Mawson Infrastructure Group Inc. ("Mawson" or the "Company") today announced it has entered into a cooperation agreement with The Endeavor Investor Group and its affiliates (collectively "Endeavor") under which the Company will appoint three independent directors, Kyle B. Danges, K. Rodger Davis and Lisa R. Hough, as well as two Endeavor affiliates, Cody Smith and Phillip Stanley, to the Mawson Board of Directors (the "Board").
In connection with the cooperation agreement, Ryan Costello, Kathryn Schellenger and Steven Soles will step down from the Board. These appointments and resignations are effective immediately.
Ryan Costello, departing Chair of the Mawson Board, said, "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. We have made meaningful strides in recent months to navigate business and industry challenges and reposition the business toward higher growth opportunities."
Joshua Kilgore, Managing Member of Endeavor Blockchain, LLC, commented, "We are pleased to reach this agreement and believe Mawson has the potential to become a valuable digital infrastructure platform. We look forward to helping the Company realize its potential and deliver value for all Mawson shareholders."
The cooperation agreement includes, among other things, customary standstill provisions and will be filed as an exhibit to a Form 8-K with the U.S. Securities and Exchange Commission.