Hut 8 Mining disclosed updated information about the merger process with the mining company US Bitcoin (USBTC). According to the press release, the deal has been approved by the SEC.
We have made a significant stride toward closing the transaction now that the SEC has declared new Hut’s Registration Statement effective. You can find the latest here?https://t.co/pNVqnIpUmS.
— Hut 8 (@Hut8Mining) November 9, 2023
The new structure, named Hut 8 Corp (New Hut), will be based in the United States and will own a hashrate of 5.6 EH/s with access to 825 MW of capacity across six facilities. The company’s plans were first announced in February.
In accordance with the rules, the company filed with the SEC a registration statement on Form S-4.
“Now that the SEC has declared the New Hut Registration Statement effective, we have taken a significant step toward closing the deal,” said Jamie Leverton, CEO of Hut 8 Mining.
According to her, the final stage includes obtaining approval from USBTC’s shareholders. New Hut shares will trade on Nasdaq and the Toronto Stock Exchange under the ticker HUT.
The deal is expected to close by November 30, 2023.
As of premarket, the mining company’s shares are valued at $2.32 (+3.57%).
Earlier Hut 8 Mining received approval to merge with USBTC from the Canadian Competition Bureau and the Supreme Court of British Columbia.
Back in June, the company agreed with Coinbase to open a credit line of $50 million collateralized by Bitcoin. Leverton said at the time that the funds would provide additional financial flexibility during the Bitcoin halving in the Bitcoin network.
In July, the miner announced new contracts for providing services in the field of high-performance computing, including the artificial intelligence industry.