Benzinga | Jun 15, 2021 12:42PM EDT

Urban Tea Undergoes Corporate Rebranding, Changes Name To Bit Brother Limited

* Urban Tea Inc (NASDAQ:MYT) said it would change its name to Bit Brother Limited, effective June 16, 2021.

* The company will trade under the ticker symbol 'BTB' along with the name change.

* "We plan to seize this opportunity and move forward as planned, contributing human resources, material resources, and capital to develop blockchain-based software, applications, and service systems," said Xianlong (Jack) W, Chief Executive Officer.

* Urban Tea's business consists of the distribution and retail of specialty tea products, and it has decided recently to start operations in blockchain technology and cryptocurrency mining.

* Price action: MYT shares are trading lower by 5.65% at $2.17 on the last check Tuesday.