MGT Capital Investments, Inc. (OTCMKTS:MGTI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into Material Definitive Agreements.
On December 15, 2017 (the “Effective Date”), MGT Capital Investments, Inc., a Delaware corporation (the “Company”), and three accredited investors (each, an “Investor” and collectively, the “Investors”) executed three Securities Purchase Agreements (the “SPAs”), to all of which the Investors purchased, severally but not jointly, an aggregate principal amount of eight million dollars ($8,000,000) of the Company’s common stock (the “Common Stock”), at a purchase price of four dollars ($4.00) per share. As a result of the SPAs, each of certain two Investors is entitled to 750,000 shares of the Company’s Common Stock and one Investor is entitled to 500,000 shares of the Common Stock. In accordance with the SPAs, the Company and the Investors agree that no shares of the Company’s Common Stock shall be delivered to the Investors as a result of such purchase prior to the date that is six (6) months from the Effective Date. In addition, under the SPA, each Investor shall receive detachable warrants (the “Warrants”) to purchase the same amount of Common Stock that such Investor has subscribed in the SPA. Subject to the terms and adjustments in the Warrants, each Warrant is exercisable at an initial price of $4.50 per share, for five years from December 15, 2017. The Investors have the option to exercise all or any part of their Warrants on a cashless or cash basis. Forms of the SPAs and Warrants are attached herein as Exhibit 10.1 and Exhibit 10.2.
Unless specifically defined herein, the capitalized terms shall have the meanings as defined in the respective documents attached herein.
Item 3.02 Unregistered Sales of Equity Securities.
The information contained in Item 1.01 is hereby incorporated by reference.
Item 9.01 Financial Statements and Exhibits.
| 10.1 | Form of Securities Purchase Agreement |
| 10.2 | Form of Warrants |
MGT CAPITAL INVESTMENTS INC ExhibitEX-10.1 2 ex10-1.htm SECURITIES PURCHASE AGREEMENT This Securities Purchase Agreement (this “Agreement”) is dated as of December 15,…To view the full exhibit click here
About MGT Capital Investments, Inc. (OTCMKTS:MGTI)
MGT Capital Investments, Inc. (MGT), through its subsidiaries, is engaged in the business of acquiring, developing and monetizing assets in the online and mobile gaming space, as well as the social casino industry. The Company operates through two segments: Gaming and Intellectual Property. MGT’s gaming portfolio includes a social casino platform Slot Champ. It also includes minority stakes in the skill-based gaming platform MGT Play and fantasy sports operator DraftDay Gaming Group, Inc. (DDGG). The Company’s subsidiaries include Medicsight, Inc. (Medicsight), MGT Sports, Inc. (MGT Sports), MGT Studios, Inc. (MGT Studios) and MGT Gaming, Inc. (MGT Gaming). Medicsight owns medical imaging software and has designed an automated carbon dioxide insufflation device on which the Company receives royalties from an international distributor. The software is designed to detect colorectal polyps during a virtual colonoscopy performed using computed tomography.
