DPW Holdings Inc (NYSE:DPW) announced this evening that its wholly owned subsidiary Super Crypto Mining (SCM) has entered into an agreement to purchase another 1,100 S9 mining machines (Miners), which will allow the company to continue toward its previously stated goal of having 10,000 active mining machines by the end of 2018.
Pursuant to the agreement, SCM has agreed to acquire to (the “Miners”) manufactured by Bitmain Technologies, in connection with SCM’s mining operations, from Blockchain Mining Supply & Services (BMSS). Pursuant to the agreement, SCM will pay an aggregate of $3,200,000 to BMSS for the Miners, in the following amounts and on the following dates: (i) $163,625.00, or 5% of the aggregate purchase price, with $80,000.00 being paid on March 9, 2018 and $83,625.00 being payable on March 13, 2018; (ii) an additional $1,487,500.00, or approximately 46% of the aggregate purchase price, on or before March 23, 2018, providing the inspection conducted by SCM of the Miners is satisfactory to SCM, and (iii) the balance of 1,621,375.00, or approximately 51% of the aggregate purchase price on or before April 15, 2018. The Company intends to fund SCM’s acquisition of the Miners though the proceeds derived from its ongoing At-the-Market Offering described in the Prospectus Supplement filed with the SEC on February 27, 2018. Please see the Current Report on Form 8-K that will be filed shortly following the issuance of this press release, which will include the agreement as an exhibit.
“Prices on the S9 miners dipped so we jumped at the opportunity to purchase these machines slightly ahead of plan,” commented Darren Magot, the CEO of Super Crypto Mining. “Our team is focused on the execution of our 2018 plan and these machines keep us on pace to meet our previously stated objectives while maximizing budget efficiencies.” This news comes on the heels of the successful 1st round of the Super Crypto Cloud Mining offering and will fuel the next offering expected in early Q2, 2018.
“Super Crypto Mining continues to demonstrate that it is an important contributor to the overall business of DPW Holdings,” commented Milton “Todd” Ault III, the Company’s CEO and Chairman. “We continue to be committed to this rapidly growing business segment and look forward to the next Super Crypto Cloud Mining offering.”