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Sue Ennis interview
Discussion with Sue was just posted to the FB group "HUT8 Investors" - I will copy/paste here for those that don't use Facebook.
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Hey! Just got off the phone with Suzanne Ennis (Sue) the head of IR for Hut8. I addressed the points that were added to the discussion and this is the result;
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PR - recently hired Redchip US (they brought RIOT to market) & North in Canada. They didn't announce as they didn't see a need to do so, I informed her retail does enjoy seeing the announcements as others have made them, however, they still feel that PR to announce it is not needed.
Share Buy Back - Company is looking at possibly adding a dividend in the future & will focus on building up the BTC treasury. The company is aware of stock price & is invested themselves (specifically Sue said she was, can't speak for anyone else but I would imagine so).
Miners - Lots of companies have announced their miners, however, large amounts of them are actually LOI's (letter of intent), many things can go wrong with this. Someone can simply offer a manufacturer more $ and they'll lose the shipment. They feel that announcing miners without 100% follow-through is disingenuous and would lead to an erosion of trust in the company and potential legal action. They did, however, update me on the new GPUs being installed which will lead us in mid Q2 to 9.3 BTC mined per day. Miles above our competition.
500M Shelf *dilution* - The company was +$40.6M Q4 2020 and has notified Coindesk to post a meaningful retraction of the article or possible legal action could ensue. The shelf is there if a large opportunity comes up and they need funds towards it. However, she did specify currently they're not using it but they can/will in the future if need be. Also, yes the warrants are included, however, they may, or may not sell them. Legally she couldn't specify.
Uplisting - Quote “you’re on the right page, I'm a very direct communicator and it sucks that I can't say anything to you guys but legally I can't, legal has been very strict about this."; I believe this means the up-list is most definitely on track and we'll see it by Q1-Q2. The hiring of Redchip is massive for this.
Shorts - The company is aware of the extreme shorting in Canada, sadly due to our lack of regulations there's not much they can do about it. She did confirm this would end if/when the up-list took place ("if" is purely a legal term, since she can't actually specify anything related to it).
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I've received a few questions asking how I got the meeting, trust me I'm not a special person or a secret millionaire. Tweet Sue on Twitter, respectfully, with your concerns and she'll arrange a time to speak to you. The company cares about its shareholders and wants to do everything to keep our confidence in them. She repeatedly focused on the fundamentals of the business and in her words "we're the gold standard for mining, we take public announcements very seriously". I appreciate this as other companies (BITF) for example, announced the listing months ago, with zero follow through and now their boards are screaming about lawsuits.
We have to understand this is a massive company with billions of growth in the future, they can't be "willy nilly" (not a sue quote but my Grandpas saying) with PR.
I hope this clears up some concerns, I know I certainly feel more confident about this diamond.
BBVA would be a better buy than COIN. Way overvalued Coinbase’s valuation should be closer to $18.9 billion – an 81% decrease from the $100 billion expected valuation.
LOL. "jumping out of my basement window." I wished I could fit through mine, I'm too fat, windows too small.
Glad I didn't do what so many others are doing today. Selling their stocks instead of HODL'ing. Just to buy COIN, at a extremely overpriced amount. You should go the the COIN board here on IHUB and read post #82 by Webslinger. A very good post.
I never would have thought that the entire crypto market would be down on a day like today. BTC at an ATH . I can't blame today on the OTC. Just retail investors with paper hands.
No, I would call it a great buying opportunity, if I only had kept a little in reserve.
Don't forget in your calculations. 3,233 BTC. Plus making 4% interest off of 1,000 of their stash of coin. More $ for earnings 1Q of 2021
I was thinking maybe a 5x, after up listing. Same time frame though, couple of weeks after the Nasdaq up listing.
Good for you. Hopefully you bought in today, Hut is getting killed today. Shorts are really running rough shod over us.
I guess when Bitfarms gets closer to up listing. The same BS will come out about their $250.000,000 offering. Shorts fomenting fear amongst the commoners. Us peasants should listen to them /sarc
Where are you getting your share numbers from. !st the share price will be a lot higher after up listing. 2nd the company hasn't set the $ amount for the dilution. They set the maximum amount. Time will tell how much $ is needed. 3rd the time frame is 25 months, A lot can happen in BTC price in the time period, making it negligible.
Volatility is always going to be with BTC miner stocks. Especially those listed on the OTC exchange.
They also are making 4% interest on 1,000 BTC shares. Because of the price movement in BTC I don't know how to calculate it. So pick any number. Let's say $58,000 x 1000 x .04 = $2,320,000
You can put in any number yiou like for the BTC price, but no matter what. The company is generating a lot of $ on interest alone.. So the dilution will not be as much IMO.
SOS is a Chinese company. I will never own another Chinese company again. Burn me once shame on you. Burn me twice shame on me.
SP has absolutely nothing to do with valuation on the OTC. Shorts set the price
NASDAQ vs. OTC it's easy to understand. HF set the price on the OTC. Harder to do that on the Nasdaq. RIOT has less shares also, making it harder for the HF to manipulate.
Shorts closing their positions out. Coinbase IPO tomorrow.
Yes they did. Filed it on 3/10 and amended on 4/7. 6k on 4/12 which is the precurser to the 40 F. The 40 F should be the last form to be filled out before up listing.
Bitfarms is at least 2 weeks away from Hut's time line, if not even more than that.
That's good I respect that. My post was intended for AlaskaDug. Didn't mean to solicit on this board. I just thought maybe he wanted to move his investment, and I thought I could be of help to him.
GLTA
Take a look at Hut8. Up listing is coming very, very soon. Shorts are keeping it down, so now would be a good time to get in. Wait too long, and you'll miss the train leaving the station. Hut has over 3233 BTC in possession. Mining 6.8 new BTC daily. With another 2.5 BTC mined at the end of June. Bringing it to 9.3 BTC per day, end of June.
Two brothers working out of their mom's basement, running this . I'm sure they know absolutely nothing about running the power plant just bought. Now another DILUTION is needed to buy more mining rigs. So the old worn out ones can be replaced and new bought to up the hash rate. Which is very low.
Why waste $$$ buying a power house, when you don't have the skills needed to operate it. Nor the mining rigs necessary for it to supply power to. If you knew how to operate it.
Whoever is investigating in this at the Ontario Securities Commission should take a good look at all of their financial statements. Including how much BTC is currently in their possession. Something fishy is going on. Hence the statement made by the Ontario Securities Commission "Corrective disclosure was requested by staff of the OSC in connection with its review of the Company's base shelf prospectus"
Of course it is. It's on the OTC exchange, the Hedge Funds set the price. Not any retail investor.
Who is Andrew Left?
Because they're on the OTC exchange. Where Hedge Funds set the price, not valuation. If Frank would have tried sooner to get on the NASDAQ, HIVE would be at least 5 times higher. Except that Frank wanted to get on the Asian exchange instead. Because it trades around the clock.
Meanwhile all of HIVE shareholders can deal with the HF manipulating the price down. To where they set it at. Not where it's true value is.
I think we need to get off of the highly manipulated OTC exchange. Hedge Funds can too easily set the price for all of the miners on the OTC. Up listing to the nasdaq, won't get rid of all the short selling HF's, but it will make it a lot harder for them to manipulate.
I don't foresee any announcement for at least 2 weeks, or more. No F-10, F-40 or FINRA acceptance yet.
OTC ?, You need to look in the SEC. Try here
https://www.sec.gov/edgar/search/#/q=Hut%25208%2520Mining%2520Corp.
Do yourself a favor and don't invest here. Dilutions are consistently happening and lasting for weeks at a time. Then you have the Ontario Securities Commission looking into it. Because the mgmt. overstated by US $2,957,458 and US $512,523 on compensation in their last DILUTION effort.
Crooked in all appearances is what it seems to be. Don't waste $ here. Look at the charts from Jan. when all other miners were up by very large amounts, some doubled in SP. But not this stock. Lost $ while ALL others gained.
HF shorts are spending an awful lot $ to keep miners down. I know they make a lot of $ because of the volatility but I just don't understand how they can keep shorting more and more and expect to make $. Most days near the end of day, miners rebound back up, because shorts are closing their positions. We need to up list to get away from all this manipulation. OTC should be renamed HFC, for hedge fund central!
lol, Was I being subtle? I see BTC is now $62629, off of it's ATH. Just waiting patiently for BTC to climb higher or news from the miners. Checked EDGAR and SEDAR, nothing new found there. An announcement from either CEO sure would be nice though.
HODL, HODL some more, and BTW, don't forget to HODL. BTC is taking off
Post 462 was FYI. About the F-10 and F-40 forms, both are going to be needed, before up listing.
And an amended form for the $250,000,000 preliminary base shelf prospectus from 3/12/21
Boards are dead today, Anyone awake?
FORM 6 K filed on Friday
https://www.sec.gov/Archives/edgar/data/0001731805/000110465921048988/tm2112626d1_6k.htm
Covid 19, China virus, is the cause for the added wait time, IMO.
: Hut 8 Mining Corp. (the "Corporation")
Final Short Form Base Shelf Prospectus dated April 7, 2021 (the "Prospectus")
In connection with the filing of the Prospectus the undersigned hereby undertakes, for and
on behalf of the Corporation and not in his personal capacity, to file any agreements,
contracts, material contracts and documents that have not been executed at the time of
filing final materials in accordance with section 4.2(a)(x) and (x.1) of National Instrument
44-101 – Short Form Prospectus Distributions with the principal regulator on SEDAR
under the same project number as that of the Prospectus promptly and in any event within
seven days after each has been executed. This includes but is not limited to the following:
(i) If applicable, the underwriting or agency agreement for any offering of
Securities;
(ii) The indenture or supplemental indenture for any offering of Debt
Securities;
(iii) The warrant indenture for any offering of Warrants;
(iv) The subscription receipt agreement for any offering of Subscription
Receipts;
(v) The agreement, indenture or other instrument for any offering of
Convertible Securities; and
(vi) The unit agreement for any offering of Units
Every step is another step closer to UP LISTING
I watch Blonity as well. Now that I have more data, I need to sell some of my other stocks. So, I can buy even more HUT.
Form F-10 is to register new securities in the US (so they are ready to blast us with an offering when share price moons) and Form F-40 is to list the companies outstanding shares in the US. See page 33 of Raising Capital in the United States-A guide to using MJDS for the US Public Offerings for support.
Since on 3/12/21 a base shelf prospectus was filed for $250,000,000. I tend to believe that a F-10 form will be required. As well as a F-40 when the time comes. Up listing is still a couple weeks away.
On 3/12, the PRELIMINARY SHORT FORM BASE SHELF PROSPECTUS, was filed. Amendments to it will probably, be made.
A prospectus supplement will set out the names of any underwriters, dealers or agents involved in the sale of the
Company’s securities, the amounts, if any, to be purchased by underwriters, the plan of distribution for such securities,
including the net proceeds we expect to receive from the sale of such securities, if any, the amounts and prices at
which such securities are sold and the compensation of such underwriters, dealers or agents.
I did also find some, not so good news for Bitfarms as well. I thought BitFarms was 2-3 days behind Hut, but it could be even more behind than that. Because Bitfarms, just released their annual report. on 4/7. They are about 2 weeks behind Hut, who released on 3/25.
From: Reddit Posted by kbbqking
3 days ago
Hut8 Uplisting Imminent
Based on Hut8's filing of their Amended F-10 ** and the below excerpt from U.S. Securities Offerings and Exchange Listing by Foreign Private Issuers by Morrison Foerster (a reputable law firm) it looks like Hut8 will be listed on the Nasdaq in a few trading days.
Exchange Application Process A foreign private issuer seeking to list shares on the major U.S. exchanges must first apply to the exchange’s staff for listing and submit certain support documentation to the exchange such as its charter documents, annual reports and its latest prospectus. The exchange application process typically takes anywhere from four to 12 weeks, depending on the exchange on which the issuer wishes to list, and on other factors such as whether the issuer must submit additional supporting documentation and whether the application raises any issues that need to be addressed by the issuer.>>When the applicable review process is completed, the issuer’s securities will be approved for listing by that exchange, and the exchange will certify the listing of the issuer’s shares to the SEC. Thereafter, the issuer must register with the SEC under the Exchange Act by filing the appropriate registration form. The issuer’s shares will then be admitted to trading once the listing has been certified and the Exchange Act registration has become effective
I'm focusing in on this part at the end "THEREAFTER, the issuer must register with the SEC under the Exchange Act by filing the appropriate registration form. The issuer’s shares will then be admitted to trading once the listing has been certified and the Exchange Act registration has become effective”
Thereafter implies that the issuer registers with the SEC after being approved by the NASDAQ. Filing "the appropriate registration form" is the next step in the process, and certification is the last step (you are basically here)
"The appropriate registration form(s)" are Form F-10 (which was already filed) and Form F-40 (which has not yet been filed).
Form F-10 is to register new securities in the US (so they are ready to blast us with an offering when share price moons) and Form F-40 is to list the companies outstanding shares in the US. See page 33 of Raising Capital in the United States-A guide to using MJDS for the US Public Offerings for support.
So when will we see Form F-40 and how long will certification take?
Since Canadian and US securities laws are so similar, forms F-10 and F-40 are "generally not reviewed by the SEC" (see above link). Certification is basically immediate (for Canadians) and Form F-40 can be expected any day now. Will keep checking EDGAR.
Generally from what I've seen from other tickers that have uplisted recently is that once the company issues the Press Release / Uplisting Announcement the shares hit the exchange 2 trading days later
At the bottom, on the F-10 form is this:
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-10 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Toronto, Province of Ontario, Canada, on April 7, 2021.
AUTHORIZED REPRESENTATIVE
Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, the undersigned has signed this Registration Statement, in the capacity of the duly authorized representative of the Registrant in the United States, on April 7, 2021.
PUGLISI & ASSOCIATES
By:
/s/ Donald J. Puglisi
Name: Donald J. Puglisi
Title: Managing Director
OK, I just hope that they filed all the right paper work. I still think that they are lagging behind Hut8 by 2-3 days. If they have done all of the forms necessary. Hut is looking at an up list very, very soon. IMO. GLTA
The base shelf prospectus, filed 3/12/21 was for $250.000.000 on both the TSX and OTC markets.
The common shares of the Company (“Common Shares”) are listed for trading on the TSX Venture Exchange (the
“TSXV”) under the trading symbol “BITF” as well as on the OTC under “BFARF”. On March 11, 2021, being the
last complete trading day prior to the date hereof, the closing price of the Common Shares on the TSXV was C$6.35.
So, what I don't understand is, why haven't they filed an F-10 form.
I don't see ANY F-10 form filed by Bitfarms, in EDGAR. All I do see filed for Bitfarms are 5 Notices of sales of unregistered securities. What gives ? No F-10 Why ?