Abits Group Inc. held its 2024 Annual Meeting, electing new directors, securing an audit firm, and approving share consolidation.
Quiver AI Summary
Abits Group Inc., a digital data center operator focused on bitcoin self-mining, announced the outcomes of its 2024 Annual Meeting of Shareholders held on December 10, 2024, in Hong Kong. Shareholders elected five new members to the Board of Directors, ratified Audit Alliance LLP as the independent registered public accounting firm for the fiscal year 2024, and approved a share consolidation of the company's ordinary shares at a ratio between one-for-six and one-for-fifteen, with the exact ratio to be determined later. Abits Group Inc, formed in May 2021 and previously known as Moxian (BVI) Inc., operates self-mining facilities in Tennessee through its U.S. subsidiaries. The announcement includes forward-looking statements regarding the company's future plans and risks.
Potential Positives
- Shareholders elected a diverse and potentially strategic Board of Directors, which could enhance governance and company direction.
- The appointment of Audit Alliance LLP as the independent registered public accounting firm may improve oversight and transparency in financial reporting.
- The approved share consolidation could optimize the company's capital structure and increase the perceived value of its shares, potentially attracting more investors.
Potential Negatives
- Approval of a share consolidation suggests potential concerns about the company's stock value and market perception, as such measures are often viewed as indications of financial difficulties or a declining share price.
- The announcement lacks detailed financial performance data, which may raise concerns among shareholders about transparency and the company's current financial health.
- The forward-looking statements include a wide array of risks and uncertainties, indicating a potentially volatile business environment that could impact investor confidence.
FAQ
What were the election results for Abits Group Inc's Board of Directors?
Abits Group Inc elected Conglin (Forrest) Deng, Lionel Choong Khuat Leok, Tao Xu, Chuan Zhan, and Yanyan Sun to its Board.
Who is appointed as the independent auditor for Abits Group Inc?
Audit Alliance LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
What share consolidation ratio was approved by shareholders?
A share consolidation at a ratio between one-for-six and one-for-fifteen was approved, with the exact ratio to be determined by the Board.
When and where was the 2024 Annual Meeting of Shareholders held?
The 2024 Annual Meeting of Shareholders was held on December 10, 2024, in Hong Kong.
What type of operations does Abits Group Inc specialize in?
Abits Group Inc specializes in bitcoin self-mining operations through its digital data center facilities in Tennessee.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$ABTS Hedge Fund Activity
We have seen 0 institutional investors add shares of $ABTS stock to their portfolio, and 6 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CITADEL ADVISORS LLC removed 40,505 shares (-73.0%) from their portfolio in Q3 2024
- TWO SIGMA SECURITIES, LLC removed 17,150 shares (-100.0%) from their portfolio in Q3 2024
- RENAISSANCE TECHNOLOGIES LLC removed 14,700 shares (-100.0%) from their portfolio in Q3 2024
- GROUP ONE TRADING, L.P. removed 7,315 shares (-93.5%) from their portfolio in Q2 2024
- XTX TOPCO LTD removed 6,686 shares (-38.1%) from their portfolio in Q3 2024
- SIMPLEX TRADING, LLC removed 618 shares (-100.0%) from their portfolio in Q2 2024
- MCF ADVISORS LLC added 0 shares (+0.0%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Hong Kong, Dec. 12, 2024 (GLOBE NEWSWIRE) --
Abits Group Inc (the "Company") (NASDAQ: ABTS), a digital data center operator specializing in bitcoin self-mining operations, today announced the results of its 2024 Annual Meeting of Shareholders that was held on December 10, 2024 in Hong Kong.
At the meeting, the shareholders:
● | Elected Conglin (Forrest) Deng, Lionel Choong Khuat Leok, Tao Xu, Chuan Zhan, and Yanyan Sun to its Board of Directors; | |
● | Ratified the appointment of Audit Alliance LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024 | |
● | Approved a share consolidation of the issued and outstanding shares of the Company's ordinary shares at a ratio between one-for-six and one-for-fifteen, with the exact ratio to be determined by the Board of Directors in its discretion and an amendment and restatement to the Company's memorandum and articles of association giving effect to the Reverse Share Split. |
About Abits Group Inc
Abits Group Inc (formerly, Moxian (BVI) Inc), a British Virgin Islands business company formed in May 2021, is the surviving company following its merger with Moxian, Inc. in August 2021. Abits Group Inc is a new generation digital company, with self-mining operations in the State of Tennessee through wholly owned U.S. subsidiaries.
Forward-Looking Statements
This announcement contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements are based on the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and may be governed by terms such as "will," "expect," "anticipate," "future," "intend," "plan," Believe, "estimate", "potential", "continue", "in progress", "goal", "guidance expectations" and similar statements are identified. The company may also include in its periodic reports to the US Securities and Exchange Commission ("SEC"), annual reports to shareholders, press releases and other written materials, as well as oral statements from third parties to the company's management, directors or employees. Oral forward-looking statements. Any statements that are not historical facts, including statements about the company's philosophy and expectations, are forward-looking statements that involve factors, risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These factors and risks include, but are not limited to, the following: company's goals and strategies; future business development; financial status and operating results; expected growth of China's credit industry, especially the expected growth of China's online lending platform; market-oriented and credit products and The demand and acceptance of services; and the ability of credit to attract and retain borrowers and lenders in the market; the relationship between the company and strategic partners; industry competition; and policies and regulations related to the company's structure, business and industry. More detailed information about these and other risks and uncertainties is included in the company's filings with the Securities and Exchange Commission. All information provided in the company's introduction is the latest information as of the date of publication of the company. Except as provided by applicable law, the company is not obligated to update such information.
For further information, please contact:
Wanhong Tan
Chief Financial Officer
+852 9855 6575
ir@abitgrp.com