MGT Capital Investments (MGT) to Terminate Current Asset Purchase Agreement with D-Vasive
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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.
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