Prior to this deal, Mawson had five facilities – four in the U.S. The completion of the sale means Mawson’s total exit from Georgia, allowing the company to fully focus on development of its Pennsylvania and Texas facilities. Wainwright acted as the financial adviser to CleanSpark. The sale has been approved by the boards of both companies and is expected to close in early October. Another 2.4 EH/s are expected to be added in early 2023 and 7.0 EH/s by the end of next year, according to the release. The deal is expected to add 1.4 exahashes per second (EH/s) to CleanSpark’s computing power before year-end, bringing the company’s hashrate to 5.2 EH/s versus previous guidance of 5.0 EH/s. “We are enthusiastic about Georgia and believe that our expansion there will continue to build value for our shareholders and the communities we operate in throughout Georgia,” he added. “The site is nothing but impressive – well-run by over 20 dedicated professionals who have taken significant pride in the design, development, and maintenance of the site,” said CleanSpark CEO Zachary Bradford in the statement.
The maximum purchase price for the facility and miners is $42.5 million. There’s also $5 million of seller financing consisting of a $3 million promissory note and another $2 million earn-out. The terms of the Mawson deal have CleanSpark paying $26.5 million in cash and $11 million in common stock, $4.5 million of which is subject to hitting earn-out levels.
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