This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 2, 2021 to its amended and restated short form base shelf prospectus dated January 4, 2022.
Frank Holmes, Executive Chairman of HIVE stated, "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." Mr. Holmes continued, "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.
Many institutional investors, mutual funds in particular, have policies against taking positions in a stock priced under a minimum share price, regardless of the market capitalization. HIVE's share price will increase; however, its market capitalization is not expected to change, outside of the effect of market forces. We believe the profile of HIVE could expand because of this stock consolidation as those minimum share prices will no longer be a barrier to investment. After the bear market...
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