Bit Brother Special Task Force Took Further Actions to Address Suspected Illegal Shorting

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Jan 24, 2023, 09:59 ET

CHANGSHA, China, Jan. 24, 2023 /PRNewswire/ -- Bit Brother Limited ("Bit Brother", "BTB", "We" or the "Company") (NASDAQ: BTB) announced today the Special Task Force has taken and plan to take following actions to address the suspected illegal shorting of its stock:

Started collecting evidence and may seek help from regulatory authorities.
Reached out legal counsels and shareholder intelligence service firms about engagement of these professionals.
conducted preliminary analysis of potential corporate actions including but not limited to share repurchase, special dividend, and dual listing.

In addition, Ralph Jones, CEO of the Company's subsidiary Bit Brother New York Inc, and a member of the Special Task Force, will hold a live broadcast on Reddit to communicate with investors in the morning of January 25, 2023. For more information on time and link of the live broadcast, please refer to announcement from BTB's official Twitter @BitBrotherLtd.

The Board of Directors believes that the above actions should effectively expose and curb companies or individuals that have profited or are about to profit through naked short selling and other illegal trading activities. The Company is committed to take all necessary actions to deter manipulation of the market.

About Bit Brother Limited

Bit Brother Limited (formerly known as Urban Tea, Inc.) was incorporated in the British Virgin Islands as a company with limited liability on November 28, 2011. Our business currently consists of cryptocurrency mining in North America and the distribution and retail of specialty tea products. For more information, please visit: www.bitbrother.com.

Forward-Looking Statements Disclaimer

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.

SOURCE Bit Brother Limited