HIVE Blockchain Delayed in Completion of Annual Filings

Rhea-AI Summary

The Company, HIVE Blockchain Technologies, announced a delay in filing its audited financial statements, CEO and CFO certifications, and management discussion for the year ending March 31, 2022. These filings, originally due on June 29, 2022, are now expected by July 15, 2022. This delay is attributed to challenges from a recent NASDAQ listing and rapid business growth. As a precaution, HIVE has requested a temporary trading prohibition for certain insiders until filings are completed, impacting only those individuals.

Positive

• HIVE is expanding its finance team to meet filing deadlines in the future.

Negative

• Delay in filing Annual Filings could raise concerns among investors.
• Temporary trading prohibition for insiders may reflect management's internal issues.

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.

VANCOUVER, British Columbia, June 29, 2022 (GLOBE NEWSWIRE) -- HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (Nasdaq:HIVE) (FSE:HBFA) (the “Company” or “HIVE”) announces that it expects that its audited financial statements, CEO and CFO certifications, and management discussion and analysis (the “Annual Filings”) for the year ended March 31, 2022 will not be released as scheduled on June 29, 2022. The Company currently anticipates being able to file the Annual Filings on or before July 15, 2022.

The Company has been late in the preparation of the Annual Filings due to a combination of factors including (i) the challenge of meeting the shorter filing deadline for non-venture issuers due to the Company’s recent listing on the NASDAQ and (ii) the rapid increase in the Company’s growth and the accompanying increase in the number of transactions. The Company does not anticipate such difficulties with future filings and has made arrangements to satisfy the shorter filing periods for future year-ends, including hiring additional finance staff.

As a result of the delay, the Company has voluntarily requested that the Securities Commissions in all of the provinces and territories of Canada issue a temporary order that prohibits certain current directors, officers and insiders of the Company from trading in securities of the Company for so long as the Annual Filings are not filed. The issuance of such management cease trade order generally does not affect the ability of persons who have not been directors, officers or insiders of the issuer to trade in their securities. The Company intends to provide updates in accordance with National Policy 12-203 – Management Cease Trade Orders with respect to further developments in respect of this matter promptly following their occurrence, including the issuance of bi-weekly status update reports until such time as Annual Filings are completed.

About HIVE Blockchain Technologies Ltd.

HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy. We mine Bitcoin and Ethereum using primarily clean, cheap hydroelectric power in Canada, Sweden, and Iceland.

HIVE is a growth-oriented technology stock in the emergent blockchain industry. We are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where we source 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. Our 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 multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.

We encourage you to visit HIVE’s YouTube channel here to learn more about HIVE.

For more information and to register to HIVE’s mailing list, please visit www.HIVEblockchain.com. Follow @HIVEblockchain on Twitter and subscribe to HIVE’s YouTube channel.

On Behalf of HIVE Blockchain Technologies Ltd.
“Frank Holmes”
Executive Chairperson

For further information please contact:
Frank Holmes
Tel: (604) 664-1078

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward-Looking Information

Except for the statements of historical fact, this news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. “Forward-looking information” in this news release includes, but is not limited to, business goals and objectives of the Company; statements and information regarding the timing for the filings of the Annual Filings; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.

Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the reliance of the Company on its auditors and management with respect to the Annual Filings, the volatility of the digital currency market; the Company’s ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; continued effects of the COVID-19 pandemic may have a material adverse effect on the Company’s performance as supply chains are disrupted and prevent the Company from carrying out its expansion plans or operating its assets; and other related risks as more fully set out in the registration statement of Company and other documents disclosed under the Company’s filings at www.sec.gov/EDGAR and www.sedar.com.

The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company’s objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company’s normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

FAQ

What is the new filing date for HIVE Blockchain Technologies' Annual Filings?

HIVE expects to file its Annual Filings by July 15, 2022.

What caused the delay in HIVE's financial statement filings?

The delay was due to challenges from a recent NASDAQ listing and rapid business growth.

How does the delay affect HIVE insiders?

HIVE has requested a temporary trading prohibition for certain insiders until the Annual Filings are completed.

Will HIVE face challenges with future filings?

HIVE does not anticipate similar challenges for future filings due to hiring additional finance staff.