Stronghold Digital Mining Encourages Shareholder Support for Merger
Understanding the Upcoming Merger
Stronghold Digital Mining, Inc. (NASDAQ: SDIG), has made headlines as it prepares for a significant merger with beloved partner Bitfarms. The excitement surrounding this merger stems from the strategic advantages that could arise from combining their strengths in the Bitcoin mining industry.
Recommendations from Proxy Advisory Firms
In recent reports, major independent proxy advisory firms, Institutional Shareholder Services (ISS) and Glass Lewis, have urged stockholders to support the merger during the forthcoming special meeting. The recognition of the merger’s benefits by these reputable firms adds an essential layer of confidence.
ISS's Evaluation
According to ISS, the merger process involved a thorough sale strategy, anticipating significant cost savings. Importantly, it highlighted that SDIG shareholders would benefit from owning stakes in a larger, more robust entity once the merger is finalized.
Glass Lewis's Support
Glass Lewis echoed similar sentiments, suggesting that stockholders consider the potential upsides linked to this merger. Their endorsement plays a crucial role in guiding stockholder decisions as they approach the special meeting.
Statements from Stronghold Leaders
Gregory Beard, the Chief Executive Officer of Stronghold, expressed enthusiasm about the backing from these advisory firms. He emphasized the board's unanimous recommendation, encouraging all shareholders to vote in favor of this merger. Beard is optimistic that this union will facilitate growth and maximize shareholder value.
The Voting Process
With the special meeting drawing near, Stronghold is keen to remind its stockholders of the critical nature of their votes. Every vote counts, no matter how many shares one possesses. The company urges participants to cast their votes via the methods highlighted in the proxy statement before the set deadline.
Contact Information
For any inquiries regarding the upcoming vote or the joint prospectus/proxy statement, stockholders can reach out to Stronghold’s proxy solicitor, MacKenzie Partners, Inc., through their dedicated toll-free number or email.
About Stronghold Digital Mining, Inc.
Stronghold operates as a vertically integrated Bitcoin mining company focused on environmentally beneficial practices. Their commitment to sustainability is reflected in their operations at the Scrubgrass and Panther Creek facilities, aimed at utilizing low-cost, environmentally friendly coal refuse.
Frequently Asked Questions
What is the main objective of the merger between Stronghold and Bitfarms?
The merger aims to leverage combined resources and capabilities to enhance efficiencies and shareholder value in the Bitcoin mining sector.
Why are proxy advisory firms recommending a vote in favor of the merger?
Both ISS and Glass Lewis have analyzed the merger's structure, highlighting the expected cost savings and potential for SDIG shareholders to benefit from being part of a larger, more capable entity.
How can stockholders vote on the merger?
Stockholders can vote via methods outlined in the proxy statement, and it is crucial to do so by the specified deadline to ensure their voice is counted.
What environmental practices does Stronghold implement?
Stronghold focuses on sustainable operations by utilizing environmentally beneficial technologies in its mining processes at its coal refuse power generation facilities.
Who can stockholders contact for more information about the merger?
Stockholders can contact Stronghold's proxy solicitor or its investor relations department for any questions or clarifications regarding the merger and voting.
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