DPW Holdings (NYSE American: DPW) this morning announced the November 23, 2018 authorization of its Board of Directors to pursue a spinoff of DPW’s wholly-owned subsidiary Super Crypto Mining, Inc. The move demonstrates the company’s confidence in the long-term viability of crypto-mining and the cryptocurrency marketplace and endeavors to support Super Crypto with the independence and tools to achieve and surpass its goals 2019 and beyond.
“As stated during our investor conference call on December 20, 2017, the acquisition of assets that would appreciate under our ownership and the creation of increased shareholder value through our portfolio companies and projects was our top priority.” DPW Holdings CEO and Chairman Milton “Todd” Ault, III stated in the news release. “By spinning off our cryptocurrency assets, we are separating disparate businesses and providing the opportunity to hold stock in a pureplay crypto company. We are confident crypto-mining and the cryptocurrency marketplace will flourish in the long term and think there is significant value in Super Crypto and its various initiatives which require the ability to finance their growth independently. Regardless of the current downturn in the cryptocurrency space, we believe the assets of Super Crypto will be able to serve as the foundation of an independent company with the ability to raise its own capital. Further, this transaction positions Super Crypto Mining for a bitcoin recovery. It is our intent to declare a special dividend of no less than 80 percent of the common stock of Super Crypto to DPW stockholders.”
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About DPW Holdings, Inc.
DPW Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with global impact. Through its wholly owned subsidiaries and strategic investments, the company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, telecommunications, medical, crypto-mining, and textiles. In addition, the company owns a select portfolio of commercial hospitality properties and extends credit to select entrepreneurial businesses through a licensed lending subsidiary. For more information, visit the company’s website at www.DPWHoldings.com
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