Cathedra Bitcoin Expects to List in US by Year End
Kungsleden's stake in the resulting Cathedra has been revised to 72.5%
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Toronto-listed bitcoin mining firm Cathedra Bitcoin said it has secured conditional approval on its merger plan with Kungsleden and has also resumed the process of listing in the U.S.
Cathedra said in a release on Tuesday that with the conditional approval from the Toronto Stock Exchange, it will host a meeting for Cathedra shareholders to approve the merger plan on July 22.
The closing of the deal is “expected shortly thereafter” and the trading of its shares will resume afterward, Cathedra said.
Additionally, Cathedra said it has resumed the process of listing its shares on a “major U.S. stock exchange“ and expects to complete that in the second half of 2024. The company first explored the dual listing option but paused in 2022 due to the weak market conditions.
In March, Cathedra announced a reverse takeover merger with U.S-based Kungsleden, a mining colocation provider that was already hosting a portion of Cathedra’s proprietary hashrate in Tennessee.
Based on the original share exchange agreement, Kungsleden would be the largest shareholder after the merger with a 77.5% stake.
In the latest release, however, Cathedra said the transaction has been revised in that Kungsleden will own 72.5% of the resulting company and the existing shareholders of Cathedra will own the remaining 27.5% after the merger.
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