MGT Capital enters non-binding LOI to merge with Bit5ive; closes $1.5M convertible note

MGT CAPITAL INVESTMENTS, INC.

Non-binding LOI with Bit5ive LLC: Bit5ive shareholders would own 70%-80% of combined company on fully diluted basis.
Robert Collazo, Bit5ive founder, to become CEO of combined entity upon closing.
Closed $1.5M secured convertible note with Project Nickel LLC; net proceeds $1.335M (after $165K OID).
Note matures Dec 31, 2023, bears 6% interest; convertible into 30% of MGT's outstanding post-conversion shares.
Merger subject to due diligence, audited Bit5ive financials, member approval; no assurance definitive agreement will be reached.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.