Rum Group said it plans to lift its ownership in Northern Data from 85.2% to about 98% by acquiring additional shares from Tether under their existing transaction support agreement.
The company said Tether had agreed to acquire 8,256,155 Northern Data shares on Sept. 2, 2026, and that those shares are expected to settle in time for an exchange on or about Sept. 30, 2026. Under the agreement, Tether exchanges Northern Data shares for Rum Class A common stock, or pre-funded warrants, at a ratio of 2.0281 Rum shares for each Northern Data share delivered.
After that purchase, Rum said it intends to begin squeeze-out proceedings under German stock corporation law to acquire the remaining roughly 2% of Northern Data shares, which would take its stake to 100%.
The move follows Rum’s previously announced $13.7 billion GPU services agreement tied to its Maysville, Georgia site. As a result of these announcements, the company's shares have moved -4.16% on the market, and are now trading at a price of $7.0587. For more information, read the company's full 8-K submission here.
