Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 47

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 47
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, the Company entered into an at-the-market
offering with H.C. Wainwright & Co., LLC relating to its ordinary shares. In accordance with the terms of the sales agreement, the
Company may offer and sell ordinary shares having an aggregate offering price of up to $500,000,000. During the three months ended March
31, 2025, the Company sold 3,149,887 ordinary shares for an aggregate purchase price of $10.2 million net of offering costs pursuant to
this at-the-market offering.

During the three months ended March 31, 2025,
491,250 ordinary shares were issued to the Company’s employees, non-executive director, and consultants in settlement of an equal
number of fully vested restricted share units awarded to such individuals and companies by the Company pursuant to grants made under the
Company’s 2023 Plan.

As of March 31, 2025, there were 182,896,328 ordinary
shares issued and 182,766,342 ordinary shares outstanding.

Preferred shares

As of March 31, 2025 and December 31, 2024, there
were 1,000,000 preferred shares issued and outstanding.

The preference shares are entitled to the following
preference features: 1) an annual dividend of 8% when and if declared by the Board of Directors; 2) a liquidation preference of $10.00
per share; 3) convert on a one for one basis for ordinary shares, subject to a 4.99% conversion limitation; 4) rank senior to ordinary
shares in insolvency; and 5) solely for voting purposes vote 50 ordinary shares, for each preference share.

On December 20, 2024, the Board of Directors declared
an eight (8%) percent ($800,000) dividend on the preference shares to Geney Development Ltd. (“Geney”). Erke Huang, our Chief
Financial Officer, is the President of Geney and the beneficial owner of thirty percent (30%) of the equity of Geney, with the remaining
seventy percent (70%) held by Zhaohui Deng, the Company’s Chairman of the Board. The Company fully paid the declared dividend in
January 2025.

Treasury stock

The Company treats ordinary shares withheld for
tax purposes on behalf of employees in connection with the vesting of restricted share grants as ordinary share repurchases because they
reduce the number of ordinary shares