UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): July 11, 2018
MGT Capital Investments, Inc.
Delaware | 001-32698 | 13-4148725 | ||
(State
or other jurisdiction of incorporation) |
(Commission
File Number) |
(IRS
Employer Identification No.) |
512 S. Mangum Street, Suite 408 Durham, NC |
27701 | (914) 630-7430 | ||
(Address of principal executive offices) | (Zip Code) | (Registrant’s telephone number, including area code) |
(Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act [ ]
Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On July 11, 2018, the board of directors of MGT Capital Investments, Inc. (the “Company”) appointed Stephen Schaeffer as Chief Operating Officer of the Company. Pursuant to a two-year Employment Agreement dated August 15, 2017, as amended, Mr. Schaeffer receives annual cash compensation of $250,000 plus bonuses for executing certain operating milestones. He also received an equity award of 1,400,000 shares of restricted MGT Common Stock with a two-year vesting period.
Mr. Schaeffer, 51, was appointed President of MGT Crypto-Capital Strategies in August 2017 and will continue to serve in that role. For the five years prior to joining MGT, Mr. Schaeffer was self-employed building and operating large scale crypto mining centers.
On July 17, 2018, the Company announced the appointment of Mr. Schaeffer as Chief Operating Officer in a press release. A copy of the press release is attached to this report as Exhibit 99.1.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit Number |
Description | |
99.1 | Press Release dated July 17, 2018 |
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MGT Capital Investments, Inc. | ||||
Date: | July 17, 2018 | By: | /s/ Robert B. Ladd | |
Name: | Robert B. Ladd | |||
Title: | President |
MGT Capital Names Stephen Schaeffer Chief Operating Officer
DURHAM, NC, July 17, 2018 /PRNewswire/ — MGT Capital Investments, Inc. (OTCQB: MGTI) announced today the appointment of Stephen Schaeffer as Chief Operating Officer of MGT. Mr. Schaeffer has served as President of the Company’s Crypto-Capital Strategies division since August 2017. In this role, Mr. Schaeffer has led the Company’s crypto team domestically as well as the expanded operation in Sweden. Mr. Schaeffer has an extensive background in building and operating large scale crypto mining centers since 2012. In addition, he has strong relationships with some of the largest hardware manufacturers as well as many of the most influential individuals in the Bitcoin industry.
In his new role as COO, Mr. Schaeffer will continue to head Bitcoin mining operations, providing MGT with higher visibility as he focuses on development of expansion opportunities and new investment partnerships. His earlier business experience includes over 20 years on Wall Street as an equities trader and an adviser to small to mid-sized public companies.
Robert Ladd, Chief Executive Officer of MGT commented, “We are very pleased to recognize Steve’s accomplishments with the Company and are confident as he assumes his new responsibilities.”
Mr. Schaeffer stated, “I am extremely excited and honored to work with our team at MGT as we strategize and execute on our growth plans in the crypto mining arena.”
About MGT Capital Investments, Inc.
Operating in facilities in northern Sweden and Washington State, MGT Capital Investments, Inc. (OTCQB: MGTI) ranks as one of the largest U.S. based Bitcoin miners. MGT owns and operates approximately 6,800 Bitmain S9 miners, and 50 GPU-based Ethereum mining rigs. Further, the Company continues to execute on an expansion model to secure low cost power and grow its crypto assets materially.
For more information on the Company, please visit: https://mgtci.com
Forward–looking Statements
This press release contains forward–looking statements. The words or phrases “would be,” “will allow,” “intends to,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” or similar expressions are intended to identify “forward–looking statements.” All information set forth in this news release, except historical and factual information, represents forward–looking statements. This includes all statements about the Company’s plans, beliefs, estimates and expectations. These statements are based on current estimates and projections, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include issues related to: rapidly changing technology and evolving standards in the crypto mining industry; the ability to obtain sufficient funding to continue operations, maintain adequate cash flow and execute its business strategy; volatility in the Bitcoin market; and other factors set forth in the Company’s most recently filed annual report and registration statement. Readers are cautioned not to place undue reliance on these forward–looking statements, which reflect management’s analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risks and uncertainties described in other documents that the Company files from time to time with the U.S. Securities and Exchange Commission.
Investor and Media Contacts
Robert Lowrey
Chief Financial Officer
rlowrey@mgtci.com
Grace Livingston
glivingston@mgtci.com
919.973.0954