Bit Origin Ltd (NASDAQ:BTOG) (“Bit Origin” or the “Company”), an emerging growth company engaged in the crypto mining business with diversified expansion strategies, today announced that it has resolved to effect a reverse stock split of the Company’s ordinary shares and has determined the ratio to be 1-for-30. The Company’s shareholders approved the reverse stock split and granted the Company’s Board of Directors the authority to determine the exact split ratio at the Company’s annual meeting of shareholders held on May 18, 2023. Bit Origin’s ordinary shares will begin trading on an adjusted basis giving effect to the reverse stock split on May 30, 2023 under the existing ticker symbol “BTOG”. The new CUSIP number of the Company’s ordinary shares will be G21621118.
“Our Company went through a complete business transformation into crypto mining over the past year. The reverse stock split will better align Bit Origin’s number of shares outstanding with company of our size and scope,” said Mr. Lucas Wang, Chairman and Chief Executive Officer of the Company.
When the reverse stock split is effective, every thirty shares of the Company’s ordinary shares issued and outstanding as of the effective date will be automatically combined into one ordinary share. This will reduce the number of outstanding ordinary shares of Bit Origin from approximately 100.9 million to approximately 3.3 million. Concurrently with the reverse stock split, the Company amended its Memorandum of Association to proportionately reduce the number of authorized ordinary for issuance and change the par value of post-reverse stock split ordinary shares to $0.30 per share.
Outstanding Bit Origin warrants and options will be proportionately adjusted. No fractional shares will be issued in connection with the reverse stock split. Shareholders otherwise entitled to receive a fractional share as a result of the reverse stock split will receive one full share.
Additional information concerning the reverse stock split can be found in Bit Origin’s notice of annual general meeting filed with the Securities and Exchange Commission on April 13, 2023.
