HIVE Blockchain Technologies Ltd. has declared its plan to strategically rebrand, including a transition to the new name “HIVE Digital Technologies Ltd.” This rebranding initiative is designed to mirror the company’s progression into the realm of high-performance computing (HPC) data centres, utilizing Nvidia’s superior Graphics Processing Unit (GPU) chips to tap into the burgeoning trend of widespread adoption in the field of Artificial Intelligence (AI).
Established in 2017, HIVE has been an innovative leader in the domain of cryptocurrency mining. The upcoming name change signifies a major strategic shift to exploit the capabilities of green energy data centres and GPU Cloud computing technology, an indispensable resource in the sphere of AI, machine learning, and sophisticated data analysis.
At present, the company’s common shares are traded on the TSX Venture Exchange (TSXV) and the Nasdaq Capital Market under the ticker “HIVE”. The company has confirmed that there will be no changes to its trading symbols nor will there be any consolidation of share capital associated with the name change. The implementation of the name change is anticipated around July 12, 2023, pending receipt of all necessary regulatory approvals.
The rebranding will not impact the company’s share or warrant structure or the rights of its security holders. Existing security holders are not required to take any further action. All current share certificates or warrant certificates will continue to represent the shares or warrants of HIVE Digital Technologies Ltd. without the need for any additional action by holders post the name change.
In a separate announcement, the company has rectified an earlier understatement of the number of Bitcoin equivalent mined during the year by 792. The accurate figures for Bitcoin equivalent should have been 4,295, not the previously reported 3,503.
Furthermore, the company disclosed that its Board of Directors has sanctioned the grant of 620,000 incentive stock options, which can be exercised into an equivalent number of the company’s common shares at a price of C$6.86 per share for a duration of five years. These grants, made to the company’s employees, officers, and consultants, are subject to specific vesting requirements.
HIVE Blockchain Technologies Ltd. made its public debut in 2017 as the inaugural cryptocurrency mining company to be listed for trading on the TSX Venture Exchange, with a strong emphasis on sustainable green energy. The company operates advanced, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where it harnesses green energy to mine digital assets like Bitcoin on the cloud.