Blue Safari Group Acquisition Corp. (BSGA) Shareholders Approve Bitdeer Deal

Blue Safari (NASDAQ:BSGA) announced in an 8-K this afternoon that its shareholders approved its combination with crypto mining group Bitdeer at a special meeting held earlier today.

Holders of 2,974,230 ordinary shares of BSGA were present, representing approximately 84.8% of the total ordinary shares of BSGA, at today’s meeting. The business combination was overwhelmingly approved by shareholders as 2,971,987 shares voted in favor of the deal.

Today’s 8-K did not disclose redemption figures, but Blue Safari’s shares traded above its trust value of $10.10 throughout its redemption deadline April 6.

The parties now expect to close the transaction on April 13, and the combined company’s Class A ordinary shares are expected to begin trading on the Nasdaq Stock Market under the symbol “BTDR” on April 14.

Blue Safari initially announced the $4 billion combination with Bitdeer in November 2021. The SPAC originally brought about $58 million into the deal from its trust, but shareholders redeemed 70.11% in a December meeting, leaving it with $17.9 million post-vote. Singapore-headquartered Bitdeer operates five mining datacenters in the US and Norway and provides outsourcing and optimization services to independent crypto miners.

ADVISORS

• Cooley LLP and Travers Thorp Alberga are serving as legal advisors to Bitdeer in connection with the Transaction.
• China Renaissance Securities (Hong Kong) Limited is serving as financial advisor to Bitdeer.
• Davis Polk & Wardwell LLP, Haiwen & Partners and Ogier are serving as legal advisors to Blue Safari in connection with the Transaction.