Gryphon Digital Mining, a privately held company focused on mining bitcoin (BTC, -0.95%) using 100% renewable energy, is going public through a reverse merger with Nasdaq-listed Sphere 3D, a data management company.
- Under terms of the deal, Sphere said it will issue 111 million shares to Gryphon shareholders, who will control 77% of the combined company. Sphere holders will own the remaining 23%.
- In recent trading, shares of Sphere are down 6.32% to $1.66 a piece. Based on the current price, the merger is valued at $184.3 million.
- Gryphon CEO Rob Chang, who previously served as CFO of bitcoin miner Riot Blockchain, will be CEO of the combined company, which will take the Gryphon name.
- Closing of the deal, which needs shareholder and regulatory approval, is slated for Q3.