NEW YORK, June 07, 2022 (GLOBE NEWSWIRE) — Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of the underwritten public offering for its client Bit Origin Limited (the “Company”, Nasdaq: BTOG), an emerging growth company engaged in crypto mining business with diversified expansion strategies. The Company received aggregate gross proceeds of approximately $5 million of 9,803,922 ordinary shares at an offering price of $0.51 per ordinary share from the offering, before underwriting discounts and estimated offering expenses. In addition, the Company granted the underwriter a 45-day option to purchase an additional 1,470,588 ordinary shares, representing up to 15% of the number of the shares sold in the offering, solely to cover over-allotments, if any. A full exercise of the over-allotment option would increase the total gross proceeds of the offering to approximately $5.75 million.
The Company intends to use the net proceeds from the offering for working capital and general business purposes.
Univest Securities, LLC acted as the sole book runner for the offering. Ortoli Rosenstadt LLP served as counsel to the Company, and Hunter Taubman Fischer & Li LLC served as counsel to Univest Securities, LLC in connection with the Offering.
The sale of the ordinary shares in the offering was made pursuant to a shelf registration statement on…
