Company: BTBT
Filing Date: 2025-06-11
Form Type: S-3/A
Source: 0001213900-25-053489
Chunk: 37

Company: Bit Digital, Inc
Filing Date: 2025-06-11
Form: S-3/A
Chunk 37
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 each constituent
company and (ii) such other authorization, if any, as may be specified in such constituent company’s articles of association. The
consent of each holder of a fixed or floating security interest of a constituent company in a proposed merger or consolidation must be
obtained but if such secured creditor does not grant that person’s consent then the Courts of the Cayman Islands may upon application
of the constituent company that has issued the security waive the requirement for such consent upon such terms as to security to be issued
by the consolidated or surviving company or otherwise as the Court considers reasonable. The written plan of merger or consolidation must
be filed with the Registrar of Companies of the Cayman Islands together with, among other things, a director’s declaration regarding
matters prescribed by the Companies Act, an undertaking that a copy of the certificate of merger or consolidation will be given to the
members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman
Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman
parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders if a copy of the
plan of merger is given to every shareholder of each subsidiary company to be merged unless that shareholder agrees otherwise. For this
purpose, a subsidiary is a company of which at least 90% of the issued shares entitled to vote are owned by the parent company.

Except in certain limited
circumstances, a dissenting shareholder of a Cayman Islands constituent company is entitled to payment of the fair value of his or her
shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting from a merger or consolidation,
provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of such dissenter
rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by
virtue of holding shares, except for the right to seek relief on the grounds that the merger or consolidation is 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