Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 81

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 81
---
 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. On September 2, 2025, the Underwriters fully exercised their option to purchase the additional 1,406,250 Ordinary
Shares at the public offering price of $17.00 per share. 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, and the underwriters’ exercise of their over-allotment
option in full, the Company held approximately 71.5% 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 which will generally be up to 24 months
following the effective date of WhiteFiber’s IPO registration statement. 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.