Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1413

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 1413
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 Data Centers Corp. Please refer to Note 4. Acquisitions for further
information.

In December 2024, an employee exercised 5,000 options to purchase the
Company’s ordinary shares, with an aggregate exercise price of $15,850 and 5,000 ordinary shares were issued.

In May of 2022, the Company entered into an at-the-market
offering with H.C. Wainwright & Co., LLC relating to shares of its common stock. In accordance with the terms of the sales agreement,
the Company may offer and sell shares of our common stock having an aggregate offering price of up to $500,000,000. During the year ended
December 31, 2024, the Company sold 67,246,628 shares of common stock for an aggregate purchase price of $242.9 million net of offering
costs pursuant to this at-the-market offering.

As of December 31, 2024, there were 179,255,191
ordinary shares issued and 179,125,205 ordinary shares outstanding.

Preferred shares

As of December 31, 2024 and 2023, there were 1,000,000
preferred shares issued and outstanding.

The preference shares are entitled to the following
preference features: 1) an annual dividend of 8% when and if declared by the Board of Directors; 2) a liquidation preference of $10.00
per share; 3) convert on a one for one basis for ordinary shares, subject to a 4.99% conversion limitation; 4) rank senior to ordinary
shares in insolvency; and 5) solely for voting purposes vote 50 ordinary shares, for each preference share.

On February 7, 2023 and December 8, 2023, the
Board of Directors declared an eight (8%) percent ($800,000) dividend on the preference shares to Geney Development Ltd. (“Geney”).
Erke Huang, our Chief Financial Officer, is the President of Geney and the beneficial owner of thirty percent (30%) of the equity of Geney,
with the remaining seventy percent (70%) held by Zhaohui Deng, the Company’s Chairman of the Board. The Company fully paid the declared
dividends in 2023. 

On December 20, 2024, the Board of Directors declared
an eight (8%) percent ($800,000) dividend on the preference shares to Gen