Company: BTBT
Filing Date: 2025-10-31
Form Type: S-3ASR
Source: 0001213900-25-104745
Chunk: 16

Company: Bit Digital, Inc
Filing Date: 2025-10-31
Form: S-3ASR
Chunk 16
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Provisions in Corporate Law

The Companies Act is derived,
to a large extent, from the older Companies Acts of England and Wales but does not follow recent United Kingdom statutory enactments and,
accordingly, there are significant differences between the Companies Act and the current Companies Act of the United Kingdom. In addition,
the Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant
provisions of the Companies Act applicable to us.

Mergers and Similar Arrangements. The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands
companies and non-Cayman Islands companies, provided that the laws of the foreign jurisdiction permit such merger or consolidation. For
these purposes, (a) “merger” means the merging of two or more constituent companies and the vesting of their undertaking,
property and liabilities in one of such companies as the surviving company and (b) a “consolidation” means the combination
of two or more constituent companies into a new consolidated company and the vesting of the undertaking, property and liabilities of such
companies to the consolidated company.

In order to effect such a
merger or consolidation of two Cayman Islands companies, among other things, the directors of each constituent company must approve a
written plan of merger or consolidation, which must then be authorized by (i) a special resolution of the shareholders of each constituent
company and (ii) such other authorization, if any, as may be specified in such constituent company’s articles of association. The
consent of each holder of a fixed or floating security interest of a constituent company in a proposed merger or consolidation must be
obtained but if such secured creditor does not grant that person’s consent then the Courts of the Cayman Islands may upon application
of the constituent company that has issued the security waive the requirement for such consent upon such terms as to security to be issued
by the consolidated or surviving company or otherwise as the Court considers reasonable. The written plan of merger or consolidation must
be filed with the Registrar of Companies of the Cayman Islands together with, among other things, a director’s declaration regarding
matters prescribed by the Companies Act, an undertaking that a copy of the certificate of merger or consolidation will be given to the
members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman
Islands Gazette. Court approval is not required for a merger or consolidation which