Bitcoin mining firm Bitdeer may delay public offering until 2023

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Bitdeer, a crypto-mining company spun off from Chinese mining maker Bitmain, may see its public offering on the Nasdaq delayed for a year depending on a vote by shareholders of Blue Safari Group Acquisition Corp.

In a November 2 filing with the Securities and Exchange Commission, Blue Safari said it will hold a shareholders’ meeting before the end of 2022 to vote on whether to extend the term of its deal with Bitdeer. The mining company announced in November 2021 that it had entered into a definitive merger agreement with Blue Safari to go public through a special purpose acquisition company in the United States.

The SEC filing said shareholders could give the company the option to extend the deadline up to four times to December 2023, as well as postpone the meeting to a later date if there are insufficient votes. . If successful, the two companies could merge as Bitdeer Technologies Group for a Nasdaq listing.

“If the proposed charter amendment is not approved and we have not completed a business combination by the current termination date, we will (a) cease all operations except for liquidation purposes, (b) as expeditiously as reasonably possible but not more than ten business days thereafter, subject to funds being legally available for the purpose, repurchase 100% of the public shares,” the filing with the SEC reads. “In the event of liquidation, there will be no distribution from the trust account with respect to our rights to receive common shares upon the completion of an initial business combination and the rights will expire worthless.”

Founded and under the leadership of former Bitmain co-founder Jihan Wu, Bitdeer facilitates cloud mining services through US-based data centers operated in Tennessee, Washington, and Texas. As of October 30, the firm reported it was mining about 900 Bitcoin (BTC) Daily.

Related: Legacy Bitcoin Mining Rigs May “Hold Out” After BTC Price Drops Below $24,000

Following the downturn in the crypto market in May, many crypto firms announced the termination of agreements. Israel-based cryptocurrency exchange eToro was valued at around $10 billion in March 2021 and was apparently on track for a SPAC merger, but announced in July that it had terminated his agreement with Fintech V. The exchange reportedly considered a private funding round of up to $1 billion.

Cointelegraph has contacted Bitdeer, but has not received a response as of press time.


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