MGT Capital Investments (MGT) to Terminate Current Asset Purchase Agreement with D-Vasive
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
MGT Capital Investments, Inc. (NYSE: MGT), updated shareholders today on its pending acquisition of D-Vasive and Demonsaw. As previously disclosed on September 20, 2016, the NYSE MKT informed the Company that it would not approve for listing on the Exchange the 43.8 million shares required to be issued to complete the closing of the D-Vasive merger. Since that time, the Company has had discussions and negotiations with all parties involved, in an effort to reach a revised agreement on acceptable terms.
Specifically, the Company plans to terminate the current Asset Purchase Agreement with D-Vasive. However, the Company has reached tentative agreements with John McAfee and Eric Anderson to execute employment agreements as Chief Executive Officer and Chief Technology Officer, respectively. In addition, the Company has reached a tentative agreement to exclusively license or acquire the Demonsaw source code and technology platform from D-Vasive. MGT believes that such a revised deal structure would be acceptable under NYSE MKT rules.
To further clarify, MGT's acquisition and commercialization plans of both the Sentinel technology, a network intrusion detector, and the E-Tagged technology, a mobile device tracking platform, remain in place as previously disclose. In addition, the Company's bitcoin mining operations are also fully owned and operated by MGT.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Pandora (P) Advisers Said to Begin Reaching Out to Possible Suitors Following Approach from Sirius (SIRI) - Bloomberg
- TheStreetSweeper Cautious on Ingram Micro (IM)
- Bonanza Creek Energy (BCEI) Announces Receipt of Continued Listing Standard Notice from NYSE
Create E-mail Alert Related CategoriesCorporate News, Hot Corp. News, Mergers and Acquisitions, Momentum Movers, Short Sales, Trading Halts
Related EntitiesDefinitive Agreement, Bitcoin
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!