Bit Brother Limited (BTB) on a Bullish path since Regaining Compliance with Nasdaq

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Gaining up to 29.19% in the premarket, Bit Brother Limited (BTB) reaches $2.08 against its last close at $1.61 (+27.78%) on November 9, 2021. BTB gained $0.35 during the day at a volume of 26.9 million during the day.

This bullish trend in BTB seems to have begun since Bit Brother’s announcement on November 5. As per the announcement, BTB finally regained compliance with Nasdaq’s minimum bid price requirements for continued listing on The Nasdaq Capital Market. BTB received written notification regard the regained compliance from Nasdaq on November 3, based on BTB’s closing price being $1.00 (or above) per share for 10 consecutive days.

Previously, the company had been facing issues in fulfilling the minimum bid price requirements for listing on Nasdaq, as its minimum bid price per its ordinary share had been below $1.00 for over a period of consecutive 30 business days. This led to the company receiving written notification from Nasdaq regarding the deficiency on October 20.

More about Bit Brother Limited (BTB)

Bit Brother Limited (BTB), known as Urban Tea previously, specializes in the supply and distribution of specialty tea products along with meals and pastries through its subsidiaries. It was incorporated as a company with limited liability in the British Virgin Islands on November 28, 2011. The company has a very exclusive niche of consumers with very specific taste.

Bit Brother is based in Changsha, the People’s Republic of China.

Bit Brother’s Finances

With the fiscal year from July to June, BTB’s finances show positive change for the year 2020 as compared to that of 2019. BTB generated a revenue of $865.71K for the fiscal year 2020 against a revenue of $401.81K for 2019. The revenue grew at 115.45% in 2020.

The earning per share showed a tremendous positive change of 88.88% from the previous year. The basic and diluted earnings per share were -$0.63 for the year 2020 as compared to -$5.7 for the year 2019. The operating profit per share was reported to be -$0.74 for the fiscal year 2020.

For the six months ended December 31, 2020, Bit Brother Limited (BTB) showed an increase in revenues to $3.87 million from $418K. The increase in revenue hence shows an increase in demand for the products of the company. This increase in demand is subjected to favorable market conditions.

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