This is the section every BIT shareholder should read carefully
The Underwriting Agreement contains termination events considered customary for a transaction of this nature, including:
(Indices fall): the S&P ASX 200 Index is at any time after the date of the agreement is 7% or more below its respective level as at the close of business on the Business Day prior to the date of the agreement;
(Commodities): the price of COMEX gold or NYMEX WTI crude is at any time after the date of the agreement 7% or more below its respective level as at the close of business on the Business Day prior to the date of the agreement;
(Price): the issue price is greater than the volume weighted average price of Shares calculated over three consecutive days after the date of the agreement;
The underwriting agreement was entered into some time before the 28th Feb 2025. For arguments sake let's assume that it was the 28th. The ASX200 closed on the 27th at 8268, Gold at US$2850 and WTI US$70.35. Today the values are ASX200:7962 (-3.7%); Gold: $2912 (+2.2% ); WTI: $66.60 (-5.3%). If the WTI falls to $65.40 then Mahe can terminate the agreement.
The real elephant in the room is the VWAP falling below 3c. There is less than $60k of shares on the stack preventing this from occurring.
BIT Price at posting:
0.4¢ Sentiment: Sell Disclosure: Not Held
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