Summary by Futu AI
On August 21, 2024, Bitfarms Ltd., a cryptocurrency mining company, announced a definitive agreement to acquire Stronghold Digital Mining, Inc. (NASDAQ: SDIG) in a deal valued at approximately US$125 million, plus the assumption of around US$50 million in debt. The acquisition will be executed through a merger with Backbone Mining Solutions LLC and HPC & AI Megacorp, Inc., both subsidiaries of Bitfarms. Stronghold shareholders will receive 2.520 Bitfarms common shares for each share of Stronghold Class A Common Stock, resulting in the issuance of 58,298,400 Bitfarms common shares, which is about 12.9% of the currently issued and outstanding Bitfarms common shares. The transaction was unanimously recommended by Bitfarms' Special Committee and approved by the Board after a fairness opinion from Houlihan Lokey Capital, Inc. The merger...Show More