Business
Bit Origin Ltd Announces Full Exercise of Underwriter’s Over-Allotment Option in Underwritten Public Offering of Ordinary Shares
New York, June 29, 2022 (GLOBE NEWSWIRE) -- Bit Origin Ltd (NASDAQ: BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in crypto mining
About this update from Bit Origin Limited
[{"type":"text","content":"New York, June 29, 2022 (GLOBE NEWSWIRE) -- Bit Origin Ltd (NASDAQ: BTOG) (\"Bit Origin\" or the \"Company\"), an emerging growth company engaged in crypto mining business with diversified expansion strategies, today announced that the underwriter of its previously completed underwritten public offering of ordinary shares, has fully exercised its option to purchase an additional 1,470,588 ordinary shares at an offering price of $0.51 per ordinary share, resulting in additional gross proceeds of approximately $0.75 million before underwriting discounts and estimated offering expenses. After giving effect to the full exercise of the over-allotment option, the total number of ordinary shares sold by Bit Origin in the offering increased to 11,274,510 and total gross proceeds of the offering increased to approximately $5.75 million, before underwriting discounts and estimated offering expenses. The Company intends to use the net proceeds from the offering for working capital and general business purposes. Univest Securities, LLC acted as the sole book runner for the offering. Ortoli Rosenstadt LLP served as counsel to the Company, and Hunter Taubman Fischer & Li LLC served as counsel to Univest Securities, LLC in connection with the offering. The sale of the ordinary shares in the offering was made pursuant to a shelf registration statement on Form F-3 (File No. 333-238700), previously filed with the U.S. Securities and Exchange Commission (the \"SEC\") on May 26, 2020, and declared effective on July 7, 2020. Such securities are being offered only by means of a prospectus. A final prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering was filed with the SEC on June 7, 2022. When available, copies of the prospectus supplement and the accompanying prospectus relating to the offering may be obtained at the SEC's website www.sec.gov or by contacting Univest Securities, LLC by email at [email protected] or standard mail to Univest Securities, LLC, 75 Rockefeller Plaza, Suite 18C, New York, NY 10019. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of suc...