Digihost Announces Share Consolidation to Facilitate Nasdaq Listing
October 05 2021 - 6:00AM
Digihost Technology Inc. (“
Digihost” or the
“
Company”) (TSXV: DGHI; OTCQB: HSSHF), an
innovative North American-based Bitcoin self-mining company,
announces that, to facilitate a proposed listing of its subordinate
voting shares on the Nasdaq Capital Market
(“
Nasdaq”) and satisfy the minimum share price
requirement set by Nasdaq, the Company intends to consolidate the
outstanding subordinate voting shares and proportionate voting
shares of the Company (collectively, the “
Shares”)
on the basis of three (3) pre-consolidation Shares for every one
(1) post-consolidation Share (the
“
Consolidation”).
The Company currently has 75,078,831 subordinate
voting shares and 10,000 proportionate voting shares issued and
outstanding, and, following the Consolidation, it is expected there
will be approximately 25,026,277 subordinate voting shares and
3,333 proportionate voting shares issued and outstanding. The
exercise price and number of subordinate voting shares issuable
upon the exercise of the Company’s outstanding options and warrants
will also be proportionately adjusted upon completion of the
Consolidation. The Company will not issue any factional
post-Consolidation Shares as a result of the Consolidation.
Instead, each fractional share remaining after conversion will be
rounded down to the nearest whole post-Consolidation Share.
The Company is pursuing a Nasdaq listing to
enhance its investor profile and increase liquidity for its
shareholders. The listing of the Company on Nasdaq remains subject
to the approval of Nasdaq and the satisfaction of all applicable
listing and regulatory requirements. As a result, there can be no
assurances that Digihost’s shares will be listed on Nasdaq.
Digihost expects to retain its listing on the TSX Venture Exchange
under the symbol “DGHI” and, until Digihost shares are listed on
Nasdaq, on the OTCQB under the ticker symbol “HSSHF”.
Michel Amar, the Company’s CEO stated: “A key
aspect of our Company’s growth strategy is to provide our investors
with greater liquidity through the listing of its shares on an
internationally recognized stock exchange. Uplisting the Company’s
shares from the OTC market to Nasdaq will also provide the Company
with broader access to capital and institutional recognition. The
Company’s current financial position presents the opportunity to
accelerate the plan for meeting the listing requirements of the
Nasdaq by consolidating the Company’s shares.”
Completion of the Consolidation is subject to
approval by the TSXV. The Company will issue a further news release
announcing the effective date of the Consolidation once such date
is determined.
The Company will not be changing its name or
trading symbol in connection with the Consolidation.
About Digihost Technology
Inc.
Digihost Technology Inc. is a growth-oriented
blockchain technology company primarily focused on Bitcoin mining.
The Company is currently hashing at a rate of 200PH with plans to
expand to a hashrate of 3.6 EH by the end of the first half of
2022.
For further information, please contact:
Digihost Technology
Inc.www.digihost.caMichel Amar, Chief Executive Officer T:
1-818-280-9758Email: michel@digihostblockchain.com
Cautionary StatementTrading in
the securities of the Company should be considered highly
speculative. No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information
contained herein. Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking
StatementsExcept for the statements of historical fact,
this news release contains “forward-looking information” and
“forward-looking statements” (collectively, “forward-looking
information”) that are based on expectations, estimates and
projections as at the date of this news release. Forward-looking
information in this news release includes information about the
proposed consolidation, expectations in respect to listing and
trading on Nasdaq and future plans and objectives of the Company.
Other forward-looking information includes, but is not limited to,
information concerning: hashrate expansion, diversification of
operations, potential further improvements to profitability and
efficiency across mining operations, potential for the Company’s
long-term growth, and the business goals of the Company Factors
that could cause actual results, performance or achievements to
differ materially from those described in such forward-looking
information include, but are not limited to: completion of the
proposed consolidation; continued effects of the COVID19 pandemic
may have a material adverse effect on the Company’s performance as
supply chains are disrupted and prevent the Company from operating
its assets; a decrease in cryptocurrency pricing, volume of
transaction activity or generally, the profitability of
cryptocurrency mining; further improvements to profitability and
efficiency may not be realized; the digital currency market; the
Company’s ability to successfully mine digital currency on the
cloud; the Company may not be able to profitably liquidate its
current digital currency inventory, or at all; a decline in digital
currency prices may have a significant negative impact on the
Company’s operations; the volatility of digital currency prices;
and other related risks as more fully set out in the Annual
Information Form of the Company and other documents disclosed under
the Company’s filings at www.sedar.com. The forward-looking
information in this news release reflects the current expectations,
assumptions and/or beliefs of the Company based on information
currently available to the Company. In connection with the
forward-looking information contained in this news release, the
Company has made assumptions about: the current profitability in
mining cryptocurrency (including pricing and volume of current
transaction activity); profitable use of the Company’s assets going
forward; the Company’s ability to profitably liquidate its digital
currency inventory as required; historical prices of digital
currencies and the ability of the Company to mine digital
currencies on the cloud will be consistent with historical prices;
and there will be no regulation or law that will prevent the
Company from operating its business. The Company has also assumed
that no significant events occur outside of the Company's normal
course of business. Although the Company believes that the
assumptions inherent in the forward-looking information are
reasonable, forward-looking information is not a guarantee of
future performance and accordingly undue reliance should not be put
on such information due to the inherent uncertainty
therein.
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