MGT Capital Investments, Inc., a U.S.-based Bitcoin miner with operations at an owned facility in Georgia, executed a non-binding letter of intent to merge with Bit5ive LLC, an American technology company focusing on cryptocurrency mining and infrastructure.
Under the proposal, MGT would issue to Bit5ive's existing members a number of shares that represent 70% to 80% of MGTI common stock outstanding on a pro-forma basis after giving effect to the merger.
The transaction is expected to create a strong competitor in the design and operation of infrastructure used in the Bitcoin mining industry.
It is subject to the execution of a definitive agreement and certain closing conditions, including the completion of Bit5ive's financial audit and approval by its members.
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