Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 69

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 69
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 estimated offering expenses.

On
September 29, 2025, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Barclays Capital
Inc., Cantor Fitzgerald & Co. and B. Riley Securities, Inc. as representatives of the several underwriters named in Schedule I thereto,
in connection with the issuance and sale of $150 million aggregate principal amount of the Company’s 4.00% Convertible Senior Notes
due 2030 (the “Notes”), including the exercise in full on September 30, 2025 of the underwriters’ option to purchase
an additional $15 million aggregate principal amount of Notes. The Notes were offered and sold in an offering registered under the Securities
Act pursuant to the Company’s Registration Statement on Form S-3 (File No. 333-286841).

On
October 2, 2025, the Company issued the Notes. The Notes were issued pursuant to, and are governed by, an indenture (the “Base
Indenture”), dated as of October 2, 2025, between the Company and U.S. Bank Trust Company, National Association, as trustee (the
“Trustee”), as supplemented by a supplemental indenture (the “Supplemental Indenture,” and the Base Indenture,
as supplemented by the Supplemental Indenture, the “Indenture”), dated as of October 2, 2025, between the Company and the
Trustee.

During
the nine months ended September 30, 2025, 6,095,004 ordinary shares were issued to the Company’s employees, directors, and consultants
in settlement of an equal number of fully vested restricted share units awarded to such individuals and companies by the Company pursuant
to grants made under the Company’s 2023 Plan and 2025 Plan.

As
of September 30, 2025, there were 322,254,781 ordinary shares issued and 322,124,795 ordinary shares outstanding.

Preferred
shares

As
of September 30, 2025 and December 31, 2024, 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,