| Item 1.01 |
Entry into a Material Definitive Agreement. |
Amendment to the Merger Agreement and Related Agreements
As previously disclosed in
the Current Report on Form 8-K filed by Blue Safari Group Acquisition Corp., a British Virgin Islands business company (“Blue
Safari”) with the Securities and Exchange Commission (the “SEC”) on December 15, 2021, Blue Safari entered
into an Amended and Restated Agreement and Plan of Merger (the “Original Merger Agreement”) dated as of December
15, 2021 by and among (i) Blue Safari, (ii) Bitdeer Technologies Group, an exempted
company with limited liability incorporated under the laws of the Cayman Islands (“BTG”), (iii) Blue Safari Merge
Limited, a British Virgin Islands business company and a wholly-owned subsidiary of BTG (“Merger Sub 1”), (iv) Blue
Safari Merge II Limited, a British Virgin Islands business company and a wholly-owned subsidiary of BTG (“Merger Sub 2”),
(v) Bitdeer Merge Limited, an exempted company with limited liability incorporated under the laws of the Cayman Islands and a wholly-owned
subsidiary of BTG (“Merger Sub 3”), (vi) Blue Safari Mini Corp., an exempted company incorporated with
limited liability under the laws of the Cayman Islands and a wholly-owned subsidiary of Blue Safari (“SPAC Sub”),
and (vii) Bitdeer Technologies Holding Company, an exempted company incorporated with limited liability under the laws of
the Cayman Islands (“Bitdeer” or the “Company”).
On May 30, 2022, Blue Safari
entered into a First Amendment to Amended and Restated Agreement and Plan of Merger (the “Amendment”, and the Original
Merger Agreement as amended by such Amendment, the “Amended Merger Agreement”) with BTG, Merger Sub 1, Merger Sub 2,
Merger Sub 3, SPAC Sub and the Company, to amend the Original Merger Agreement.
The
Amendment extends the termination date upon which either Blue Safari or the Company may terminate the Amended Merger Agreement, from May
31, 2022 to September 1, 2022.
In
addition, pursuant to the Amendment, the Company will provide certain interest-free loans with an aggregate principal amount of US$1,993,000
to Blue Safari to fund any amount that may be required in order to extend the period of time available for Blue Safari to consummate a
business combination and for Blue Safari’s working capital. Such loans will only become repayable upon the Acquisition Closing (as
defined in the Amended Merger Agreement).
Further,
on May 30, 2022, Blue Safari entered into the First Amendment to Promissory Note (the “Amended Promissory Note”) in
relations to the promissory note dated March 4, 2021 (together with the Amended Promissory Note, the “Promissory Note”)
issued to First Euro Investments Limited (“First Euro”) in the principal amount of US$200,000. Pursuant to the Amended
Promissory Note, the maturity date of the Promissory Note is extended to August 31, 2022, provided that Blue Safari may in its sole discretion,
and upon written notice to First Euro, extend such maturity date for an additional six months in the event that Blue Safari has not repaid
in full the principal amount and accrued interest by August 31, 2022.
The foregoing
description of the Amendment and the Amended Promissory Note is qualified in its entirety by reference to the full text of the Amendment
and the Amended Promissory Note, copies of which are included as Exhibit 2.1 and Exhibit 10.1 hereto, and the terms of which are
incorporated herein by reference.
Cautionary Statement Regarding Forward-Looking
Statements
This
communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of
1995. Such statements are typically identified by words such as “will,” “are expected to,” “is anticipated,”
“estimated,” “believe,” “intend,” “plan,” “projection,” “pro forma,”
“outlook” or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding
the proposed business combination between Blue Safari and Bitdeer pursuant to the Amended Merger
Agreement (the “Business Combination”), including the expected transactions and the likelihood, timing and ability
of the parties to successfully consummate the proposed Business Combination. Such forward-looking statements are based upon the current
beliefs and expectations of Blue Safari’s and Bitdeer’s management and are inherently subject to significant business, economic
and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond Blue Safari’s or Bitdeer’s
control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.
Nothing
in this Current Report should be regarded as a representation by any person that the forward-looking statements set forth herein will
be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance
on forward-looking statements, which speak only as of the date they are made. Except as may be required by law, neither Blue Safari nor
Bitdeer undertakes any duty to update these forward-looking statements.
Additional Information and Where to Find
It
In
connection with the proposed Business Combination, Blue Safari intends to file relevant materials with the SEC, including a proxy statement
which will be part of a registration statement on Form F-4 (the “Registration Statement”) to register securities to be issued
in connection with the Business Combination, and will file other documents regarding the proposed Business Combination with the SEC. Blue
Safari’s shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus
and the amendments thereto and the definitive proxy statement filed in connection with the proposed Business Combination, as these materials
will contain important information about Bitdeer, Blue Safari, and the proposed Business Combination. Promptly after the Registration
Statement is declared effective by the SEC, Blue Safari will mail the definitive proxy statement/prospectus and a proxy card to each shareholder
entitled to vote at the meeting relating to the approval of the Business Combination and other proposals set forth in the Registration
Statement. Before making any voting or investment decision, investors and shareholders of Blue Safari are urged to carefully read the
entire registration statement and proxy statement/prospectus, when they become available, and any other relevant documents filed with
the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the proposed
Business Combination. The documents filed by Blue Safari with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.
This
communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote
or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such jurisdiction.
Participants in the Solicitation
Blue
Safari and their directors and executive officers may be deemed participants in the solicitation of proxies from Blue Safari’s shareholders
with respect to the Business Combination. A list of the names of those directors and executive officers and a description of their interests
in the proposed Business Combination will be included in the Registration Statement for the Business Combination when available at www.sec.gov.
Information about Blue Safari’s directors and executive officers and their ownership of Blue Safari shares is set forth in Blue
Safari’s prospectus for its initial public offering. Other information regarding the interests of the participants in the proxy
solicitation will be included in the Registration Statement pertaining to the Business Combination when it becomes available. These documents
can be obtained free of charge from the source indicated above.
Bitdeer
and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of
Blue Safari in connection with the Business Combination. A list of the names of such directors and executive officers and
information regarding their interests in the proposed Business Combination will be included in the Registration Statement for the Business
Combination when available.