Ethereum Mining and Blockchain Company TTM Digital Assets & Technologies Enters Into Triangular Reverse Merger With Sysorex
Herndon, VA, April 14, 2021 (GLOBE NEWSWIRE) -- via
NewMediaWire -- Sysorex (OTCQB: SYSX) today announced the closing of a reverse triangular merger with TTM Digital Assets & Technologies, Inc., a data center owner and operator and
now, the largest U.S. publicly traded Ethereum mining company based in the United States with operations in New York and North Carolina.
As a result of the transaction, TTM’s business and operations will become the core business of Sysorex as the first Ethereum company trading in the U.S. public markets. Sysorex will continue to operate its legacy business providing a comprehensive suite of network performance, secure wireless access and cybersecurity products to the U.S. Government through its wholly-owned subsidiary, Sysorex Government Services, Inc.
TTM, a pioneer in the Ethereum mining sector, operating since 2017, has been profitable since inception. Prior to the Merger, TTM mined and distributed Ethereum to management and its investors that if held by those investors would be valued at approximately $35,000,000 at today’s Ether (ETH) price of approximately $2,325.
TTM owns and operates more than 12,000 NVIDIA graphics processing units (GPUs), including a large number of specialized Cryptocurrency Mining Processors. These GPUs are currently online and securing the Ethereum blockchain and generating ETH around the clock with industry leading efficiency.
By the Merger, the shareholders of TTM exchanged 100% of TTM’s share capital for Sysorex’s agreement to issue 124,218,268 shares of Sysorex common stock to the TTM shareholders, which will represent 80% of the total share capital of Sysorex. As a closing condition to the Merger, a significant portion of the Company’s existing debtholders, creditors and service providers agreed to convert or exchange their outstanding indebtedness or accounts payable, as applicable, eliminating at least $13,500,000 of Sysorex debt, substantially improving Sysorex’s balance sheet and significantly increasing Sysorex shareholders’ equity.
Wayne Wasserberg, an executive with more than 15 years of experience working with clients internationally across industries including Forex trading, alternative assets, infrastructure and real estate development has been elected CEO of TTM, replacing Zaman Khan who will remain on the Board and will continue as the President of SGS.
Commenting on the transaction, Mr. Wasserberg stated, “TTM’s management team draws experience from multiple industries including crypto-centric development stage businesses, engineering and capital markets who recognized the power and flexibility of the Ethereum blockchain soon after its introduction. The team smartly invested in data center infrastructure shortly after formation and from the outset recognized the importance of owning and operating its cryptocurrency mining infrastructure.”