Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 56

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 56
---
. As the effective date of the Form S-1 was subsequent to June 30, 2025, this agreement was considered
a consulting agreement until Mr. Andre was elected to the Board of Directors of WhiteFiber on August 7, 2025. Over the duration of the
service agreement, the Company will recognize share-based compensation expenses aggregating $0.2 million based upon the closing price
of the Company’s ordinary shares on the date of the agreement.

13. SHARE CAPITAL

Ordinary shares

As of December 31, 2024, there were 179,255,191
ordinary shares issued and 179,125,205 ordinary shares outstanding.

In May 2022, the Company entered into an At-the-Market
Offering Agreement with H.C. Wainwright & Co., LLC relating to the Company’s 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
six months ended June 30, 2025, the Company sold 28,654,586 ordinary shares for an aggregate purchase price of $58.5 million net of offering
costs pursuant to this at-the-market offering.

31

On April 29, 2025, the Company filed a registration
statement on Form S-3 (No. 333-286841) to register up to $500 million of its ordinary shares, preference shares, debt securities, warrants,
units and subscription rights (the “Registration Statement”). 

In June 2025, the Company completed an underwritten
public offering of its ordinary shares registered under the Registration Statement. In accordance with the terms of the underwriting agreement
entered into with B. Riley Securities, Inc., as representative of the several underwriters, the Company sold 75,000,000 ordinary shares
at a price to the underwriters of $1.90 per share. The Company received net proceeds of approximately $141.6 million, after deducting
the underwriting discount and offering expense. On July 1, 2025, the underwriters related to this public offering fully exercised their
option to purchase an additional 11,250,000 ordinary shares, resulting in additional net proceeds to the Company of $21.3 million,
after deducting the underwriting discount and offering expenses.

 During the six months ended June 30, 2025, 1,272,