Fort Rock, CO 80104, Might 26, 2021 (GLOBE NEWSWIRE) — Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot”, “Riot Blockchain” or the “Firm”) as we speak introduced that it has accomplished its beforehand introduced acquisition of Whinstone US (“Whinstone”) from Northern Information (XETRA: NB2). The overall consideration paid within the transaction was 11.8 million shares of Riot frequent inventory and $80 million in money, funded with money on the stability sheet.
“The profitable acquisition of Whinstone marks probably the most vital milestone in Riot’s historical past, and firmly establishes the Firm as a number one Bitcoin mining platform,” stated Jason Les, CEO of Riot. “With Whinstone’s preeminent infrastructure and best-in-class development, improvement, and operations group, Riot is extraordinarily well-positioned to extend the size and scope of its operations. We welcome the gifted Whinstone workers to the Riot household, and I look ahead to main our mixed crew as we collectively execute upon the Firm’s mission to change into one of the crucial related and vital corporations supporting the Bitcoin community and larger Bitcoin ecosystem.”
“We’re extremely happy with the Whinstone crew and sincerely appreciative of the Rockdale group that has supported us since we first broke floor in early 2020,” stated Chad Harris, CEO of Whinstone. “We look ahead to partnering with the Riot crew to advance our pursuit of making America’s main Bitcoin mining firm.”
Riot plans to instantly start additional improvement of further amenities at Whinstone with a purpose to quickly convey the property to its present capability of 750 MW. With this capability growth, the Firm’s intention is to ship its future dedicated miner order deliveries to Whinstone, which can enable Riot to seize vital synergies, together with decrease direct power prices and operational prices.
Commencing in early 2020, the Whinstone crew has efficiently constructed the biggest Bitcoin internet hosting facility in North America, as measured by developed capability. Whinstone’s complete power administration technique delivers best-in-class web power prices of roughly 2.5 cents per kWh using cutting-edge expertise and complete analytics to ship industry-leading low price, dependable and responsive energy.
XMS Capital Companions, LLC served as unique monetary advisor and Sidley Austin LLP served as authorized advisor to Riot.
Riot will host a reside convention name at 8:30 am ET on Might 27, 2021 to debate further particulars in regards to the transaction. Additional particulars could also be discovered at http://www.tinyurl.com/RiotIR. The presentation may even be obtainable on the Riot website.
About Riot Blockchain, Inc.
Riot Blockchain (NASDAQ: RIOT) focuses on mining Bitcoin and internet hosting Bitcoin mining gear for purchasers. The Firm is increasing and upgrading its mining operations by securing probably the most power environment friendly miners at present obtainable. Riot is headquartered in Fort Rock, Colorado, and the Firm’s present mining facility operates out of Rockdale, TX. The Firm additionally has mining gear working in upstate New York underneath a co-location internet hosting settlement with Coinmint. For extra data, go to www.RiotBlockchain.com.
The knowledge supplied on this press launch could embody forward-looking statements throughout the which means of the federal securities legal guidelines, together with as to the results of the acquisition by the Firm of Whinstone and the longer term monetary efficiency and operations of the Firm and Whinstone. As a result of such statements are topic to dangers and uncertainties, precise outcomes could differ materially from these expressed or implied by such forward-looking statements. Phrases akin to “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope” and comparable expressions are supposed to establish forward-looking statements. Ahead-looking statements are based mostly upon present expectations of the Firm and contain assumptions that will by no means materialize or could show to be incorrect. Precise outcomes and the timing of occasions might differ materially from these anticipated in such forward-looking statements because of numerous dangers and uncertainties. These forward-looking statements could embody, however should not restricted to, statements about the advantages of the acquisition of Whinstone, together with monetary and working outcomes, and the Firm’s plans, aims, expectations and intentions. Among the many dangers and uncertainties that would trigger precise outcomes to vary from these expressed in forward-looking statements are: (1) the mixing of the companies of the Firm and Whinstone is probably not profitable, or such integration could take longer or be harder, time-consuming or expensive to perform than anticipated; and (2) failure to in any other case notice anticipated efficiencies and strategic and monetary advantages from the acquisition of Whinstone. Detailed data relating to different elements that will trigger precise outcomes to vary materially from these expressed or implied by statements on this press launch could also be discovered within the Firm’s filings with the U.S. Securities and Alternate Fee (the “SEC”), together with within the sections entitled “Danger Components” and “Cautionary Notice Concerning Ahead-Trying Statements” of the Firm’s Annual Report on Kind 10-Ok for the fiscal yr ended December 31, 2020, which was filed with the SEC on March 31, 2021 and subsequently amended in a submitting with the SEC on April 30, 2021, and the Firm’s Quarterly Report on Kind 10-Q for the fiscal quarter ended March 31, 2021, which was filed with the SEC on Might 17, 2021, and within the further danger elements set forth within the Firm’s Present Report on Kind 8-Ok filed with the SEC on Might 26, 2021, copies of which can be obtained from the SEC’s web site at www.sec.gov. All forward-looking statements included on this press launch are made solely as of the date of this press launch, and the Firm doesn’t undertake any obligation to publicly replace or right any forward-looking statements to mirror occasions or circumstances that subsequently happen, or of which the Firm hereafter turns into conscious, besides as required by legislation.