In the current trading session, the latest check indicated that Bit Brother Limited (BTB stock) shares surged by 8.21% to trade at the price of $2.11. BTB stock previously closed the session at $1.95. The BTB stock volume traded 1.67 million shares, and the average daily volume traded for the past 50 days has been 0.68 million shares. In the past year, up-to-date BTB shares have dropped by -71.32% and in the past week, they have moved down by -4.41%. In the past three and six months, the stock has shed -48.68% and added 10.17%. Furthermore, Bit Brothers currently valued in the market at $38.49 million and has 19.74 million outstanding shares.
About Bit Brother Limited
Bit Brother limited is a restaurant-based company that specifically focuses on providing specialty tea product distribution as well as food and retail business for its customers. The operations of the company are based in the People’s Republic of China. The company’s product offering related to the beverages consists of various kinds of tea; fruit tea, milk cap tea and fresh milk tea. It also provides savory and light meals options which include sandwiches, steak, burritos, salads as well as healthy options of meals. BTB stock has in its food products, list of confectionaries and bakery items like cakes, bread, frosted pastries. As of June 30, 2020, it worked through four bistros, remembering two lead and two convenience stores for the Hunan area, the People’s Republic of China. The organization was some time ago known as Urban Tea, Inc. also, changed its name to Bit Brother Limited in May 2021. Bit Brother Limited is settled in Changsha, the People’s Republic of China.
Bit Brother plans to acquire 51% of Angelo’s Pizza for its international expansion
Bit Brother Limited announced that it has entered an agreement on mutual understanding with Angelo’s Pizza. The agreement is for the acquisition of Angelo’s pizza restaurant chain which includes Angelo’s Pizza 1697 Inc., 1279 1st Avenue LLC, and 60th Street Restaurant Corporation. The acquisition is partial with 51% ownership and the agreement’s nature is a non-binding letter of intent (LOI).
Bit Brother Limited wants to acquire Angelo’s Pizza due to its 120 years in total strong brand recognition along with par-excellence reviews. Furthermore, Bit Brother Limited is attracted by Angelo’s Pizza’s plans of expansion in the international market which will allow it to have a presence in Canada, Australia, New Zealand, Singapore, China, Japan, and South Korea. This acquisition will then allow these three restaurants to accept bitcoin and another form of cryptocurrency as payment.
The restaurant company aims to open up 1000 branches overseas and sees itself doing it in the next 5 years. The company is scaling and expanding its business cost-efficiently by providing takeout and delivery services in its overseas branches. It will also have a limited dine-in seating capacity. This is done to incur low rent, build-out and efficient scaling of takeout types of restaurants.
The 51% equity interest of BTB stock in Angelo’s Pizza is equal to $12.5 million and half of the payment will be paid in cash while the other half will be paid in BTB stock’s ordinary shares.
