Stock Round-Up Affords Added Benefit to Shareholders
NEW YORK, NY / ACCESSWIRE / November 22, 2021 /\ Bullet Blockchain, Inc. ("Bullet" or the "Company"), (OTCMKTS:BMIN), which completed a merger with Britannia Mining, Inc. ("Britannia")-to pivot Britannia into the crypto mining industry with an initial focus on Bitcoin mining-announced today, that the Company has successfully completed its 1-for-10 Reverse Stock Split of the common stock ("RSS"); effective today, Monday, November 22nd, 2021.
As part of the RSS, management instituted a round-up strategy to ensure that no shareholder's holdings are extinguished-affording smaller shareholders the opportunity to benefit from the potential value of Bullet's Bitcoin mining operations. Therefore, fractional shares will not be issued and shareholders who held less than 4,440 shares of the Company's common stock prior to the RSS, will be rounded up to 444 shares of common stock, post RSS (the "Round-Up"). Bullet's management previously indicated its commitment to protecting the Company's existing shareholders during the RSS process and believes that the Round-Up strategy helps to preserve shareholder value and build shareholder confidence.
Further, any options, warrants and/or rights that are currently outstanding, will also be adjusted accordingly.
The timing and ratio of the reverse split was determined by the Board, pursuant to a proposal to acquire and merge the Company with Bullet, and to amend the Company's Certificate of Incorporation to effectuate the RSS of its common stock. This was previously approved by the Company's stockholders at a ‘Special Meeting of Stockholders.' From today forward (post RSS), the Company (f/k/a Britannia Mining) will officially be known as Bullet Blockchain, Inc. The Company's common stock will trade under the symbol BMIND for the next 20 business days where thereafter the trading symbol will be updated to reflect BULT.
Management indicated that it now intends to focus on leveraging the initial 3,500 ASIC Miners that the Company took possession of during the third quarter , to begin building out its Bitcoin mining operations. Having already increased its anticipated ‘year-one' buildout capacity from an initial 100 megawatt facility to 200 megawatts (for a hash rate capacity of 6,000 petahash), management is confident that its current value proposition will support shareholder value, post RSS. This is especially important as market indicators for the crypto mining space suggests that the Company, as now lead by Mr. Imran Ellis (Founding Director of Bullet and the Company's President and CEO), could potentially outpace management's initial expectations, offering opportunity to a new and broader range of investors, while attracting interest from new potential business partners.
For more information, please visit www.BulletBlockchain.com.
Bullet Blockchain, Inc. is a blockchain technology company that secures the bitcoin blockchain ledger. Bullet has secured partnerships that affords the Company access to highly coveted hardware, land, buildings, gas, generators, racks, security, etc. Bullet has secured 200 megawatts of electricity and infrastructure capacity for 6,000 petahash and has deployed an initial hardware fleet of 3,500 next generation ASIC miners-focused on bitcoin mining - with an initial hash rate capacity of 315 petahash and 12 megawatts of electricity.
Bullet is confident that it can manage its bitcoin mining operations at a far lesser cost per kilowatt than industry competitors, therefore producing bitcoin at a lower cost with greater profit margins. Bullet is focused on efficiency, stability, transparency, and scalability, and has set its goals to swiftly scale operations to 60,000 miners within the next 12 months.
For investor and general information, please email: [email protected]
Forward Looking Statements
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking.
SOURCE: Bullet Blockchain, Inc.