Riot Blockchain, Inc. acquired Kairos Global Technology, Inc. for $11.9 million.
November 02, 2017
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Riot Blockchain, Inc. (NasdaqCM:RIOT) entered into a share exchange agreement Kairos Global Technology, Inc. for $11.9 million on November 1, 2017. Under the terms of the agreement, Riot Blockchain will issue its 1.75 million Series B convertible preferred stock. The value of each share of Series B convertible preferred stock is $6.8 and they are convertible into 1.75 million shares of Riot Blockchain's common stock. Series B Preferred Stock contains a blocker pursuant to which, if Riot Blockchain has not obtained the approval of its shareholders in accordance with NASDAQ Listing Rule 5635(d), then Riot Blockchain may not issue upon conversion of the Series B convertible preferred stock a number of shares of common stock. The transaction is subject to Completion of Due Diligence and Kairos Global Technology has minimum of $0.9 million of cash on hand. Harvey J. Kesner of Sichenzia Ross Ference Kesner LLP acted as a legal advisor to Riot Blockchain. Joe Laxague of Laxague Law Inc acted as a legal advisor to Kairos Global Technology.
Riot Blockchain, Inc. (NasdaqCM:RIOT) completed the acquisition of Kairos Global Technology, Inc. on November 3, 2017.
Riot Platforms, Inc. is a vertically integrated bitcoin mining company principally engaged in enhancing its capabilities to mine bitcoin in support of the bitcoin blockchain. It also provides comprehensive and critical mining infrastructure for institutional-scale hosted clients to mine bitcoin at its Rockdale Facility. The Rockdale Facility provides over 700 megawatts in total developed capacity for its bitcoin mining and data center hosting services for institutional-scale hosted clients. It operates through three segments: Bitcoin Mining, Data Center Hosting, and Engineering. Its Bitcoin Mining segment operates approximately 112,944 miners, with a hash rate capacity of 12.4 exahash per second (EH/s). Its Data Center Hosting segment operates at its Rockdale Facility and focuses on providing co-location services for institutional-scale bitcoin mining companies. Its Engineering segment designs and manufacturers power distribution equipment and custom engineered electrical products.