IF YOU PURCHASED BIT DIGITAL COMMON STOCK BETWEEN DECEMBER 21, 2020 AND JANUARY 11, 2021, YOU COULD BE AFFECTED BY A PENDING CLASS ACTION LAWSUIT

BOSTON, Dec. 28, 2022 /PRNewswire/ -- The following statement is being issued by Kroll Settlement Administration regarding the Bit Digital Securities Settlement.

YOU ARE HEREBY NOTIFIED, that the Court-appointed Lead Plaintiff, on behalf of himself and the Class, has reached a proposed settlement of the above-captioned litigation (the "Action") for $2,100,000 in cash that, if approved, would resolve all claims in the Action (the Settlement"). Defendants have denied the claims asserted against them and have agreed to the Settlement solely to eliminate the burden and expense of continued litigation.

YOU ARE HEREBY FURTHER NOTIFIED, that the Action has been preliminarily certified as a class action, and that pursuant to an Order of the Honorable Andrew L. Carter in the United States District Court for the Southern District of New York (the "Court"), dated November 22, 2022, a hearing will be held on March 7, 2023 at 11:00 a.m., (the "Settlement Hearing") before Judge Carter at the United States District Court for the Southern District of New York,  40 Foley Square, New York, NY 10007, to determine: (a) whether the proposed Settlement on the terms and conditions provided for in the Stipulation is fair, reasonable and adequate to the Class, and should be approved by the Court; (b) whether a judgment should be entered dismissing the Action with prejudice against the Defendants; (c) whether the Proposed Plan of Allocation should be approved as fair and reasonable; and (d) whether Lead Counsel's motion for attorneys' fees and reimbursement of litigation expenses should be approved.

If you are a member of the Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund. The Notice and Proof of Claim and Release Form ("Claim Form") can be downloaded from the website maintained by the Claims Administrator, www.BitDigitalSettlement.com. You may also obtain copies of the Notice and Claim Form by contacting the Claim Administrator at [email protected], or by writing to: Bit Digital Securities Settlement, c/o Kroll Settlement Administration, P.O. Box 5324, New York, NY 10150-5324.

If you are a member of the Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked (if mailed) or submitted (if filed online) no later than March 21, 2023. If you are a Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Class and wish to exclude yourself from the Class, you must submit a request for exclusion such that it is received no later than February 14, 2023, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of litigation expenses, must be filed with the Court and delivered to Lead Counsel and Defendants' Counsel such that they are received no later than February 14, 2023, in accordance with the instructions set forth in the Notice.

Please do not contact the Court, the Clerk's office, Bit Digital or its counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.

Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel: Block & Leviton LLP, Attn: Jacob A. Walker, 260 Franklin Street, Suite 1860, Boston, MA 02110, Telephone: (617) 398-5600, Email: [email protected].

This is only a summary. The full Notice and Claim Form are available at www.BitDigitalSettlement.com. You may also request copies by emailing [email protected], or by writing to: Bit Digital Securities Settlement, c/o Kroll Settlement Administration, P.O. Box 5324, New York, NY 10150-5324.

SOURCE Kroll Settlement Administration

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