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Bit Brother Limited (BTB) stock rose in aftermarket, why?

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Bit Brother Limited (BTB) stock has seen an incline of 9.09% in the aftermarket without any specific reason. However, the last trading session closed at $0.99 with an increase of 5.7%.

What’s happening?

Though there is no latest news that has been updated by BTB stock. Yet there is some recent news is as follows:

BTB Closes Stock Previously Announced $22.5 Million Registered Direct Offering

Bit Brother Limited (BTB) stock announced a registered direct offering of 15 million ordinary shares and rights to acquire 15 million ordinary shares for $22.5 million in gross proceeds on 20 July 2021. The warrants are immediately exercisable and have a $1.50 exercise price. The warrants will be valid for five years from the date they were issued. The offering’s sole placement agent was Maxim Group LLC.

$22.5 Million Registered Direct Offering

On 16th July 2021, BTB stock announced that it has entered into a securities purchase agreement with a group of authorized investors to sell $22.5 million in ordinary shares and warrants in a registered direct offering.

BTB has agreed to sell 15,000,000 ordinary shares and 15,000,000 warrants to buy ordinary shares under the provisions of the securities purchase agreement. Moreover, the warrants will have a $1.50 exercise price and will be exercisable immediately upon issuance. Five years from the date of issuance, the warrants will expire.

BTB Stock acquires 100-year-old Restaurant Angelo’s Pizza 1697 Inc.

On 13 July 2021, BTB and Angelo’s Pizza have signed a non-binding letter of intent to acquire 51 percent of Angelo’s Pizza. Angelo’s Pizza has been in business for 30 years as a family-style boutique restaurant, before transitioning to a chain restaurant for another 90 years.

Firstly, Angelo’s Pizza has built high brand awareness and great customer ratings over the course of its 120-year combined history. All three chain restaurants will accept cryptocurrencies as a means of payment once the deal is complete.

Secondly, Angelo’s Pizza intends to expand into fast-growing foreign markets like Canada, Japan, and South Korea, etc. With minimal dine-in seating, the international locations will focus on providing takeaway and delivery options.

Thirdly, the entire price for Angelo’s Pizza’s 51 percent equity interest is $12.5 million, with 50 percent paid in cash and 50 percent paid in the Company’s ordinary shares. After due diligence finishes, the parties agree to engage in a definitive agreement.

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