- HIVE Blockchain Technologies (HIVE) has announced a 5:1 consolidation of its common shares
- On a post-consolidation basis, HIVE will have approximately 82,241,984 common shares issued and outstanding
- HIVE Blockchain Technologies mines for Bitcoin and Ethereum with facilities in Canada, Sweden and Iceland
- Hive Blockchain Stock opened trading at C$5.80
Common shares of HIVE Blockchain Technologies (HIVE) will be consolidated on a five pre-consolidation to one post-consolidation basis.
Post-consolidation shares will begin trading on the TSXV at market open on May 24, 2022.On a post-consolidation basis, HIVE will have approximately 82,241,984 common shares issued and outstanding. The company will not be changing its name or stock symbols in connection with the consolidation. Completion of the consolidation is subject to the approval of the TSXV. Shareholder approval is not required.
No fractional shares will be issued. Any fractional interest will be rounded up or down to the nearest whole common share.
Registered shareholders will receive a letter of transmittal from the company’s transfer agent, Computershare Investor Services Inc., providing instructions on how to exchange their share certificates.
Frank Holmes, Executive Chairman of HIVE commented on the consolidation.
“HIVE has accomplished an incredible amount over the past few years. Today we’re one of the most profitable and fastest-growing crypto miners in the world.”
“Despite our record profitability, HIVE shares trade at around a 2.2 P/E ratio as of May 23, 2022. This share consolidation will allow us to remove some of the penny stock stigma and allow us to engage more institutional investors.”
“We believe that eventually the market will recognize HIVE’s value proposition, but at the same time we accept that further volatility may be in the cards. Either way, we’ll continue on with our work,” he added.
Darcy Daubaras, CFO of HIVE commented,
“Our goal is to efficiently allocate shareholder capital, and we think our track record shows that. Look at our Bitcoin mining operations, which have all been built or acquired over the past 2 years, and now account for roughly 2/3rds of our revenue. HIVE remains highly profitable, and this consolidation should create more institutional visibility for our shares.”
HIVE Blockchain Technologies mines for Bitcoin and Ethereum with facilities in Canada, Sweden and Iceland.
Shares of Hive Blockchain Technologies Ltd. (HIVE) opened trading at C$5.80.