Pursuant to its pending merger with US Bitcoin Corp., Hut 8 Mining Corp. has announced the approval of its registration statement by the United States Securities and Exchange Commission (SEC).
The intended merger was first revealed in February 2023. After months of consideration, Institutional Shareholder Services (ISS) and Glass Lewis & Co. recommended Hut 8 shareholders approve the deal in August. The company also filed a registration statement on Form S-4 with the SEC.
According to a recent press release, the SEC declared the registration statement effective on November 9. Company CEO, Jaime Leverton, believes the SEC approval marks a significant stride towards completing the merger.
“We are now working to complete the final approvals prior to closing the transaction so we can move forward as a vibrant and strengthened company focused on economical mining.”
US Bitcoin Corp Stockholders to Vote to Complete Process
To further the transaction, US Bitcoin Corp stockholders must now vote on the merger. Once done, the transaction will proceed to customary closing conditions for such a deal.
Per the filing, the new company will be called “Hut 8 Corp” (“New Hut”) and domiciled in the United States. The transaction is expected to be complete by November 30. Afterward, the Hut 8 Corp’s stock will be listed on the Nasdaq and the Toronto Stock Exchange under the proposed ticker symbol HUT.
The new company will have a greater mining capacity than Hut 8. It will also have a more diverse revenue stream than its constituents.
Hut 8 Maintains Bitcoin Output, Expands Operations
During this period, the company sold about 365 Bitcoins for $10.5 million. This translates to an average selling price of approximately $ 28,971 per Bitcoin. According to a company statement, Hut had a significant Bitcoin reserve of 9,113 BTC after October sales.
Since then, Hut 8 Mining Corp. has scaled its operations. The North American company installed an ASIC hash rate with 2.6EH/s capacity in its Alberta facilities at the end of October. This led to an increase in production rate of 43.1 BTC/EH. Again, Hut 8 has obtained the approval of the Ontario Superior Court of Justice to bid for four natural gas power plants in Ontario capable of generating approximately 310 MW.
These moves will strengthen the operation of the new company and allow it to continue to compete favorably globally.
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