Crypto Miner Hive to Consolidate Shares to Attract More Institutional Investors

• The determination volition little outstanding stock counts to astir 82 cardinal from astir 411 cardinal and volition beryllium effectual connected May 20, according to a statement.

• “In speaking to shareholders astatine the galore conferences I person attended successful the past 60 days, it is evident that immoderate shareholders are uncovering it challenging to comparison HIVE to its manufacture peers arsenic we person galore much shares outstanding,” said Executive Chairman Frank Holmes successful the statement.

• Consolidation of shares oregon commonly known arsenic reverse banal split, is simply a process by which a publically traded institution reduces its stock number and increases the terms of each outstanding share.

• After the consolidation, stock terms of the banal volition beryllium higher and volition make much visibility among ample investors arsenic galore organization investors, communal funds successful particular, person policies against taking positions successful a banal priced nether a minimum stock price, careless of the marketplace capitalization, Holmes noted.

• “We judge that an accrued stock terms arising from the stock consolidation, connected the TSX-V and particularly the Nasdaq, volition alteration america to pull a broader scope of shareholders, summation accrued liquidity and present semipermanent worth to investors,” said CFO Darcy Daubaras.

• The miner's shares fell astir 55% with different mining peers and traded astir $1.19-each arsenic of May 10 close. The banal fell astir 6% connected Tuesday’s aboriginal trading arsenic astir crypto-linked stocks tumbled with bitcoin falling beneath $30,000 aft U.S. CPI data.

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