Company: ABTS
Filing Date: 2025-01-21
Form Type: F-3
Source: 0001493152-25-003076
Chunk: 13

Company: Abits Group Inc
Filing Date: 2025-01-21
Form: F-3
Chunk 13
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 as of the date of this prospectus, in connection with this offering, under current PRC laws, regulations and rules, we are not required to submit applications for the approval of the CSRC based on the facts that (i) we are a company incorporated in the British Virgin Islands, with none of our operating revenue, 1.99% of our total loss, 4.55% of our total assets or 4.77% of our net assets in the fiscal year ended December 31, 2023 generated from mainland China; (ii) our business activities are not primarily conducted in mainland China, the main places of the our business are located outside mainland China; and the majority of executive members of the Company managing its business operations are non-PRC citizens and have their usual places of residence located outside mainland China. The above analysis and conclusions have not been confirmed with the CSRC.

Recent Events

Nasdaq Listing

On April 12, 2024, the Company received a notice from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) stating that the bid price of our ordinary shares for the prior 30 consecutive trading days had closed below the minimum $1.00 per share required for continued listing under Listing Rule 5550(a)(2) (the “Listing Rule”). We had a period of 180 calendar days, or until October 9, 2024, to regain compliance with the Listing Rule.

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On October 10, 2024, we received notification that Nasdaq has granted an additional 180 calendar day period, or until April 7, 2025, to regain compliance with the minimum $1.00 bid price per share requirement. The notification indicated that we did not regain compliance during the initial 180-day grace period provided under the Listing Rule. In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), we are eligible for the additional grace period because we met the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market with the exception of the bid price requirement and our written notice to Nasdaq of our intentions to cure the deficiency by effecting a reverse stock split, if necessary.

On December 10, 2024, at the annual meeting of shareholders, shareholder approved a share consolidation of the Company’s authorized and issued ordinary shares at a ratio ranging from any whole number between one-for-six and one-for-fifteen