Company: BTBT
Filing Date: 2025-10-31
Form Type: S-3ASR
Source: 0001213900-25-104745
Chunk: 17

Company: Bit Digital, Inc
Filing Date: 2025-10-31
Form: S-3ASR
Chunk 17
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 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.

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) a majority in number of the creditors or each class of creditors, as the case may be, with whom the arrangement is
to be made, and who must, in addition, represent seventy-five percent in value of the creditors or each such class of 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 and (b) seventy-five
percent in value of the shareholders or each class of shareholders, as the case may be, with whom the arrangement is to be made that are
present and voting either in person or by proxy at a meeting, convened for that purpose, as applicable.

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; |

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| (b) | the shareholders have been fairly represented