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Tag: Bit Brother

  • Bit Brother Ltd. (BTB) Stock Plummets Following Pricing of Registered Direct Offering

    Bit Brother Ltd. (BTB) Stock Plummets Following Pricing of Registered Direct Offering

    Bit Brother Ltd. (BTB) stock prices plummeted by 47% shortly after market trading commenced on July 16th, 2021, bringing the price per share down to USD$1.06 early on in the trading day.

    Registered Direct Offering

    July 16th, 2021 saw the company announce having entered into a securities purchase agreement with various accredited investors. The agreement will see the company sell USD$22.5 million in ordinary shares and warrants in a registered direct offering. The offering will consist of the sale of 15 million ordinary shares and warrants that will facilitate the purchase of an additional 15 million shares.

    Offered Warrants

    The warrants will be exercisable immediately, with an expire date of five years from the date of issuance. A single unit consisting of one ordinary share and one corresponding warrant has been priced at USD$1.50, with the offering expected to generate USD$22.5 million before the deduction of expenses related to the offering.

    Acquiring Angelo’s Pizza

    July 13th, 2021 saw the company announce having entered into a non-binding letter of intent which will see it acquire a majority 51% stake in Angelo’s Pizza. The family-style boutique restaurant has been in business for 30 years, with a combined history of 120 years as it pivoted to a chain restaurant. Over this time, the company has garnered a strong brand name for itself, consolidated by excellent customer reviews. Following the completion of the acquisition, the chain restaurants will begin accepting cryptocurrency as a form of payment.

    Global Expansion

    Angelo’s Pizza intends to expand its market footprint across burgeoning international markets, such as Canada, Japan, South Korea, China, Singapore, Australia, and New Zealand. The overseas branches will allocate resources towards the provision of takeout and delivery services, given the limited dine-in capacity driven by the ongoing global coronavirus pandemic. The company expects to open up to 1000 branches around the world over the next five years. All of the branches, barring those in China, will be accepting Bitcoin in a big to tie its wagon to the cryptocurrency horse that is steadily increasing in momentum.

    Future Outlook for BTB

    Armed with the influx of capital from its registered direct offering and the acquisition of such an established restaurant chain, BTB is poised to capitalize on the opportunities afforded to it. The company is keen to push for the continued market proliferation of its chains, while investors are hopeful for significant and sustained increases in shareholder value over the long term.

  • Bit Brother Limited (BTB) stock surged in the current trading session; here’s why

    In the current trading session, the latest check indicated that Bit Brother Limited (BTB stock) shares surged by 8.21% to trade at the price of $2.11. BTB stock previously closed the session at $1.95. The BTB stock volume traded 1.67 million shares, and the average daily volume traded for the past 50 days has been 0.68 million shares. In the past year, up-to-date BTB shares have dropped by -71.32% and in the past week, they have moved down by -4.41%. In the past three and six months, the stock has shed -48.68% and added 10.17%. Furthermore, Bit Brothers currently valued in the market at $38.49 million and has 19.74 million outstanding shares.

    About Bit Brother Limited

    Bit Brother limited is a restaurant-based company that specifically focuses on providing specialty tea product distribution as well as food and retail business for its customers. The operations of the company are based in the People’s Republic of China. The company’s product offering related to the beverages consists of various kinds of tea; fruit tea, milk cap tea and fresh milk tea. It also provides savory and light meals options which include sandwiches, steak, burritos, salads as well as healthy options of meals. BTB stock has in its food products, list of confectionaries and bakery items like cakes, bread, frosted pastries. As of June 30, 2020, it worked through four bistros, remembering two lead and two convenience stores for the Hunan area, the People’s Republic of China. The organization was some time ago known as Urban Tea, Inc. also, changed its name to Bit Brother Limited in May 2021. Bit Brother Limited is settled in Changsha, the People’s Republic of China.

    Bit Brother plans to acquire 51% of Angelo’s Pizza for its international expansion

    Bit Brother Limited announced that it has entered an agreement on mutual understanding with Angelo’s Pizza. The agreement is for the acquisition of Angelo’s pizza restaurant chain which includes Angelo’s Pizza 1697 Inc., 1279 1st Avenue LLC, and 60th Street Restaurant Corporation. The acquisition is partial with 51% ownership and the agreement’s nature is a non-binding letter of intent (LOI).

    Bit Brother Limited wants to acquire Angelo’s Pizza due to its 120 years in total strong brand recognition along with par-excellence reviews. Furthermore, Bit Brother Limited is attracted by Angelo’s Pizza’s plans of expansion in the international market which will allow it to have a presence in Canada, Australia, New Zealand, Singapore, China, Japan, and South Korea. This acquisition will then allow these three restaurants to accept bitcoin and another form of cryptocurrency as payment.

    The restaurant company aims to open up 1000 branches overseas and sees itself doing it in the next 5 years. The company is scaling and expanding its business cost-efficiently by providing takeout and delivery services in its overseas branches. It will also have a limited dine-in seating capacity. This is done to incur low rent, build-out and efficient scaling of takeout types of restaurants.

    The 51% equity interest of BTB stock in Angelo’s Pizza is equal to $12.5 million and half of the payment will be paid in cash while the other half will be paid in BTB stock’s ordinary shares.