M&A - AGRIFORCE GROWING SYSTEMS LTD.

Form Type: 8-K

Filing Date: 2025-01-24

Corporate Action: Acquisition

Type: New

Accession Number: 000149315225003505

Filing Summary: On January 17, 2025, AgriForce Growing Systems, Ltd. acquired a five MW Bitcoin mining facility located in Columbiana County, Ohio, from Bald Eagle County, LLC for a purchase price of $4.55 million. The assets purchased as part of this acquisition include 900 S-19 J Pro BITMAIN Antminers, operational transformers, five custom 40 ft Crypto Canman housing containers, along with necessary power distribution boxes, a Caterpillar trailer mounted standby generator, a Doosan trailer mounted generator set, eight shipping containers, and five 1 MW natural gas generator power plants. Additionally, the Company obtained power purchase agreements that allow it to purchase gas at a rate of $0.04 per kWh, as well as access leases to the property where the facility is located. Furthermore, on January 21, 2025, Barrett Mooney, PhD., was appointed as Chief Operating Officer of the Company, with a compensation of $22,500 per month plus $3,500 in restricted stock units. He has a strong background in agriculture and sustainability, having previously served in roles that involved major acquisitions and technology leadership. The Company intends to formalize Dr. Mooney's employment agreement within nine months and reassess his compensation then.

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