Hut 8 Mining Corp. has announced that it has received an “interim order” from a Canadian court to proceed with its planned merger with US Bitcoin Corporation. The company announced this development in a press release on August 14, 2023.
In February 2023, the Canada-based crypto mining firm announced its plans for a merger with US Data Mining Group, commonly recognized as US Bitcoin Corp. The merger would form a new U.S.-based entity named Hut8 Corp., which would operate as a publicly traded Bitcoin miner focused on cost-efficient mining, diversified revenue streams, and industry-leading practices in environmental, social, and governance (ESG) principles.
The Interim Order allows Hut8 to convene a shareholder meeting to discuss and approve this merger plan.
Hut8 further announced that this special shareholder meeting will be held on September 12, 2023, at 10 am ET.
The company noted that it would send shareholders a management circular that explains the meeting details and how they or their appointed representatives can participate. Shareholders can also find this information on the company’s website at Hut8.io.
According to Hut8’s new press release, the merger process is anticipated to be completed by September 30, 2023. However, this depends on the company getting the required approval from the shareholders and a final order from the Supreme Court of British Columbia.
Meanwhile, Hut8 recently secured a $50 million credit line from the prominent American crypto exchange, Coinbase. The funds provided through this credit facility are expected to enhance Hut8’s financial flexibility, especially as the Bitcoin halving event approaches. Jaime Leverton, Hut8’s CEO, reportedly stated that the credit facility would ensure Hut8 can continue its flexible Bitcoin treasury management policy.
The successful merger with US Bitcoin Corp is expected to unlock further borrowing opportunities for Hut8. A new Coinbase Credit agreement is slated to become available within 15 working days of finalizing the merger.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
