Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 73

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 73
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under the Securities Act of 1933, as amended. The gross proceeds to the Company from the Registered Direct Offering were approximately
$67.3 million before deducting placement agent fees and other estimated offering expenses. The Company agreed to pay the Placement Agent
an aggregate cash fee equal to $0.1648 per Share sold in the Registered Direct Offering. The Registered Direct Offering closed on July
15, 2025. The Company intends to use the net proceeds from the Registered Direct Offering to purchase Ethereum.

On August 5, 2025, the Company filed a definitive
proxy statement on Schedule 14A to provide notice of a general meeting of shareholders, pursuant to which shareholders will consider and
vote upon a resolution to approve an increase to the Company’s authorized share capital from $3,500,000 divided into 340,000,000
Ordinary Shares of $0.01 each and 10,000,000 Preference Shares of $0.01 each to $10,100,000 divided into 1,000,000,000 Ordinary Shares
of $0.01 each and 10,000,000 Preference Shares of $0.01 each. The shareholder meeting will be held on September 10, 2025.

On August 8, 2025, WhiteFiber, a subsidiary of
the Company, completed its initial public offering of ordinary shares. In connection with the offering, the Company also completed a series
of related transactions, including a contribution of the cloud services business to WhiteFiber and the execution of a transition services
agreement. These transactions occurred after the balance sheet date and are more fully described in Note 18. Related Parties.

41

Forward Looking Statements

The discussion and analysis of our financial
condition and results of operations should be read in conjunction with our financial statements and the related notes included elsewhere
in this report. Except for the statements of historical fact, this report contains “forward-looking information” and “forward-looking
statements reflecting our current expectations that involve risks and uncertainties (collectively, “forward-looking information”)
that is based on expectations, estimates and projections as at the date of this report. All statements, other than statements of historical
fact, included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of
forward-looking terminology such as “believes,” “intends,” “expects,” or similar expressions, involving
known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these