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BIT5IVE LLC and MGT Capital Announce Letter of Intent to Merge
BIT5IVE LLC and MGT Capital Announce Letter of Intent to Merge.
About this update from Mgt Capital Investments, Inc.
[{"type":"text","content":"\n\n\n\nBIT5IVE LLC and MGT Capital Announce Letter of Intent to Merge\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nBIT5IVE LLC and MGT Capital Announce Letter of Intent to Merge\nPR Newswire\nMIAMI and RALEIGH, N.C., Sept. 14, 2022\n\n\n\nCombined Entity Would Become Significant Player in Bitcoin Mining Infrastructure* * * * * *\nMGT Issues $1.5 million in Convertible Notes\nMIAMI and RALEIGH, N.C., Sept. 14, 2022 /PRNewswire/ -- MGT Capital Investments, Inc. (OTCQB: MGTI) today announced the execution of a non-binding letter of intent to merge with Bit5ive LLC in a stock swap MGT believes will benefit stockholders of both companies. Subject to the execution of a definitive agreement and certain closing conditions -- including the completion of Bit5ive's financial audit and approval by Bit5ive's members – the transaction will create a strong competitor in the design and operation of infrastructure used in the Bitcoin mining industry.\nBit5ive, founded in 2015 by Robert Collazo, is a leading innovator within the cryptocurrency community, having developed the highly regarded Pod5ive mobile mining system that offers rapid deployment of mining operations.  Bit5ive is an official distributor in South & Central America of Bitmain PTY, the world's leading cryptocurrency mining hardware producer. With its engineering expertise and industry connections, Bit5ive has played a significant role in facility design, land acquisition, property development, buildout, and management oversight of high-output Bitcoin mining facilities across the United States.\nUnder the proposed agreement, MGT would issue to Bit5ive's existing members a number of shares that repre...