The latest amendment with the original company removes a $5-million termination fee if the deal is not completed on or before September 30, a year after the original plan was unveiled. The original agreement was a reverse acquisition with Rhodium, a bitcoin miner, ending up as the publicly held company known as SilverSun Technologies. The parent of SWK would be spun out as a separate company, SilverSun Technologies Holdings, which would apply for a stock exchange listing. In 2022, Rhodium had previously withdrawn a $100-million initial public offering before the deal with SilverSun was announced. Then, Rhodium was sued for alleged breach of contract in May by Whinstone US, a unit of bitcoin mining firm Riot Platforms, which alleges Whinstone is owed $26 million in hosting fees and it is asking a Texas Court to declare it doesn’t owe Rhodium any credits related to demand response programs, a practice in bitcoin mining.
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SILVERSUN AGAIN MODIFIES MERGER Featured
SilverSun Technologies, parent of SWK Technologies, and Rhodium Enterprises have amended their merger agreement for the fifth time. That follows two withdrawals of SEC stock registrations by SilverSun Technologies Holdings because of the failure to close the merger.
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