Recent Updates — ABTS
Abits Group Inc reported unaudited first-half 2026 results showing revenue of $3.2 million, a 20% decline from the prior year period driven by lower Bitcoin output and market prices at its Duff site. The company recorded a pre-tax loss of $2.54 million as direct costs rose 48%. In subsequent events, Abits entered into a Securities Purchase Agreement on September 14, 2026, for the issuance of a convertible promissory note with an original principal amount of up to $16.47 million and an aggregate purchase price of up to $14 million. Additionally, Stephen Faucetta was appointed CEO and Chairman effective October 6, 2026. The company operates in the Bitcoin mining and digital asset industry.
Abits Group Inc. terminated Conglin Deng as Chief Executive Officer without cause on October 6, 2026, following a financing-related triggering event under his employment agreement. The Board appointed Stephen Faucetta, previously the company's Chief Investment Officer and an executive at Spartan Capital, to succeed him as CEO and Chairman of the Board. Additionally, directors Yanyan Sun and Khuat Leok Choong resigned, while Glenn Josephs and Mohsen Khorassani were elected as independent directors to fill the vacancies. This leadership overhaul signals a strategic shift in management for the company.
On September 14, 2026, Abits Group Inc entered into a Securities Purchase Agreement to issue a convertible promissory note with an original principal amount of US$16,470,588.24 for an aggregate purchase price of up to US$14,000,000, reflecting a 15% original issue discount and 13% interest fully earned for twelve months. Funding occurs in three tranches contingent on SEC registration effectiveness and corporate authority for potential reverse stock splits up to 250:1. Concurrently, the Company executed an Equity Purchase Agreement committing an investor to purchase up to US$250,000,000 of Ordinary Shares over thirty-six months at a 95% discount to VWAP, alongside a US$7,500,000 commitment fee payable in shares. ARC Group International Ltd and CEO Conglin Deng waived restrictions under prior agreements to facilitate these transactions. Abits Group Inc operates in the technology sector.
On August 6, 2026, CEO Conglin Deng transferred all beneficial interests in Abits Group Inc. to ARC Group International Ltd., resulting in ARC holding approximately 47% of voting power and Mr. Deng holding 0%. The transaction involved existing securities for $5.0 million cash and a $3.5 million promissory note bearing 12% annual interest maturing in August 2027. A contingent provision requires the Company to issue shares worth $5.0 million to Mr. Deng if it completes an acquisition within 180 days, or ARC will pay him $5.0 million cash otherwise. Concurrently, Tao Xu and Chuan Zhan resigned from the Board, replaced by independent directors Phillip Balatsos and Andrew Hancox. Stephen Faucetta was appointed Chief Investment Officer, and Mr. Deng entered an amended employment agreement for 18 months. Abits Group Inc. operates in the financial technology sector.