Bit Brother Ltd. received a notification letter from Nasdaq regarding the insufficient price of the offer


Posted: October 22, 2021 at 7:30 a.m. CDT

CHANGSHA, China, 22 October 2021 / PRNewswire / – Bit Brother Limited (the “Company”, “we” or “Bit Brother”) (NASDAQ: BTB), today announced that the 20 October 2021, the Company received a notification letter from the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market LLC (“Nasdaq”) advising the Company that the minimum bid price per share for its common shares was less than $ 1.00 for a period of 30 consecutive business days and the Company therefore no longer meets the minimum bid price requirements set out in Nasdaq Listing Rule 5550 (a) (2).

The notification received has no immediate effect on the listing of the Company’s ordinary shares on the Nasdaq. Under the Nasdaq listing rules, the Company has up to April 18, 2022 to regain compliance. If at any time during such 180 day period the closing bid price of the common shares of the Company is at least $ 1 for at least 10 consecutive business days, the Nasdaq will provide the Company with written confirmation of compliance.

If the Company does not restore compliance within this 180 day period, the Company may be eligible for an additional 180 calendar days, provided the Company meets the continuous listing requirement for the market value of the shares held. by the public and all other initial listing standards for the Nasdaq. except for Nasdaq Listing Rule 5550 (a) (2), and provide written notice of its intention to remedy this deficiency during the second compliance period, by effecting a reverse stock split, if necessary.

About Bit Brother Limited.

Bit Brother Limited (formerly known as Urban tea, Inc.) has been incorporated into the British Virgin Islands as a limited liability company on November 28, 2011. Our business currently consists of the distribution and retailing of specialty tea products. For more information, please visit: http://ir.hn-myt.com/investor.

Forward-looking statements

This press release contains certain statements which may include “forward-looking statements”. All statements other than statements of historical fact included herein are “forward-looking statements”. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes”, “expects” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks and uncertainties, and these expectations may prove to be inaccurate. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The actual results of the Company could differ materially from those anticipated in these forward-looking statements due to various factors, including the risk factors discussed in the Company’s periodic reports which are filed with the Securities and Exchange Commission and available at the SEC website. (http://www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these risk factors. Except as required by applicable securities laws, the Company assumes no obligation to update these forward-looking statements.

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SOURCE Bit Brother Limited

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