Hut 8 Corp HUT

Nasdaq incoming?

[joecancer]

Hut has filed a form f-10 with the SEC.  It was filed March 10.  That's the form Canadian companies need to submit in order to go public in the US.

https://secfilings.nasdaq.com/filingFrameset.asp?FilingID=14787574&RcvdDate=3/10/2021&CoName=HUT%208%20MINING%20CORP.&FormType=F-10&View=html

From reading about it, the SEC doesn't need to approve this. But FINRA does. And it takes FINRA 10-25 days to usually approve: https://www.finra.org/rules-guidance/key-topics/public-offerings (see Review Process).  

Now, I don't know all the ins and outs and whether they've filed what they need to file with Nasdaq itself, but this is at least some indication that they are working on it and possibly very close.  Take it for what you will.  Perhaps this is why they were so tight-lipped on the earnings call?

[dload7]

I really just think that HUT management has been just doing expectation management since the approval is not guaranteed.   Just my 2 cents.

[bufordpusser]

About this talk of Nasdaq, I just read the Nadaq listing guide. I see some problems on the hut balance sheet with regards to listing requirements. I don't  understand why no one on these hut stock boards ever talks about it.

[joecancer]

What specifically are the problems you see? Here's the listing guide - which standard do you see issues with? https://listingcenter.nasdaq.com/assets/initialguide.pdf

[bufordpusser]

I am not an accountant but here is how I interpret the rules. Standard 1:Earnings Aggregate in prior three fiscal years $11 million Each of the two most recent fiscal years $2.2 million 2020     Net income before tax     $ 3,991,447 2019     Net income         $ 2,130,570 2018    Net income (loss)  

[joecancer]

But they don't need to meet all four of the standards.  They only need to meet one.  I think they clearly meet standard 4 at least - assets with equity.

[bufordpusser]

Total Stockholders’ Equity (from small busines chronicle) "Total stockholders’ equity equals the money you have raised from issuing common and preferred stock plus your retained earnings, minus your treasury stock. Retained earnings are the total profits you have kept since you started your business that you have not distributed as dividends." hut doesn't have any retained earnings

[Kylemcc10]

No wonder they aren't commenting. Because the honest answer would be "sorry we can't right now" and they would take a nosedive 

[gvixid]

According to your argument, which in not saying is wrong, then Bitfarms wouldn't eligible either. The questions then becomes - if both companies obviously don't meet nasdaq criteria, why would they waste the time and money to apply? One would think they have well-paid legal and financial teams that scourer the applications and gave the go-ahead before starting the process

[bufordpusser]

True, unless of course they addressed these issues before they applied. I was using numbers from the 2020 balnce sheet. I don't see how a company with an accumulated deficit that large would be considered for a Nasdaq listing.

[gvixid]

Makes sense. But I hope you're wrong :)

[gvixid]

Question - I'm no accountant, but can they count the value of their btc holdings against the accumulated deficit? At current btc prices, their digital assets are worth more than the stated deficit. Just a thought

[bufordpusser]

Good question, cashing out your Bitcoin to pay off an accumulated deficit from the previous business model may not go over well with management or shareholders.

[joecancer]

Yes, they count bitcoin values. And they don't need to sell them to count them.  This is all spelled out in the financial report.  They meet the qualifications.

[CannaBaked]

 

[joecancer]

You are focusing on the wrong line in the financial statement.  The deficit is one factor in determining shareholder equity.  But if you look at the recent annual report, the shareholder equity is over $115 million.  So they qualify. They have the market cap (850 mil - only need 160 mil). They have the shareholder equity (115 mil - only need 80 mil), and they have the assets (145

[bufordpusser]

I understand but is it negative equity?

[joecancer]

No. The deficit is negative, but the overall equity is plus 115 million.  See page 4: Hut-8-FS-YE-2020-FINAL.pdf

[mastagaetz]

I'm not sure if you guys have seen this or not. It appears they have put in the application for NASDAQ listing.  NASDAQ listing is coming.  https://i.imgur.com/EQWWMCh.jpg     

[CannaBaked]

WE GOIN TO NASDAQ BOYYYY'S !!! HOLD TO THE MOOOOON You either had the balls or let emotions get in the way. 

[MrMS777]

Im not so sure, i went through each one of those applications and they dont pertain to uplisting. Aswell BITF confirmed they applied but none of these forms appear under their Nasdaq info page. As much as i want HUT to uplist i dont think this is it right here. Could be wrong, hope i am.

[joecancer]

This is an sec form that needs to be filed to uplist in the US, but you are correct it's not a nasdaq application. Nasdaq doesn't lost their applications I don't believe. This is a sec form that needs approval by finra (usually takes 1-2 weeks).  

[CannaBaked]

Bump:  

[CannaBaked]

they qualify. This will just keep getting bumped everytime someone posts speculation. So thank you for posting "they don't qualify, cause this will just keep getting bumped  

[CannaBaked]

bumping: