Announcement | HUT 8 MINING CORP | Informative Notice

Initially announced on February 7, 2023, HUT 8 MINING CORP (TSX: HUT, Nasdaq: HUT) entered into a definitive business combination agreement with US Bitcoin Corp (USBTC) under which the companies will combine in an all-stock merger of equals. The combined company will be named “Hut 8 Corp” (New Hut) and will be a U.S.-domiciled entity. New Hut is expected to be listed on Nasdaq and the TSX under the ticker symbol HUT. Existing HUT 8 MINING CORP shareholders and USBTC stockholders will each collectively own approximately 50% each of the stock of New Hut. HUT 8 MINING CORP shareholders will receive 0.2 shares of New Hut, effectively undergoing a 1:5 consolidation of its common shares. Following the consolidation, New Hut will acquire USBTC at a ratio of 0.6716 shares of New Hut per USBTC capital stock.

Solactive notes that although New Hut will re-domicile to the U.S. it will continue to operate in the space of digital asset mining and plans to maintain both TSX and Nasdaq listings under the existing ticker.

Assuming all customary closing conditions and listing requirements are met, Solactive will implement a 1:5 reverse stock split and name change (HUT 8 CORP) on the expected completion date, November 30, 2023 (open).