Bit Brother Ltd. (China)

The Company engages in the specialty tea product distribution and retail business in the People s Republic of China and the United States.
The Company offers tea-based beverages, including fresh milk tea, fruit tea, milk cap tea, etc.; light meals comprising salads, sandwiches, pasta, steak, burritos, and other healthy options; and pastries consisting of fresh baked bread, fresh baked cakes, frosting cakes, etc. It operated various tea shops, including flagship and general stores in the Hunan province, the People s Republic of China.
The Company operates in one business and geographical segment of manufacturing and sales of organic compounds in the PRC.
2011
The Company was formed on November 28, 2011 under the laws of the British Virgin Islands.
2014
On September 16, 2014, a Stock Purchase Agreement (the “Purchase Agreement”) was entered into by and among Delta Technology, Elite Ride Limited, a British Virgin Islands corporation (“Elite”), Delta Advanced Materials Limited, a Hong Kong corporation (“Delta”) and the shareholders of Elite (the “Elite Shareholders”). Upon closing of the Purchase Agreement on September 19, 2014, Delta Technology acquired all of the shares of Elite from Elite Shareholders in exchange for the issuance to Elite Shareholders an aggregate of 6,060,000 ordinary shares, of which 4,560,000 shares were issued at closing and 1,500,000 shares (“Earnout Payment Shares”) are held in escrow and will be released upon meeting of certain performance targets as specified in the Purchase Agreement
Effective October 8, 2014, the Company changed its corporate name to “Delta Technology Holdings Limited”.
As a result of the consummation of the Acquisition, Elite is now our wholly subsidiary. Elite was incorporated under British Virgin Islands law on September 13, 2014 solely in contemplation of the Acquisition. It is currently the holding company of all the shares of Delta Advanced Materials Limited, a Hong Kong corporation (“Delta”), which, in turn, holds all the equity interests in four operating subsidiaries in the PRC: Jiangsu Yangtze Delta Fine Chemical Co., Ltd (“Jiangsu Delta”), Jiangsu Zhengxin New Material Research and Development Co., Ltd (“Jiangsu Zhengxin”), Jiangsu Delta Logistics Co., Ltd (“Jiangsu Logistics”), and Binhai Deda Chemical Co., Ltd (“Binhai Deda”) (collectively, the “PRC Subsidiaries”).
2018
On May 22, 2018, Delta Technology Holdings Limited establish a U.S. subsidiary named as Delta Technology Holdings USA Inc. Delta Technology Holdings USA Inc issued 200 shares without par value to Delta Technology Holdings Limited.
On August 28, 2018, the Company formed NTH Holdings Limited (“NTH BVI”), a wholly owned subsidiary, in British Virgin Island (“BVI”). NTH BVI is authorized to issue a maximum of 50,000 shares of one class, at par value of 1.00 per share.
On September 11, 2018, NTH BVI formed a wholly owned subsidiary, Tea Language Group Limited (“NTH HK”) in Hong Kong.
On October 19, 2018, the Company, through NTH HK, established Mingyuntang (Shanghai) Tea Co. Ltd. (“Shanghai MYT”).
2019
On February 8, 2019, the Company received the stamped Certificate of Change of Name from the British Virgin Islands Registrar of Corporate Affairs dated February 4, 2019 pursuant to which the Company's name has been changed to “Urban Tea, Inc.”. In addition to the Name Change, the Company effectuated a change of its ticker symbol from “DELT” to “MYT,” on February 14, 2019. As a result of the Name Change and the Symbol Change, the Company's CUSIP number changed to G9396G100.
2023 The Company announced that the Company will be changing its ticker symbol from BTB to BETS . Effective on Friday, September 8, 2023, the Company s Class A Ordinary Shares will trade on Nasdaq under the new symbol BETS .