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NEW YORK, Might 26, 2023 (GLOBE NEWSWIRE) — Bit Origin Ltd (NASDAQ: BTOG) (“Bit Origin” or the “Firm”), an rising development firm engaged within the crypto mining enterprise with diversified enlargement methods, immediately introduced that it has resolved to impact a reverse inventory cut up of the Firm’s strange shares and has decided the ratio to be 1-for-30. The Firm’s shareholders accepted the reverse inventory cut up and granted the Firm’s Board of Administrators the authority to find out the precise cut up ratio on the Firm’s annual assembly of shareholders held on Might 18, 2023. Bit Origin’s strange shares will start buying and selling on an adjusted foundation giving impact to the reverse inventory cut up on Might 30, 2023 beneath the prevailing ticker image “BTOG”. The brand new CUSIP variety of the Firm’s strange shares will likely be G21621118.
“Our Firm went by an entire enterprise transformation into crypto mining over the previous 12 months. The reverse inventory cut up will higher align Bit Origin’s variety of shares excellent with firm of our dimension and scope,” stated Mr. Lucas Wang, Chairman and Chief Govt Officer of the Firm.
When the reverse inventory cut up is efficient, each thirty shares of the Firm’s strange shares issued and excellent as of the efficient date will likely be mechanically mixed into one strange share. This can scale back the variety of excellent strange shares of Bit Origin from roughly 100.9 million to roughly 3.3 million. Concurrently with the reverse inventory cut up, the Firm amended its Memorandum of Affiliation to proportionately scale back the variety of approved strange for issuance and alter the par worth of post-reverse inventory cut up strange shares to $0.30 per share.
Excellent Bit Origin warrants and choices will likely be proportionately adjusted. No fractional shares will likely be issued in reference to the reverse inventory cut up. Shareholders in any other case entitled to obtain a fractional share on account of the reverse inventory cut up will obtain one full share.
Extra info regarding the reverse inventory cut up could be present in Bit Origin’s discover of annual common assembly filed with the Securities and Alternate Fee on April 13, 2023.
About Bit Origin Ltd
Bit Origin Ltd, previously generally known as China Xiangtai Meals Co., Ltd., is an rising development firm working in the USA and engaged within the cryptocurrency mining enterprise. The Firm can be actively deploying blockchain applied sciences alongside diversified enlargement methods. For extra info, please go to
https://bitorigin.io
.
Protected Harbor Assertion
This announcement incorporates forward-looking statements inside the which means of the secure harbor provisions of the Non-public Securities Litigation Reform Act of 1995. All statements aside from statements of historic truth on this announcement are forward-looking statements. These forward-looking statements contain recognized and unknown dangers and uncertainties and are based mostly on present expectations and projections about future occasions and monetary developments that the Firm believes might have an effect on its monetary situation, outcomes of operations, enterprise technique, and monetary wants. Traders can establish these forward-looking statements by phrases or phrases equivalent to “might,” “will,” “count on,” “anticipate,” “purpose,” “estimate,” “intend,” “plan,” “consider,” “potential,” “proceed,” “is/are more likely to” or different related expressions. The Firm undertakes no obligation to replace forward-looking statements to mirror subsequent occurring occasions or circumstances or modifications in its expectations, besides as could also be required by legislation. Though the Firm believes that the expectations expressed in these forward-looking statements are affordable, it can’t guarantee you that such expectations will change into right, and the Firm cautions buyers that precise outcomes might differ materially from the anticipated outcomes.
Firm Contact
Bit Origin Ltd
Mr. Lucas Wang, Chairman and Chief Govt Officer
E-mail:
ir@bitorigin.io
To maintain up to date on Bit Origin’s information releases and SEC filings, please subscribe to electronic mail alerts at
https://bitorigin.io/contact
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