Mawson Infrastructure Group announced it has entered into a cooperation agreement with the Endeavor Investor Group to reconstitute its board of directors, adding five new members and resulting in three departures.
Under the agreement, the company appointed three independent directors, Kyle B. Danges, K. Rodger Davis, and Lisa R. Hough, along with two Endeavor affiliates, Cody Smith and Phillip Stanley. The changes took effect immediately.
As part of the transition, Ryan Costello, Kathryn Schellenger, and Steven Soles stepped down from the board. Costello had been serving as chair prior to his departure.
The agreement includes customary standstill provisions and will be filed as an exhibit to a Form 8-K with the U.S. Securities and Exchange Commission.
The company said the board changes are intended to position Mawson for its next phase of growth as a digital infrastructure platform focused on artificial intelligence, high-performance computing, and digital assets, including Bitcoin mining.
Mawson operates a vertically integrated infrastructure model offering both self-mining and colocation services for enterprise customers. The company reported 129 megawatts of capacity currently online, with additional capacity under development, and emphasized its use of carbon-free energy sources, including nuclear power, to support scalable and sustainable operations.
KEY QUOTES
“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.”
Ryan Costello, Departing Chair, Mawson Infrastructure Group Inc.
“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.”
Joshua Kilgore, Managing Member, Endeavor Blockchain LLC
