Bitcoin miner Rhodium looks to go public via merger with SilverSun
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Answer Bitcoin miner Rhodium looks to go public via merger with SilverSun
Texas-based Bitcoin miner Rhodium has entered into a merger agreement with SilverSun Technologies, a publicly traded business technology solutions provider, as Rhodium plans to list on the Nasdaq.
The drop in the price of bitcoin and the ongoing winter around the cryptocurrency market have caused bitcoin miners to struggle to stay afloat.
Preparing the Bitcoin Mining Company to Enter the Stock Exchange:
in Advertising On Thursday (September 29, 2022), the merger between SilverSun and Rhodium was unanimously approved by the board of directors of both companies.
Part of the terms of the deal includes that each SilverSun shareholder will receive a minimum cash dividend of $1.50 per share, equivalent to approximately $8.5 million.Read:CoinEx reduces the evaluation criteria for platform ambassadors and doubles the rewards to reach 50%
Shareholders will also receive one share of the dividend in a newly created SilverSun subsidiary called SWK Technologies.
Commenting on the latest developments, Rhodium Chairman and CEO Chase Blackmun told:
We believe this strategic transaction will unlock cumulative long-term value for Rhodium’s shareholders.
We believe that access to the US capital markets is critical to the long-term, sustainable success of our capital-intensive industry.
SilverSun CEO Mark Miller was also optimistic that the merger agreement would benefit the company’s shareholders, customers and employees.
And what was stated by “Miller” about the proposed deal as follows:
We believe this will provide our shareholders with the opportunity to achieve a significant cash advance while continuing to benefit from the value of our existing business and provide them with the opportunity to participate in the potential upside of Rhodium at an exciting time for the cryptocurrency market.
The merger agreement is expected to be completed by the end of 2022, subject to regulatory approvals, as well as approval by shareholders of the two companies.Read:Twitter hacker behind recent bitcoin scam arrested
Rhodium, which develops proprietary software and liquid-cooled technology for autonomous bitcoin mining, is planning an initial public offering (IPO) from 2021.Read:Hacker exploiting a technical error to steal more than one million riyals from the Crypto project?
But the company postponed plans to go public in January 2022, citing market conditions.
Crypto Winter Affects Bitcoin Miners:
The crypto winter, which is still going on until now, has seen it difficult for Bitcoin mining companies to continue working.
In July, Compass Mining cut 15% of its workforce and also adopted cost-cutting measures in response to the bear market.
In September, another mining company, Compute North, filed for Chapter 11 bankruptcy, stating that the company owed a staggering $500 million to at least 200 creditors.
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