
Innovation Beverage Group Ltd (NASDAQ:IBG) shares are surging on Wednesday after it agreed to merge with BlockFuel Energy Inc., an oil and gas explorer and power generation company supporting Bitcoin (CRYPTO: BTC/USD) mining and high-performance data centers.
Under the deal, IBG will merge with BlockFuel (BFE) in a reverse triangular merger, a newly formed IBG subsidiary will merge with and into BFE, with BFE emerging as the surviving entity and becoming a wholly owned subsidiary.