Business
Cathedra Bitcoin Completes Business Combination with Kungsleden
Completion of the transaction creates a developer and operator of high-density compute infrastruc...
About this update from Cathedra Bitcoin Inc
[{"type":"text","content":"\nCathedra Bitcoin Completes Business Combination with KungsledenCompletion of the transaction creates a developer and operator of high-density compute infrastructure with 95 MW of expected power capacity under management and 4.8 EH/s of expected hash rate under management.Shares of Cathedra Bitcoin Inc. are expected to resume trading on the TSXV under the symbol \"CBIT\" on or around the beginning of August 2024.Toronto, Ontario--(Newsfile Corp. - July 23, 2024) - (Block Height: 853,620) - Cathedra Bitcoin Inc. (TSXV: CBIT) (OTCQB: CBTTF) (\"Cathedra\" or the \"Company\") is pleased to announce the completion of its previously announced business combination (the \"Transaction\"), with Kungsleden, Inc. (\"Kungsleden\"), a developer and operator of alternative high-density compute infrastructure. \"We are excited to complete this strategic business combination and begin executing our shared vision alongside the Kungsleden team,\" remarked AJ Scalia, Chief Executive Officer of the Company. \"We look forward to expanding our portfolio of high-density compute data centers for customers in high-growth end markets like bitcoin mining and-in time-potentially artificial intelligence.\" Thomas Masiero, the former Chief Executive Officer and co-founder of Kungsleden, added, \"John D. Rockefeller got it right when he said, 'I do not think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature.' Let's get to work!\"The Transaction The Transaction was completed according to the terms of a share exchange agreement dated March 6, 2024, as amended on June 18, 2024 (together, the \"Share Exchange Agreement\") between the Company, Kungsleden and Kungsleden's shareholders (the \"Vendors\", and together with the Company and Kungsleden, the \"Parties\"). Pursuant to the terms of the Share Exchange Agreement, Cathedra acquired all of the outstanding shares of Kungsleden from the Vendors in exchange for 6,253,429 multiple voting shares of Cathedra (the \"Multiple Voting Shares\") on the basis of an exchange ratio of one common share of Kungsleden for approximately 6.253429078 Multiple Voting Shares. The 6,253,429 Multiple Voting Shares issued to the Vendors are convertible into 625,342,900 subordinate voting shares of Cathedra (the \"Subordinate Voting Shares\"). ...