Bit Origin Limited (BTOG) announces a 1:30 share split
Bit Origin Ltd (BTOG) announced today that it has decided to perform a reverse stock split for the Company’s common shares and has determined a ratio of 1 in 30. The Company’s shareholders have been approved the reverse stock split and conferred upon the Board of Directors of the Company the authority to determine the exact proportion of the division at the Company’s annual meeting of shareholders to be held on 18 May 2023. Bit Origin’s common stock will begin trading on an adjusted basis effective through a reverse stock split on May 30, 2023 under the existing ticker symbol “BTOG.” The new CUSIP number of the Company’s common stock will be G21621118.
“Our company has undergone a complete business transition to crypto mining over the past year. Mr. Lucas Wang, Chairman and CEO of the Company said:
When the reverse stock split becomes effective, every thirty ordinary shares of the Company issued and outstanding as of the effective date will be automatically combined into one common share. This will reduce the number of common shares outstanding of Bit Origin from about 100.9 million to about 3.3 million. Simultaneously with the reverse stock split, the Company has revised the Memorandum of Association to reduce the number of ordinary shares that are allowed to be issued respectively and change the par value of the common shares after the share split. shares to $0.30 per share.
Bit Origin’s outstanding warranties and options will be adjusted accordingly. No fractional shares have been issued in connection with a reverse stock split. On the other hand, shareholders who are entitled to receive a portion of the shares as a result of a reverse stock split will receive a full share.
Additional information regarding the reverse stock split can be found in the Bit Origin annual meeting notice sent to the Securities and Exchange Commission on April 13, 2023.