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Bitcoin Miner Rhodium Going Public Through Reverse Merger With SilverSun Technologies
Rhodium in January postponed what were then plans for an IPO at as much as a $1.7 billion valuation.
Updated May 11, 2023, 6:46 p.m. Published Sep 29, 2022, 4:54 p.m.
Rhodium Enterprises has agreed to merge with publicly traded tech firm SilverSun Technologies (SSNT), which will bring the mining company to U.S. public markets.
It's no secret that miners have been struggling in recent markets thanks to the big plunge in bitcoin prices. The bear market has also nearly closed the door on capital markets. Last week, Compute North, one of the largest mining hosting firms, filed for bankruptcy. Rhodium in January announced plans for an initial public offering in the $1.5 billion to $1.7 billion valuation range, but postponed those intentions just one week later.
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Under the terms of the merger agreement, SilverSun shareholders will receive a cash dividend of no less than $1.50 a share – roughly $8.5 million in total – and one share of stock in a newly created subsidiary housing SilverSun's legacy businesses, according to a company press release.
The deal is scheduled to be completed by the end of the year, with investment bank B. Riley acting as a financial advisor to Rhodium, the press release added.
SilverSun shares were up 19.4% in Thursday afternoon trading.
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