Benzinga | Jul 16, 2021 10:52AM EDT

Bit Brother Shares Plunge After Raising $22.5M Via Equity Offering At 25% Discount

* Bit Brother Ltd (NASDAQ:BTB) has entered into a securities purchase agreement with certain accredited investors to sell $22.5 million of shares and warrants in a direct offering.

* Bit Brother will sell 15 million ordinary shares, and warrants for the purchase of 15 million shares. The warrants will expire five years from the date of issuance.

* The purchase price for one ordinary share and one corresponding warrant will be $1.50.

* The price represents a discount of 25% to Bit Brother's last closing price of $2.00 on July 15, 2021.

* The direct offering will close on or about July 20, 2021.

* Price action: BTB shares are trading lower by 46.5% at $1.07 on the last check Friday.