Hut 8 and US Bitcoin Corp can merge, says Canadian court
In a largely procedural step forward, the Supreme Court of British Columbia has approved Hut 8 Mining's merger with US Bitcoin Corp....
- Hut 8 Mining has received approval from the Supreme Court of British Columbia in Canada to merge with US Bitcoin Corp.
- This is a procedural step in the planned business combination between the American and Canadian bitcoin miners.
- Over 97% of Hut 8 shareholders have approved the merger, and now shareholders of US Bitcoin Corp need to vote in favor.
- USBTC also needs to complete its registration statement with the US Securities and Exchange Commission.
- The new company will be named Hut 8 Corp and will be listed on both the Nasdaq and the Toronto Stock Exchange.
- The merger is expected to close in the fourth quarter of 2023.
- Hut 8 experienced a decline in revenue and bitcoin production in the second quarter of 2023.
- Hut 8's stock increased by over 4% following the court's approval.
The sentiment of the article is mostly positive, highlighting the approval of the merger and the potential benefits for Hut 8 Mining.