Bit Origin Ltd Discloses Warrant Adjustments
Ticker: BTOG · Form: 6-K · Filed: May 31, 2024 · CIK: 1735556
| Field | Detail |
|---|---|
| Company | Bit Origin Ltd (BTOG) |
| Form Type | 6-K |
| Filed Date | May 31, 2024 |
| Risk Level | low |
| Pages | 5 |
| Reading Time | 6 min |
| Key Dollar Amounts | $6,740,000, $2,000,000, $0.76, $250,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: warrants, stock-split, disclosure
TL;DR
Bit Origin Ltd adjusted warrants from Oct 2022 due to a May 2023 reverse split.
AI Summary
On October 21, 2022, Bit Origin Ltd issued warrants to purchase up to 4,523,333 ordinary shares to an accredited investor. These warrants were subsequently adjusted due to a reverse stock split effective in May 2023. The company is a foreign private issuer filing a Form 6-K for the month of May 2024.
Why It Matters
This filing clarifies the terms and adjustments of outstanding warrants, which can impact the potential dilution and ownership structure for existing shareholders.
Risk Assessment
Risk Level: low — The filing is a routine disclosure of previously issued warrants and their adjustments, not indicating new or significant risks.
Key Numbers
- 4,523,333 — Warrants (Ordinary shares issuable upon exercise of warrants issued October 21, 2022, adjusted for reverse stock split.)
Key Players & Entities
- Bit Origin Ltd (company) — Registrant
- 4,523,333 (dollar_amount) — Number of ordinary shares issuable upon exercise of warrants
- October 21, 2022 (date) — Date of initial warrant issuance
- May 2023 (date) — Effective date of reverse stock split
FAQ
What is the primary purpose of this Form 6-K filing?
The primary purpose is to report on the status of warrants previously issued by Bit Origin Ltd, including adjustments made due to a reverse stock split.
When were the warrants originally issued?
The warrants were originally issued on October 21, 2022.
How many ordinary shares do the warrants allow for purchase?
The warrants allow for the purchase of up to 4,523,333 ordinary shares.
What event caused an adjustment to the warrants?
A reverse stock split of the Company's ordinary shares, effective in May 2023, caused an adjustment to the warrants.
Who is the intended recipient of the warrants?
The warrants were issued to an accredited investor.
Filing Stats: 1,421 words · 6 min read · ~5 pages · Grade level 20 · Accepted 2024-05-31 17:00:42
Key Financial Figures
- $6,740,000 — Note”) in the principal amount of $6,740,000. On May 31, 2024, the Company entered
- $2,000,000 — ertible note in the principal amount of $2,000,000 (the “Exchange Note”) in ex
- $0.76 — rsion price equal to the greater of (x) $0.76 and (y) 95% of (A) the lowest VWAP of t
- $250,000 — to maturity of at least an aggregate of $250,000 of indebtedness, (ix) certain events of
Filing Documents
- tm2416163d1_6-k.htm (6-K) — 21KB
- tm2416163d1_ex4-1.htm (EX-4.1) — 288KB
- tm2416163d1_ex10-1.htm (EX-10.1) — 138KB
- tm2416163d1_ex10-2.htm (EX-10.2) — 234KB
- tm2416163d1_ex10-3.htm (EX-10.3) — 87KB
- 0001104659-24-067274.txt ( ) — 769KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: May 31, 2024 BIT ORIGIN LTD By: /s/ Jinghai Jiang Name: Jinghai Jiang Title: Chief Executive Officer, Chief Operating Officer and Chairman of the Board