Company: BTBT
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001213900-25-058407
Chunk: 73

Company: Bit Digital, Inc
Filing Date: 2025-06-26
Form: 424B5
Chunk 73
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 void or unlawful.

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In addition, there are
statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that
the arrangement is approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made,
and who must, in addition, represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that
are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings
and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder or creditor
has the right to express to the court the view that the transaction ought not to be approved, the Grand Court can be expected to approve
the arrangement if it determines that:

| (a) | the statutory provisions                        
 as to the required majority vote have been met; |

| (b) | the shareholders have been                                                                                                        
 fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to 
 promote interests adverse to those of the class;                                                                                  |

| (c) | the arrangement is such                                                                                               
 that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and |

| (d) | the arrangement is not                                                                      
 one that would more properly be sanctioned under some other provision of the Companies Act. |

The Companies Act also
contains a statutory power of compulsory acquisition which may facilitate the “squeeze out” of minority shareholders. When
an offer is made and accepted by holders of 90% of the shares affected within four months, the offeror may, within a two-month period
commencing on the expiration of such four month period, require the holders of the remaining shares to transfer such shares to the offeror
on the terms of the offer. A dissenting shareholder may object by making an application to the Grand Court of the Cayman Islands within
one month from the date of notice being given that their shares are being compulsorily acquired. If an arrangement and reconstruction
is thus approved, or if an offer is made and accepted, in accordance with the foregoing statutory procedures, a dissenting shareholder
would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware
corporations, providing rights to receive payment in cash for the judicially