Bit Brother Ltd BETS shares are trading lower by 55% to $0.031 Tuesday afternoon after the company announced a deal to sell $12.0 million worth of Class A ordinary shares, Class D warrants and Class E warrants to accredited investors through a registered direct offering.
The offering comprises 184,615,385 Class A ordinary shares, paired with respective Class D and Class E warrants, all sold at $0.065 per share and associated warrants.
The terms allow immediate exercise of Class D warrants for five years at $0.06 initially, subject to adjustments after 30 days, and Class E warrants for two years at $0.13 initially, both offering cashless exercise options.
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