---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-25-014993"
form_type: "8-K"
ticker: "MGTI"
cik: "0001001601"
company_name: "MGT CAPITAL INVESTMENTS, INC."
filed_at: "2025-09-26T23:59:59+00:00"
generated_at: "2026-05-17T05:31:16.176031+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# MGT Capital swaps $1.22M note and director fees for 1.85B shares; outstanding 4.34B

## Summary
- Exchanged $1,220,240 note with Project Nickel for new 8% note due 2027 plus 500M shares; converted 650K Series D preferred into 650M shares.
- Issued 200M shares to interim CEO/CFO Jonathan Pfohl and another employee as equity grants on Sep 23, 2025.
- Issued 500M shares to Director Michael Onghai to settle $56,000 in unpaid director fees via $50,000 exchange agreement.
- Total shares outstanding post-issuances: 4,340,670,903, reflecting massive dilution.

## SEC filing metadata
- accession: 0001493152-25-014993
- form_type: 8-K
- ticker: MGTI
- cik: 0001001601
- company_name: MGT CAPITAL INVESTMENTS, INC.
- filed_at: 2025-09-26T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 3.02, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1001601/000149315225014993/0001493152-25-014993-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1001601/000149315225014993/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-014993
- JSON: https://secwatch.observer/filing/0001493152-25-014993.json
- Plain text: https://secwatch.observer/filing/0001493152-25-014993.txt

## Key facts
- Debt Financings
  MGT CAPITAL INVESTMENTS, INC. incurred convertible notes of $1,220,240 with Project Nickel LLC at 8% per annum maturing December 31, 2027.
  - Instrument: convertible notes
  - Principal: $1,220,240
  - Counterparty: Project Nickel LLC
  - Rate: 8% per annum
  - Maturity: December 31, 2027
  - Event: incurrence
  source text: a new Secured Convertible Promissory Note issued on September 22, 2025, in the principal amount of $1,220,240, with an interest rate of 8% per annum and a maturity date of December 31, 2027
  evidence_url: https://www.sec.gov/Archives/edgar/data/1001601/000149315225014993/0001493152-25-014993-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.