Bit Brother Ltd, a digital asset manager based in Changsha, China, has recently entered into a securities purchase agreement with accredited investors, aiming to sell $50 million of its class A ordinary shares in a registered direct offering. The agreement stipulates the sale of 200 million class A ordinary shares at a purchase price of $0.25 per share.
After deducting the estimated offering expenses, Bit Brother is expected to raise gross proceeds of $50 million from the transaction. The registered direct offering is scheduled to conclude around July 18, 2023, pending the fulfillment of customary closing conditions.