Riot Blockchain Acquires ESS Metron
01 Dezembro 2021 - 11:21AM
Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot”, “Riot
Blockchain” or the “Company") today announced that it has
acquired Ferrie Franzmann Industries, LLC (d/b/a ESS Metron)
(“
ESS Metron”). The total consideration payable in
the transaction is valued at approximately $50 million, consisting
of up to 715,413 shares of Riot common stock and $25 million in
cash, funded with cash on the balance sheet.
- ESS Metron is a leader with over sixty years of experience in
designing and producing highly engineered electrical equipment
solutions, many of which are mission-critical to successfully
deploying Bitcoin mining operations at scale.
- Acquisition assists in ensuring Riot’s timely miner
installations by de-risking procurement of mission-critical
infrastructure.
- Acquisition enhances Riot’s competitive position across the
electrical supply chain, as ESS Metron is also a leading supplier
to numerous third-party clients.
- Transaction valued at approximately $50 million, $25 million
payable in cash, and remainder in issuance of up to 715,413 shares
of Riot’s common stock.
The acquisition of ESS Metron, currently a key supplier to
Riot’s Whinstone facility, is highly complementary to Riot and its
ongoing infrastructure expansion to 700 MW. ESS Metron provides
highly engineered, custom product offerings mission-critical to
Bitcoin mining infrastructure and significantly improves Riot’s
ability to improve its internal engineering capabilities. ESS
Metron’s engineering proficiency has been a critical component in
developing Riot’s customized immersion-cooling technology for its
previously announced 200 MW immersion-cooling expansion
project.
“The successful acquisition of ESS Metron marks yet another
milestone in establishing Riot as a leader in Bitcoin mining,” said
Jason Les, CEO of Riot. “Riot’s strategic position across the
electrical supply chain is significantly enhanced as the Company
will benefit from ESS Metron’s existing relationships with leading
electrical suppliers globally. In addition, Riot will continue its
fast-tracked expansion project as the Company benefits from
internalizing ESS Metron’s engineering and industry expertise. We
are thrilled to welcome the talented ESS Metron team to the Riot
family and look forward to growing our future together.”
“We are excited to continue the growth of ESS Metron’s business
by joining Riot Blockchain,” said Stephen Howell, newly promoted
CEO of ESS Metron. “We look forward to continuing to provide
best-in-class service to our growing customer base and actively
collaborating with Riot in its ongoing expansion efforts.”
ESS Metron is expected to continue to operate as an independent
subsidiary of Riot, with the entire employee team being retained.
Riot and ESS Metron look forward to continuing the long-term
relationships built over decades with ESS Metron’s customers and
suppliers. ESS Metron is based in Denver, Colorado, operating from
facilities totaling approximately 121,000 square feet. The
facilities are subject to long-term lease agreements.
XMS Capital Partners, LLC served as an exclusive financial
advisor and Sidley Austin LLP served as legal advisor to Riot.
Davis Graham & Stubbs LLP served as legal advisor to ESS
Metron.
About Riot Blockchain, Inc.
Riot Blockchain, Inc., (NASDAQ: RIOT) focuses on mining Bitcoin,
and through Whinstone, its subsidiary, hosting Bitcoin mining
equipment for institutional clients. The Company is expanding and
upgrading its mining operations through industrial-scale
infrastructure development and latest-generation miner procurement.
Riot’s headquarters is located in Castle Rock, Colorado, and the
Whinstone facility operates out of Rockdale, Texas. The Company
also has mining equipment operating in upstate New York under a
co-location hosting agreement with Coinmint, LLC. For more
information, visit www.riotblockchain.com.
Safe Harbor
Statements in this press release that are not historical facts
are forward-looking statements that reflect management’s current
expectations, assumptions, and estimates of future performance and
economic conditions. Such statements are made in reliance on the
safe harbor provisions of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. Because
such statements are subject to risks and uncertainties, actual
results may differ materially from those expressed or implied by
such forward-looking statements. Words such as “anticipates,”
“believes,” “plans,” “expects,” “intends,” “will,” “potential,”
“hope,” and similar expressions are intended to identify
forward-looking statements. Forward-looking statements may
never materialize or may prove to be incorrect. Actual
results and the timing of events could differ materially from those
anticipated in such forward-looking statements due to various risks
and uncertainties. These forward-looking statements may
include, but are not limited to, statements about the benefits of
acquisitions, including financial and operating results, and the
Company’s plans, objectives, expectations, and intentions.
Among the risks and uncertainties that could cause actual results
to differ from those expressed in forward-looking statements
include, but are not limited to: unaudited estimates of BTC
production; our future hash rate growth (EH/s); our expected
schedule of new miner deliveries; our ability to successfully
deploy new miners; MW capacity under development; the
integration of acquired businesses may not be successful, or such
integration may take longer or be more difficult, time-consuming or
costly to accomplish than anticipated; failure to otherwise realize
anticipated efficiencies and strategic and financial benefits from
acquisitions; and the impact of COVID-19 on us, our customers, or
on our suppliers in connection with our estimated
timelines. Detailed information regarding other factors that
may cause actual results to differ materially from those expressed
or implied by statements in this press release may be found in the
Company’s filings with the U.S. Securities and Exchange Commission
(the “SEC”), including in the sections entitled “Risk Factors” and
“Cautionary Note Regarding Forward-Looking Statements” of the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2020, and our other filings with the SEC, including,
but not limited to the additional risk factors set forth in the
Company’s Current Report on Form 8-K filed with the SEC on May 26,
2021, copies of which may be obtained from the SEC’s website
at www.sec.gov. All forward-looking statements included
in this press release are made only as of the date of this press
release, and the Company disclaims any intention or obligation to
update or revise any forward-looking statements to reflect events
or circumstances that subsequently occur, or of which the Company
hereafter becomes aware, except as required by law. Persons reading
this press release are cautioned not to place undue reliance on
forward-looking statements.
Trystine Payfer
Riot Blockchain, Inc.
303-794-2000 ext. 118
PR@riotblockchain.com
Phil McPherson
Riot Blockchain, Inc.
303-794-2000 ext. 110
IR@riotblockchain.com
Riot Platforms (NASDAQ:RIOT)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Riot Platforms (NASDAQ:RIOT)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024