Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 68

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 68
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the Company, completed its initial public offering (the “Offering”) of 9,375,000 ordinary shares, at a public offering price
of $17.00 per share. All ordinary shares in the Offering were sold by WhiteFiber. The gross proceeds to WhiteFiber from the Offering were
$159,375,000, before deducting underwriting discounts and commissions and offering expenses payable by WhiteFiber. Prior to the consummation
of the Offering, the Company held all of the issued and outstanding ordinary shares of WhiteFiber. After giving effect to the Offering,
the Company holds approximately 74.3% of the issued and outstanding ordinary shares of WhiteFiber.

Prior to the consummation of the Offering, the
Company entered into a contribution agreement (the “Contribution Agreement”) with WhiteFiber, pursuant to which the Company
contributed its HPC business through the transfer of 100% of the capital shares of its cloud services subsidiary, WhiteFiber AI, Inc.
and its wholly-owned subsidiaries WhiteFiber HPC, Inc., WhiteFiber Canada, Inc., WhiteFiber Japan G.K. and WhiteFiber Iceland, ehf, to
WhiteFiber in exchange for 27,043,749 ordinary shares of WhiteFiber (the “Contribution”). The Contribution became effective
on August 6, 2025, when the registration statement on Form S-1, as amended (File No. No. 333-288650) (the “Registration Statement”),
of WhiteFiber was declared effective by the Securities and Exchange Commission.

In addition, prior to the consummation of
the Offering, the Company entered into a transition services agreement (the “Transition Services Agreement”) with
WhiteFiber, pursuant to which the Company will provide certain services to WhiteFiber, on a transitional basis. The Transition
Services Agreement provides for the performance of certain services by the Company for the benefit of WhiteFiber, or in some cases
certain services provided by WhiteFiber for the benefit of the Company, for a limited period of time after the Offering, including
certain services provided by Sam Tabar, our Chief Executive Officer, and Erke Huang, our Chief Financial Officer and a Director.
During such transition period, Messrs. Tabar and Huang will continue to hold the same position with the Company as well as
WhiteFiber. Messrs. Tabar and Huang have committed to provide the requisite time and effort to