Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT), (“Hut 8” or the “Company“) one of North America’s largest, innovation-focused digital asset mining pioneers and high performance computing infrastructure provider, has provided an update on the proposed business combination pursuant to which Hut 8 and U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC“) will combine in an all-stock merger of equals (the “Transaction“). The combined company will be named “Hut 8 Corp.” (“New Hut“) and will be a U.S.-domiciled entity.
The registration statement on Form S-4, initially filed with the U.S. Securities and Exchange Commission (the “SEC”) by New Hut (as amended, the “Registration Statement“), was declared effective by the SEC on November 9. The Registration Statement was filed in connection with the previously announced Transaction.
“We have made a significant stride toward closing the Transaction now that New Hut’s Registration Statement has been declared effective by the SEC,” said Jaime Leverton, Hut 8 CEO. “We are now working to complete the final approvals prior to closing the transaction, which includes obtaining approval of the USBTC stockholders, so we can move forward as a vibrant and strengthened company focused on economical mining and highly diversified fiat revenue streams from high performance computing, hosting, and managed services – the maintenance and management of third-party mining sites using purpose-built software – which we believe is poised to capture upside as we near the halving.”
Upon the closing of the Transaction, the common stock of New Hut is expected to be listed on the Nasdaq and the Toronto Stock Exchange under the proposed ticker symbol HUT.
The Transaction is expected to close by November 30, 2023, subject to USBTC stockholder approval and other customary closing conditions.
