Bitdeer, a cryptocurrency mining company spun off from China-based mining manufacturer Bitmain, could see its public offering on the Nasdaq delayed by a year depending on the vote of shareholders of Blue Safari Group Acquisition Corp.
In a Nov. 2 filing with the US Securities and Exchange Commission, Blue Safari said it will hold a shareholders’ meeting before the end of 2022 to vote on whether to extend the term of its deal with Bitdeer. the mining company announced in November 2021 that it had reached a definitive merger agreement with Blue Safari to go public through a special purpose acquisition company (SPAC) in the United States.
The SEC filing indicated that shareholders could give the company the option to extend the deadline up to four times, to December 2023, as well as move the meeting to a later date if there were not a sufficient number of votes. If successful, the two companies could merge under the Bitdeer Technologies Group name to be listed on Nasdaq.
“If the proposed amendment to the bylaws is not approved and we have not consummated a business combination by the current completion date, (a) we will cease all operations except for the purpose of liquidation, (b) as soon as reasonably possible but not more than ten business days later, subject to the funds legally available therefor, we will redeem 100% of the public shares,” the SEC filing said. “In the event that we are liquidated, there will be no distribution from the trust account with respect to our rights to receive common shares upon consummation of an initial business combination and the rights will expire worthless.”
Founded and led by former Bitmain co-founder, Jihan Wu, Bitdeer facilitates cloud mining services through farms based in the United States and operated in Tennessee, Washington, and Texas. On October 30, the company reported that he was mining about 900 Bitcoin (BTC) a day.
Following the cryptocurrency market crash in May, many crypto companies announced the completion of deals. Israel-based crypto exchange eToro was valued at around $10 billion as of March 2021 and appeared to be on track to merge with a SPAC, announcing in July that it had terminated its deal with Fintech V. The exchange is said to have been considering a private funding round of up to $1 billion.
Bitdeer was contacted by Cointelegraph but received no response at press time.
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