Approved the resolutions of altering the Company’s title to Bit Origin Limited, appointing new Chairman and CEO, and divesting outdated enterprise
VANCOUVER, BC, April 27, 2022 /PRNewswire/ — China Xiangtai Food Co., Ltd. (NASDAQ: BTOG) (“China Xiangtai ” or the “Company”), an rising progress firm engaged in crypto mining enterprise with diversified enlargement technique, as we speak introduced the outcomes of shareholder votes from its Special Meeting of Shareholders (the “Meeting”) held on Tuesday, April 26, 2022 at 10:00 p.m. ET.
At the Meeting, the requisite vote of shareholders has authorized the next resolutions:
(i) Changed the Company’s title to Bit Origin Limited (the “Name Change”).
The Company’s title shall be modified to Bit Origin Limited, efficient on April 27, 2022. The Company expects to finish the required regulatory steps for the title change in mid-May. The aim of the title change is to higher replicate the Company’s core enterprise and diversification prospects.
No additional motion is required from the Company’s shareholders relative to the Name Change. The Company’s atypical shares will proceed to be listed on Nasdaq and the CUSIP shall be modified.
(ii) Appointed Mr. Lucas Wang as a director, Chairman of the Board and the Chief Executive Officer to exchange Ms. Zeshu Dai (the “Change of Director and Officer”).
Mr. Lucas Wang was appointed as a director, Chairman of the Board, and the Chief Executive Officer to exchange Ms. Zeshu Dai, efficient instantly.
Mr. Wang is a pioneer within the area of Internet know-how entrepreneurship. He has over eight years of entrepreneurial and funding expertise within the broader blockchain {industry} starting from crypto mining ecosystem to De-Fi, NFTs and the most recent Web 3.0 know-how.
Over the previous eight years, he has led his staff to attain an industry-leading place within the cryptocurrency mining sector. He has designed, invested, and managed greater than 10 blockchain supercomputing facilities with a capability of greater than 1000MW throughout many continents, together with the United States, Canada in North America, China and Kazakhstan in Asia, and Ethiopia in Africa.
Mr. Wang can be a senior participant and investor within the area of IPFS. He started to deploy and spend money on IPFS mining earlier than on-line of the testing web site in 2020, with greater than 300p in hash energy. Mr. Wang additionally served as Executive chairman of WBA World Mining Development Alliance. He acquired his Master’s diploma in Business Administration from Hong Kong Finance and Economics College.
(iii) Sold all of the fairness curiosity in WVM Inc. and China Silanchi Holding Limited for a complete value of US$1,000,000 pursuant to the phrases and situations of the share buy settlement dated March 31, 2022.
On March 31, 2022, China Xiangtai entered right into a share buy settlement (the “Share Purchase Agreement”) with Ocean Planet Future Limited (the “Buyer”). Pursuant to the Share Purchase Agreement, the Company agreed to promote all of the fairness curiosity in WVM Inc. and China Silanchi Holding Limited (the “Subsidiaries”), the wholly-owned subsidiaries of the Company, to the Buyer for a complete value of US$1,000,000 (the “Disposition”). The Board of Directors authorized the transaction contemplated by the Share Purchase Agreement. The Disposition closed on April 27, 2022, and represented the Company finishing the disposition of the slaughterhouse and meat processing enterprise and the feed uncooked supplies enterprise and specializing in the bitcoin mining enterprise.
(iv) Increased the share capital from “US$1,500,000 consisting of 150,000,000 shares of US$0.01 every” to “US$3,000,000 consisting of 300,000,000 shares of US$0.01 every” (the “Increase of Authorized Share Capital”).
(v) Amended and restated the Company’s Memorandum and Articles of Association, as amended, to replicate the Name Change and the Increase of Authorized Share Capital and to alter the tackle of the registered workplace of the Company.
Mr. Lucas Wang, Chairman and Chief Executive Officer of the Company, commented “I want to thank Ms. Dai for her years of devoted providers and contributions to the Company throughout her tenure and want her all the perfect in her future endeavors. I really feel very privileged to take the management function at such an thrilling time and may deliver my expertise within the blockchain {industry} to the administration staff. As the Company’s strategic transition continues, the Company will pace up its international enlargement within the rising area of the Bitcoin mining ecosystem. I imagine our new strategic initiatives reveal a recent begin of the Company and can profit all of the stakeholders of the Company sooner or later, and I stay up for contributing to the success of the Company.”
About China Xiangtai Food Co., Ltd.
China Xiangtai Food Co., Ltd., an rising progress firm engaged in crypto mining enterprise. The Company can be actively deploying blockchain applied sciences, alongside diversified enlargement methods. The present operations are in the United States, Canada, and China. For extra data, please go to https://irplin.com.
Safe Harbor Statement
This announcement incorporates forward-looking statements inside the that means of the protected harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements aside from statements of historic truth on this announcement are forward-looking statements. These forward-looking statements contain identified and unknown dangers and uncertainties and are primarily based on present expectations and projections about future occasions and monetary traits that the Company believes could have an effect on its monetary situation, outcomes of operations, enterprise technique, and monetary wants. Investors can establish these forward-looking statements by phrases or phrases akin to “could,” “will,” “anticipate,” “anticipate,” “purpose,” “estimate,” “intend,” “plan,” “imagine,” “potential,” “proceed,” “is/are more likely to” or different comparable expressions. The Company undertakes no obligation to replace forward-looking statements to replicate subsequent occurring occasions or circumstances or modifications in its expectations, besides as could also be required by legislation. Although the Company believes that the expectations expressed in these forward-looking statements are affordable, it can’t guarantee you that such expectations will change into right, and the Company cautions buyers that precise outcomes could differ materially from the anticipated outcomes.
Company Contact
China Xiangtai Food Co., Ltd.
Erick W. Rengifo
Phone: +1-347-556-4747
Email: [email protected]
Investor Relations Contact
Ms. Tina Xiao, President
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: [email protected]
China Xiangtai Food Co., Ltd
SOURCE China Xiangtai Food Co., Ltd.
https://finance.yahoo.com/information/china-xiangtai-food-co-ltd-120000816.html
