May 13, 2022 (Investor Brand Network via COMTEX) -- HIVE Blockchain Technologies (tsx.v:HIVE) has announced a consolidation of its common shares based on five preconsolidation common shares being exchanged for one postconsolidation common share. The company currently has 411,209,923 listed and outstanding common shares; the consolidation would result in an estimated 82,241,984 common shares being issued and outstanding. According to the announcement, HIVE anticipates the shares to start trading on both the TSX Venture Exchange and the Nasdaq market around May 20, 2022. The purpose of the move is to attract a broader range of shareholder, gain increased liquidity and add shareholder value. The company did note that the name of the company would remain the same and that the completion of the consolidation was subject to the necessary approvals. "In speaking to shareholders at the numerous conferences I have attended in the past 60 days, it is apparent that some shareholders are finding it challenging to compare HIVE to its industry peers as we have many more shares outstanding," said HIVE executive chair Frank Holmes in the press release. "Even though HIVE has a higher market capitalization than many of our peers, and stronger fundamentals as measured by price/earnings ratios, revenue per employee and debt to equity ratios, the increased share price creates more institutional visibility because many of their fundamental screens exclude stocks under $5 a share. Hive has very attractive fundamentals when compared to other tech stocks and trading at a higher share price can make it much more appealing."
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About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies IVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy. Using primarily clean, cheap hydroelectric power, the company mines Bitcoin and Ethereum in Canada, Sweden and Iceland.HIVE is a growth-oriented technology stock in the emergent blockchain industry. The company is building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green energy-powered data center facilities in Canada, Sweden and Iceland, where it sources only green energy to mine on the cloud and HODL both Ethereum and Bitcoin. Since the beginning of 2021, HIVE has held in secure storage the majority of its ETH and BTC coin mining rewards. Those shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies such as ETH and BTC. Because HIVE also owns hard assets such as data centers and advanced multiuse servers, the company believes its shares offer investors an attractive way to gain exposure to the cryptocurrency space. For more information about the company, please visit www.HiveBlockchain.com .
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