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Cathedra Bitcoin Provides Clarity on Share Consolidation Proposal and Schedules Joint Investor Presentation with Kungsleden Management
Toronto, Ontario--(Newsfile Corp. - June 25, 2024) - Cathedra Bitcoin Inc. (TSXV: CBIT) (OTC Pink...
About this update from Cathedra Bitcoin Inc
[{"type":"text","content":"Cathedra Bitcoin Provides Clarity on Share Consolidation Proposal and Schedules Joint Investor Presentation with Kungsleden ManagementToronto, Ontario--(Newsfile Corp. - June 25, 2024) - Cathedra Bitcoin Inc. (TSXV: CBIT) (OTC Pink: CBTTF) (\"Cathedra\" or the \"Company\"), a diversified bitcoin mining company, today provides clarification on a previously announced share consolidation proposal and schedules a joint investor presentation with management of Kungsleden, Inc. (\"Kungsleden\"), with whom the Company has proposed to merge. Clarification on Share Consolidation ProposalThe Company wishes to clarify its intentions with respect to a proposed share consolidation mentioned in previous disclosures and which will be voted on at the Company's upcoming annual and special meeting of shareholders on July 22, 2024 (the \"Shareholder Meeting\").At this time, the Company intends only to consolidate shares in connection with a listing on a major U.S. exchange (the \"U.S. Listing\"), which it intends to complete before the end of 2024. The exchange in question imposes minimum share price requirements for listed companies, which the Company does not presently satisfy based on the most recent price of its shares on the TSX Venture Exchange. The Company intends only to consolidate shares in connection with the approval of its listing application by a major U.S. exchange, and the U.S. Listing would occur immediately following the consolidation. If the Company does not obtain the U.S. Listing, it does not intend to consolidate its shares. Alternatively, if the Company does satisfy the applicable exchange's minimum share price requirement at the time the Company receives approval to list, it does not intend to consolidate shares.Furthermore, if the Company obtains the U.S. Listing, it intends to consolidate its shares at the minimum ratio necessary to comfortably satisfy applicable exchange requirements. At the Shareholder Meeting, the board of directors of the Company is seeking authorization to consolidate shares at a ratio of up to 150:1 in the future. However, this represents a maximum potential consolidation ratio and is significantly more than what the Company anticipates will be necessary at this time.Management continues to believe that obtaining the U.S. Listing is a key milestone in increasing the Company's public profile, access ...