Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 245

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1
Chunk 245
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 if
the auditor of a U.S. listed company’s financial statements is not subject to PCAOB inspections for three consecutive “non-inspection”
years, the SEC is required to prohibit the securities of such issuer from being traded on a U.S. national securities exchange, such as
the NYSE and Nasdaq, or in the U.S. over-the-counter markets. On December 29, 2022, the Consolidated Appropriations Act, 2023 was
signed into law, which, among other things, amended the HFCA Act to reduce from three years to two years the number of consecutive years
an issuer can be identified as an identified issuer before the SEC can prohibit an issuer’s securities from trading on any U.S.
national securities exchange and on the over-the- counter market. Accordingly, our securities may be prohibited from trading on Nasdaq
or other U.S. stock exchange if our auditor is not inspected by the PCAOB for two consecutive years, and this ultimately could result
in our Ordinary Shares being delisted.

On June 22, 2021, the
U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which if enacted into law, would amend the HFCA Act and
require the SEC to prohibit an issuer’s securities from trading on U.S. stock exchanges if its auditors are not subject to PCAOB
inspections for two consecutive “non-inspection” years instead of three. On September 22, 2021, the PCAOB adopted a final
rule implementing the HFCA Act, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCA Act,
whether the Board is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction
because of a position taken by one or more authorities in that jurisdiction. On December 16, 2021, the PCAOB issued PCAOB Rule 6100 Board
Determinations Under the Holding Foreign Companies Accountable Act. The PCAOB notified the SEC that it was unable to inspect or investigate
completely registered public accounting firms headquartered in mainland China and in Hong Kong because of the positions taken by authorities
in mainland China and Hong Kong. The PCAOB issued a Determination Report on December 15, 2022, determining that the PCAOB secured complete
access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong, and vacating the 2021
Determinations to the contrary. However, the PCAOB further noted