Company: BTBT
Filing Date: 2025-07-02
Form Type: S-8
Source: 0001213900-25-061020
Chunk: 105

Company: Bit Digital, Inc
Filing Date: 2025-07-02
Form: S-8
Chunk 105
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 as such, future investors may be deprived of the benefit
of such complete inspections, which could result in limitations or restrictions on our ability to access the U.S. capital markets. Furthermore,
trading in our securities may be prohibited under the Holding Foreign Companies Accountable Act (the “HFCA Act”) or the Accelerating
Holding Foreign Companies Accountable Act if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is
unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as Nasdaq or the over-the-counter
market, may determine to delist our securities.

U.S. public companies that have or had a substantial
portion of their operations in China have been the subject of heightened scrutiny, criticism and negative publicity by investors, financial
commentators and regulatory agencies, such as the SEC. Much of the scrutiny, criticism and negative publicity has centered on financial
and accounting irregularities and mistakes, a lack of effective internal controls over financial accounting, inadequate corporate government
policies or a lack of adherence thereto and, in many cases, allegations of fraud.

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As part of increased regulatory focus in the United
States on access to audit information, the United States enacted the Holding Foreign Companies Accountable Act, or the HFCA Act, in December
2020. The HFCA Act includes requirements for the SEC to identify issuers whose audit reports are prepared by auditors that the PCAOB is
unable to inspect or investigate completely because of a restriction imposed by a non-U.S. authority in the auditor’s local jurisdiction.
The HFCA Act also requires public companies on this SEC list to certify that they are not owned or controlled by a foreign government
and make certain additional disclosures in their SEC filings. In addition, under the HFCA Act, 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