Mawson Infrastructure Group, a technology company that designs, builds, and operates next-generation digital infrastructure platforms, recently entered into a cooperation agreement with The Endeavor Investor Group and its affiliates.
Under the terms of the agreement, Mawson will appoint three independent directors and two Endeavor affiliates to the Mawson board of directors, effective immediately, while three board members will resign. Ryan Costello, Kathryn Schellenger and Steven Soles will step down.
“As a board, Kathryn, Steven and I considered the options available and unanimously determined that entering into an agreement with Endeavor is the best path forward for Mawson and in the best interest of all shareholders,” Costello said. “We have made meaningful strides in recent months to navigate business and industry challenges and reposition the business toward higher growth opportunities.”
The new board members are Kyle Danges, KBD Strategy & Execution founder and principal; K. Rodger Davis, Ikaria Capital Group managing director; Lisa Hough, Eberly Energy Ventures co-founder and adviser; Cody Smith, Big Digital Energy chief operating officer; and Phil Stanley, PM Squared LLC, CEO and managing member.
The cooperation agreement will be filed with the U.S. Securities and Exchange Commission as an exhibit to a Form 8-K and will include customary standstill provisions.