- Hut 8 has the green light to proceed with the USBTC Merger.
- The court-approved process paves the way for other conditions to be satisfied.
- The merger will give birth to a new organization with its own branding.
Canada-based digital assets mining company Hut 8 might soon be wrapping up its planned merger with US Bitcoin (USBTC) following approval of the process by the Supreme Court of British Columbia
The company announced the merger on February 7, terming it as a move to โcreate a preeminent digital asset mining, hosting, and managed infrastructure operations organization,โ which would become a publicly traded U.S.-based business.
The Birth of โNew Hutโ
In a press release dated September 18, Hut 8 announced that it had obtained a Supreme Court Order approving its plan of arrangement to combine with US Bitcoin Corp. under the Business Corporations Act of British Columbia.
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Per the announcement, the two companies will combine in an all-stock merger of equals and conduct official business under the name โNew Hutโ (Hut 8 Corp.)
โClosing of the Transaction remains subject to certain conditions, including USBTC's registration statement becoming effective, the approval of USBTC's stockholders, and other closing conditions customary in transactions of this nature,โ the statement read.
Tentatively, New Hut stated that the merger would likely be a done deal by the end of 2023 Q4, especially if all the necessary closing conditions are satisfied or waived.
Post-Merger Plans
According to the end of the transaction, New Hut anticipates listing its shares on both the Toronto and Nasdaq stock exchanges under the trading symbol โHUT.โ
While HUT common stock will be publicly traded in the U.S. market, current shareholders must complete and submit transmittal letters to be assigned shares.
The Merger will also see New Hut have access to 825 MW of gross energy across six sites in its ambitious plan to cater to the growing demand for artificial intelligence (AI) and high-performance computing in the U.S. state of Texas.
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