Bit Brother Limited announces $7.1M registered direct offering

Bit Brother Limited announced that it has entered into a securities purchase agreement with certain accredited investors to sell $7.1M of its ordinary shares and warrants in a registered direct offering. Under the terms of the securities purchase agreement, Bit Brother has agreed to sell 1,569,444 ordinary shares and warrants to purchase 2,354,166 ordinary shares. The warrants will be exercisable immediately upon the date of issuance and have an exercise price of $4.50. The warrants will expire five years from the date of issuance. The purchase price for one ordinary share and one corresponding warrant will be $4.50. The gross proceeds to Bit Brother are estimated to be $7.1M before deducting the placement agent fees and other estimated offering expenses. The registered direct offering is expected to close on or about January 20, subject to the satisfaction of customary closing conditions. Maxim Group acted as sole placement agent for the offering.