Bit Brother Ltd (NASDAQ:BTB) Falls Again: Slump 56% in a Week

Bit Brother Ltd (NASDAQ:BTB) dropped 13.6%, and it is down 56% in a week.  Shares dropped after the company signed a shares purchase agreement with some accredited investors to issue $22.5 million of its common shares and warrants in a direct offering.

The company will offer 15 million common shares and accompanying warrants to acquire 15 million shares. Warrants are exercisable immediately at an exercise price of $1.5. the warrants have an expiry of five years from the day of issuance.

Last week, the company announced its plans to purchase 51% interest in Angelo’s Pizza 1697 Inc., 60th Street Restaurant Corporation, and 1279 1st Avenue LLC for $12.5 million in stock and cash. Angelo’s Pizza is a family-style boutique restaurant for over 30 years before turning into a chain restaurant for 90 years. Big Brother will enter a definitive agreement with Angelo’s Pizza on due diligence completion. After completing the acquisition, the chain restaurants will start accepting crypto payment forms. So, in the coming weeks, BTB is a stock to watch.

Market Reaction:

On Monday, BTB stock slumped 13.61% at $0.89 with more than 6.73 million shares, compared to its average volume of 1.55 million shares. The stock has moved within a range of $0.8610 – 0.9550 after opening the trade at $0.95. Over the past 52-week, the stock has been trading within a range of $0.1900 – 6.6920.