personal shareholding under Jing's name. A total of 6 executives have left over the last 12 months. Executive Departure • Feb 22
Executive Director has left the company On the 17th of February, Changguang Wu's tenure in the role of Executive Director ended. We don't have any record of a personal shareholding under Changguang's name. A total of 3 executives have left over the last 12 months. Is New 90 Day High Low • Feb 20
New 90-day high: US$6.05 The company is up 248% from its price of US$1.74 on 20 November 2020. The American market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is down 3.0% over the same period. Is New 90 Day High Low • Feb 05
New 90-day high: US$2.44 The company is up 50% from its price of US$1.63 on 06 November 2020. The American market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is up 1.0% over the same period. Is New 90 Day High Low • Jan 21
New 90-day high: US$2.22 The company is up 21% from its price of US$1.84 on 22 October 2020. The American market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is up 1.0% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: US$1.98 The company is up 19% from its price of US$1.67 on 30 September 2020. The American market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is up 6.0% over the same period. Reported Earnings • Nov 02
Full year earnings released - US$0.063 loss per share Over the last 12 months the company has reported total losses of US$2.11m, with losses widening by 124% from the prior year.