Glass Lewis Backs Hut 8 Mining Corp’s Mega-Merger with USBTC

In a recent update, Hut 8 Mining, a distinguished crypto mining company in North America, brought to light that Glass Lewis & Co., a prominent proxy advisory service firm in the United States, has issued a recommendation regarding the proposed business merger. 

According to the suggestion, Glass Lewis has underscored the importance of Hut 8 shareholders voting in favor of the resolutions that approve the planned business merger with the U.S. Data Mining Group, which is also recognized as US Bitcoin Corp (USBTC). 

This endorsement coincides with Hut 8’s advancing efforts towards the business merger. If shareholders approve, Hut 8 and US Bitcoin Corp. will become a single entity called “Hut 8 Corp.” 

This merger is structured as an all-stock merger of equals. Hut 8 Corp will have its headquarters in the US. Furthermore, New Hut has intentions to seek listing for its shares on both the Nasdaq and the TSX, using the trading symbol “HUT.”

The transaction aims to position New Hut as a major publicly traded Bitcoin miner, focusing on efficient mining, diverse revenue streams, and a leadership role in environmental, social, and governance (ESG) practices within the industry. 

With the combined financial strength of the two entities, New Hut expects to achieve greater stability, improve its capacity to navigate market fluctuations, and increase investments in new prospects. 

Jaime Leverton, Hut 8’s CEO, expressed satisfaction with Glass Lewis’ recommendation, stating, “As we continue to make progress toward closing the Transaction with  US Bitcoin Corp, we are very pleased that Glass Lewis has recommended Hut 8 shareholders vote in favor of all resolutions to establish New Hut.”

In addition, Leverton emphasized the value of having the two leading proxy advisory firms in North America support the merger, “We look forward to completing this Transaction and forming a strengthened, dynamic business backed by both Bitcoin and fiat revenues generated from robust North America-wide operations.”

The finalization of the transaction hinges on specific prerequisites, which encompass obtaining the consent of Hut 8 and US Bitcoin Corp shareholders, in addition to the ultimate approval from the Supreme Court of British Columbia, slated for September 15, 2023. 

Assuming all unfolds according to plan and the essential endorsements are obtained, the transaction is poised to wrap up by September 30, 2023.

Also Read: Nodal Power Raises $13M to Drive Green Bitcoin Mining

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About the Author: Daniel