MGTI - MGT Capital Investments intends to merge with technology company Bit5ive
- MGT Capital Investments ( OTCQB:MGTI ) has executed a non-binding letter of intent to merge with technology company Bit5ive in a shares swap transaction.
- The transaction remains subject to the execution of a definitive agreement and certain closing conditions.
- Bit5ive is an innovator within the cryptocurrency community and an official distributor in South and Central America of cryptocurrency mining hardware producer Bitmain PTY.
- MGT Capital Investments intends to issue a number of shares that represent 70% to 80% of its outstanding common stock to Bit5ive's existing members on a pro-forma basis.
- Robert Collazo would be appointed CEO of the merged entity.
- MGTI has also launched a $1.5M private sale of senior secured convertible notes and warrants, which will provide the company with $1.3M in net proceeds.
- Source: Press Release
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MGT Capital Investments intends to merge with technology company Bit5ive