Gryphon Digital Mining Converts Debt to Equity to Strengthen Balance Sheet and Increase Shareholder Equity

ACCESSWIRE10-28 20:00

Anchorage Digital to become largest shareholder and join Gryphon Digital Mining Board Gryphon restructures Anchorage Digital debt of 304 BTC (approximately $18 million1) to increase shareholder equity...

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Gryphon restructures Anchorage Digital debt of 304 BTC  to increase shareholder equity and reduce outstanding debt by over 70%, by:. converting approximately $13M of debt into equity and pre-funded warrants at $1.10/share, a significant premium to current market price;restructuring the remaining $5 million debt as follows:. Anchorage Digital will become a key advisor to the Company and will be granted a seat on Gryphon's Board of Directors. Importantly, this transaction creates positive equity for Gryphon. With the conversion of approximately $13 million of the Anchorage Digital debt into equity, and the reduction of the remaining debt to $5.0 million. Said Gutterman, \"We are laser-focused on building shareholder and company equity. This is the first step in that direction. We don't expect it to be our last.\". Under the terms of the agreement, Gryphon's remaining 304 BTC  liability to Anchorage Digit","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4023":"应用软件","BK4106":"数据处理与外包服务","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","BK4215":"住宅房地产投资信托","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0545562505.USD":"NINETY ONE GSF GLOBAL QUALITY DIVIDEND GROWTH \"A\" (USD) INC","GRYP":"Gryphon Digital Mining","BK4227":"交易和支付处理服务","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU0079474960.USD":"联博美国增长基金A","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","BK4535":"淡马锡持仓","LU0056508442.USD":"贝莱德世界科技基金A2","BK4527":"明星科技股","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4588":"碎股","LU0061474960.USD":"天利环球焦点基金AU Acc","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU":"陆金所","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","EQR":"资产住宅公司","LU0109392836.USD":"富兰克林科技股A","V":"Visa","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","BK4581":"高盛持仓","LU0426417589.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC"},"translate_title":"Gryphon Digital Mining将债务转换为股权以加强资产负债表并增加股东权益","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GRYP":1,"EQR":1,"V":0.9,"LU":0.6},"content_text":"Anchorage Digital to become largest shareholder and join Gryphon Digital Mining Board\nGryphon restructures Anchorage Digital debt of 304 BTC (approximately $18 million1) to increase shareholder equity and reduce outstanding debt by over 70%, by:\n\nconverting approximately $13M of debt into equity and pre-funded warrants at $1.10/share, a significant premium to current market price;\nrestructuring the remaining $5 million debt as follows:\n\nthree year term;\n4.25% interest rate;\ninterest only payments during the term;\nconversion features as described below; and\npayable in USD over 3 years;.\n\ngranting Anchorage Digital additional warrants to purchase 2 million shares at $1.50/share; and\nAnchorage Digital will become a key advisor to the Company and will be granted a seat on Gryphon's Board of Directors\n\nLAS VEGAS, NV / ACCESSWIRE / October 28, 2024 / Gryphon Digital Mining , Inc. (NASDAQ:GRYP) (\"Gryphon\" or the \"Company\") a bitcoin mining company that is focused on becoming the leader in low-cost, efficient operations, today announced it has entered into an agreement with Anchorage Lending CA, LLC , a subsidiary of Anchor Labs, Inc. d/b/a Anchorage Digital (\"Anchorage Digital\"), to substantially restructure the Company's outstanding debt.\n\"We believe this debt restructuring is a game-changer for Gryphon,\" said Steve Gutterman, Gryphon's CEO. \"By reducing our debt from approximately $18 million1 to $5 million and offering conversion at $1.10 per share - approximately double our current stock price - we are not just improving our balance sheet, we believe we are showcasing a sophisticated investor's belief in our value. \"\nMr. Gutterman added, \"With an improved balance sheet in place, we believe we are now well-positioned to execute on accretive initiatives, including securing low-cost power deals, strategic M&A, and expanding our revenue generating operations. And, perhaps most importantly, we are delighted to have Anchorage Digital's input as a member of our board.\"\n\"Anchorage Digital is excited to participate in Gryphon's future success,\" said Nathan McCauley, Co-Founder and CEO of Anchorage Digital. \"Bitcoin mining plays an important role in the digital asset ecosystem, and we believe Gryphon can seize opportunity by applying traditional business rigor to accelerate its growth plans. We're pleased to bring Gryphon onto our balance sheet as a vote of confidence.\"\nImportantly, this transaction creates positive equity for Gryphon. With the conversion of approximately $13 million of the Anchorage Digital debt into equity, and the reduction of the remaining debt to $5.0 million. Said Gutterman, \"We are laser-focused on building shareholder and company equity. This is the first step in that direction. We don't expect it to be our last.\"\nTransaction Details\nUnder the terms of the agreement, Gryphon's remaining 304 BTC (approximately $18 million) liability to Anchorage Digital will be split between $13 million that converts into equity and pre-funded warrants and $5 million that will remain as debt. The $13 million converts into 8,287,984 Gryphon common shares and 3,530,198 pre-funded warrants at a price of $1.10 per share, representing a 100% premium to Gryphon's trailing 30-day average closing price. The remaining $5 million debt will have a 3-year term with a 4.25% annual interest rate, payable interest only during the term. At the end of the term, if the Company has not paid off the debt, Anchorage Digital may convert the $5 million into equity as follows: 50% ($2.5 million) at $1.10/share and 50% ($2.5 million) at $1.50/share. Anchorage Digital will also receive warrants to acquire 2 million shares at $1.50 / share. Anchorage Digital will be granted a seat on the Company's Board of Directors.\nAbout Gryphon Digital Mining\nGryphon Digital Mining, Inc. is an innovative venture in the bitcoin space dedicated to helping bring digital assets onto an environmentally responsible energy grid. With a talented leadership team coming from globally recognized brands, Gryphon is assembling thought leaders to improve digital asset network infrastructure. More information is available on https://gryphondigitalmining.com/.\nConference Schedule:\n\nLD Micro Main Event XVII in Los Angeles, CA on October 28 th - 30 th\n\nCautionary Statements Regarding Forward-Looking Statements\nThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the \"Securities Act\"), and Section 21E of the Securities Exchange Act of 1934, as amended (the \"Exchange Act\"). Statements that refer to projections, forecasts or other characterizations of future events or circumstances, including business, financial and operational results, such as changes in the Company's balance sheet, shareholder equity, repayment of the Anchorage Digital debt and the ability to execute on value-accretive initiatives, and including any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as \"plan,\" \"believe,\" \"expect,\" \"anticipate,\" \"intend,\" \"outlook,\" \"estimate,\" \"forecast,\" \"project,\" \"continue,\" \"could,\" \"may,\" \"might,\" \"possible,\" \"potential,\" \"predict,\" \"should,\" \"would\" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.\nThe forward-looking statements are based on management's current expectations and assumptions about future events and financial results and are based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are made. Except as otherwise required by applicable law, Gryphon disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Gryphon cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Gryphon. In addition, Gryphon cautions you that the forward-looking statements contained in this press release are subject to the risks set forth in our filings with the Securities and Exchange Commission (the \"SEC\"), including the section titled \"Risk Factors\" in the Annual Report on Form 10-K filed with the SEC by Gryphon on April 1, 2024.\nINVESTOR CONTACT:\nName: James CarbonaraHayden IRPhone: (646)-755-7412Email: james@haydenir.com\n\n1 Based on an average bitcoin price for the month of September of $60,286.\nSOURCE: Gryphon Digital Mining, Inc.\n\n\nView the original \npress release on accesswire.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2478021191"}