CHANGSHA, China - Bit Brother Limited (OTC Pink: BETSF), a company with interests in business management in China and cryptocurrency ventures in the United States, announced today its plans to appeal a recent delisting decision by the Nasdaq Stock Market's Hearing Panel.
The appeal is in response to the suspension of trading of Bit Brother's Class A ordinary shares on Nasdaq since last Monday, which has led to shareholders being unable to trade on the OTC market, resulting in significant losses due to a sharp fall in stock price.
The company has received support from global shareholders who believe that Bit Brother's recent financing activities have not been detrimental to their interests. As the cryptocurrency market is currently bullish, Bit Brother is focusing on its digital currency operations, with shareholders anticipating growth in this sector.
The company argues that the delisting comes at an inopportune time, potentially impacting the expected returns from its cryptocurrency operations.
Bit Brother intends to file its appeal with Nasdaq by March 20, 2024, and is inviting shareholders to express their opinions and support for the appeal. The company's operations include strategically managing and integrating cryptocurrency mining facilities within the U.S. and has expanded two mining ventures with plans for further growth.
The press release also contains forward-looking statements which are subject to various risks and uncertainties. The company cautions that while it believes the expectations reflected in these statements are reasonable, they are based on assumptions which may prove incorrect and that actual results could differ materially.
Bit Brother has advised that these forward-looking statements are qualified by risk factors detailed in the company's periodic reports filed with the Securities and Exchange Commission.
The information for this news article is based on a press release statement from Bit Brother Limited.
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