0001493152-18-012057.txt : 20180815 0001493152-18-012057.hdr.sgml : 20180815 20180815163015 ACCESSION NUMBER: 0001493152-18-012057 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20180810 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180815 DATE AS OF CHANGE: 20180815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MGT CAPITAL INVESTMENTS INC CENTRAL INDEX KEY: 0001001601 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 134148725 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32698 FILM NUMBER: 181021317 BUSINESS ADDRESS: STREET 1: 500 MAMARONECK AVENUE - SUITE 204 CITY: HARRISON STATE: NY ZIP: 10528 BUSINESS PHONE: (914) 630-7430 MAIL ADDRESS: STREET 1: 500 MAMARONECK AVENUE - SUITE 204 CITY: HARRISON STATE: NY ZIP: 10528 FORMER COMPANY: FORMER CONFORMED NAME: MEDICSIGHT INC DATE OF NAME CHANGE: 20021113 FORMER COMPANY: FORMER CONFORMED NAME: HTTP TECHNOLOGY INC DATE OF NAME CHANGE: 20001016 FORMER COMPANY: FORMER CONFORMED NAME: INTERNET HOLDINGS INC DATE OF NAME CHANGE: 19980520 8-K 1 form8-k.htm

 

 

 

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): August 10, 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 2.02. Results of Operations and Financial Condition.

 

On August 15, 2018, MGT Capital Investments, Inc. (the “Company”), issued a press release announcing its financial results for the period ended June 30, 2018 and other financial information. A copy of the press release is being furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

 

Item 7.01 Regulation FD Disclosure.

 

On August 10, 2018, the Company issued a press release announcing that it would host an investor update call on Wednesday August 15, 2018, beginning at approximately 8:30 a.m. E.T. A copy of the press release is being furnished as Exhibit 99.2 hereto and is incorporated herein by reference.

 

On August 14, 2018, the Company issued a press release announcing it entered into a collaborative venture with Bit5ive LLC to design and manufacture a crypto mining pod capable of operating 1MW of mining hardware. A copy of the press release is being furnished as Exhibit 99.3 hereto and is incorporated herein by reference.

 

The information in this Items 2.02 and 7.01, including the Exhibits attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. The information in this Current Report, including the exhibit, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing, unless the Company expressly sets forth in such future filing that such information is to be considered “filed” or incorporated by reference therein.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.   Exhibits
99.1   Press Release dated August 15, 2018
99.2   Press Release dated August 10, 2018
99.3   Press Release dated August 14, 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: August 15, 2018   By:  /s/ Robert S. Lowrey
      Name:  Robert S. Lowrey
      Title:  Chief Financial Officer

 

   

 

 

EX-99.1 2 ex99-1.htm

 

MGT Capital Announces Second Quarter 2018 Financial Results

 

Company Will Hold Investor Update Call at 8:30 AM EDT Today

 

DURHAM, NC, August 15, 2018 /PRNewswire/ — MGT Capital Investments, Inc. (OTCQB: MGTI) announced the filing of its 2018 Quarterly Report on Form 10-Q with the Securities and Exchange Commission yesterday. The entire document can be viewed at the Company’s website or at www.sec.gov.

 

MGT reported revenues from bitcoin mining of $409,000 in the second quarter of 2018, ending June 30, 2018 versus $388,000 in same quarter in 2017, and $956,000 in the first quarter of 2018. Revenues derived from the bitcoin production of investor owned machines are not included in our reported figures. Including these partnerships with investor-owned machines, the company produced 162 Bitcoins in the quarter just ended, compared to 94 Bitcoins the first quarter.

 

Net loss was $6.5 million for the second quarter of 2018, compared to $4.2 million the same quarter of 2017, and $4.5 million for the first quarter of 2018. Net loss in the most recent period included a restructuring charge of $2.5 million relating to the Swedish mining operation. Inclusive of the restructuring charge, net cash used in operating activities increased to $5.3 million for the six-month period ended June 30, 2018, compared to $2.2 million in the corresponding period in 2017.

 

Balance sheet metrics include cash of $2.3 million and digital currencies of 250,00 as of June 30, 2018. Notes payable totaled $3.8 million and stockholders’ equity was $5.9 million on June 30, 2018.

 

Executives of MGT will host an investor update call today at 8:30 AM EDT. Shareholders and other interested parties are invited to join the call by dialing 785.424.1738 or 877.830.2591 and use passcode 96507. Further details and replay information can be found on MGT’s investor relations page of its corporate website.

 

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

 

   

 

 

EX-99.2 3 ex99-2.htm

 

MGT Capital to Hold Investor Update Call on Wednesday August 15, 2018

 

DURHAM, NC, August 10, 2018 /PRNewswire/ — MGT Capital Investments, Inc. (OTCQB: MGTI) announced today that it will hold an investor update call at 8:30 AM EDT on Wednesday August 15, 2018. The day before, the Company plans to file with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the period ending June 30, 2018. The entire document will be available at the Company’s website or at www.sec.gov.

 

Shareholders and other interested parties are invited to join the call by dialing 785.424.1738 or 877.830.2591 and use passcode 96507. Following prepared remarks, Company executives will answer questions from participants. Further details, if needed, will be posted on MGT’s investor relations page closer to the call date.

 

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

 

   

 

 

EX-99.3 4 ex99-3.htm

 

MGT Capital Collaborates with Bit5ive to Produce 1-Megawatt Crypto Mining Pod

 

DURHAM, NC, August 14, 2018 /PRNewswire/ — MGT Capital Investments, Inc. (OTCQB: MGTI) announced today it entered into a collaborative venture with Bit5ive LLC to design and manufacture a crypto mining pod capable of operating 1MW of mining hardware. The pod will be branded and sold by Bit5ive as POD5, with MGT retaining naming rights for its corporate owned pods. In return for royalty payments from Bit5ive, MGT is providing its engineering and design expertise as well as capital to develop the final production model. Orders are expected to begin in mid-September 2018.

 

The POD5 will be a fully-assembled containerized turnkey solution with all mounting racks, cabling, power distribution hardware, wiring, and networking included. In addition, the POD5 will offer a proprietary cooling method allowing for maximum density within the container. Stephen Schaeffer, Chief Operating Officer of MGT commented, “We believe that the 1-megawatt layout allows for both portability and flexibility to accommodate varying deployments in different locations. We fully intend to utilize the design in the future expansion of our Bitcoin mining operations.”

 

Robert Collazo, Founder and Chief Executive Officer of Bit5ive stated, “The 1-megawatt pod idea was borne from interest of our customer base that was looking for a solution offering greater density within the container form factor. With the collaborative efforts of our team and MGT, we have designed an excellent configuration for a turnkey container requiring minimal setup effort to allow for quick mining startup.” Further information about POD5 can be found at Bit5ive.com. Sales inquiries should be addressed to POD5@Bit5ive.com.

 

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

 

   

 

 

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