BIT Mining Limited announced that it plans to change the ratio of its American Depositary Shares to its Class A ordinary shares, par value $0.00005 per share, from the current ADS Ratio of one ADS to ten Class A ordinary shares, to a new ADS Ratio of one ADS to one hundred Class A ordinary shares. The company anticipates that the ADS Ratio Change will be effective on or about December 23, 2022. For BIT Mining’s ADS holders, the ADS Ratio Change will have the same effect as a one-for-ten reverse share split. BIT Mining’s ADSs will continue to be traded on the New York Stock Exchange under the ticker symbol "BTCM". No fractional new ADSs will be issued in connection with the ADS Ratio Change. The ADS Ratio Change will have no impact on BIT Mining’s underlying Class A ordinary shares, and no Class A ordinary shares will be issued or cancelled in connection with the ADS Ratio Change. As a result of the ADS Ratio Change, BIT Mining’s ADS trading price is expected to increase proportionally; however, there can be no assurance that the ADS trading price after the ADS Ratio Change will be equal to or greater than ten times the ADS trading price before the change.
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