Why Bit Brother Shares Are Trading Lower Friday?
Portfolio Pulse from Shivani Kumaresan
Bit Brother Ltd (NASDAQ:BTB) has entered into a securities purchase agreement to sell $50 million of its shares at $0.25 per share in a registered direct offering. The offering is expected to close on July 18, 2023. Following this news, BTB shares are trading lower by 18.66% at $0.6255.
July 14, 2023 | 4:31 pm
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NEGATIVE IMPACT
Bit Brother's decision to sell $50 million of its shares at $0.25 per share has led to a decrease in its stock price by 18.66%.
The decision to sell a significant amount of shares at a low price indicates a potential dilution of the stock, which is often viewed negatively by investors. This has led to a decrease in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100