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SILVERSUN MERGING WITH BITCOIN MINER Featured

SilverSun Technologies, parent to reseller SWK Technologies, has agreed to merge with bitcoin miner, Rhodium Enterprises. Rhodium, which postponed a $100 million initial public offering, becomes SilverSun.

SilverSun shareholders receive a stock dividend in a new company, SWK Technologies Holdings (Holdco), which will seek a Nasdaq listing. SilverSun shareholders also receive dividend of at least $1.50 per share, a value of about $8.5 million, and 3.2-percent ownership in Rhodium. The interesting question is whether the new SilverSun changes its name to Rhodium with the older SilverSun shareholders owning 3.2 percent of the new company. This kind of path to the public market is usually accomplished by a merger with a shell public company, so this is a bit unusual approach. Holdco’s assets are SWK Technologies and Secure Cloud Service Rhodium’s SEC documents show it had revenue of $82.1 million for the nine months ended Sept. 30, 2021. Founded in April 2020, it had only $97 million for its first nine months. That compares with SilverSun’s revenue of $41.7 million for the year ended December 31,

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