Akerna sees closing Gryphon Digital Mining transaction on February 9

Akerna (KERN) announced that the closing of its previously announced merger with Gryphon Digital Mining is expected to take place before markets open on Friday, February 9. Prior to closing the merger, Akerna anticipates completing a reverse stock split of its common stock at a ratio of one share for twenty shares. Following completion of the merger, the combined company is expected to begin trading at market open on February 9, on The Nasdaq Capital Market on a reverse stock split basis, under the new name “Gryphon Digital Mining, Inc.” and under the symbol “GRYP”. The estimated exchange ratio of shares of Akerna’s common stock for Gryphon common stock and Gryphon preferred stock will be approximately 1.5561 shares of Akerna common stock for each one share of Gryphon Common Stock and Preferred Stock based on estimated aggregate merger consideration of 31,539,011 shares of Akerna common stock, on a post-reverse stock split basis. Concurrently with the closing of the Merger, Akerna anticipates closing the sale of all of the membership interests of its wholly-owned subsidiary, MJ Freeway LLC to MJ Acquisition Corp. pursuant to that certain Securities Purchase Agreement by and between Akerna and MJ Acquisition Corp. dated April 28, 2023 for gross aggregate cash proceeds of approximately $1.22M and the conversion of $1.85M in notes held by MJ Acquisition Corp. into shares of Akerna common stock.