Crypto-Miner Mawson Says CFO Resigns
The company appointed Ariel Sivikofsy as a consultant until it selects a replacement.
Aug 8, 2022 at 10:30 a.m. UTCUpdated May 11, 2023 at 6:47 p.m. UTC
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Crypto-miner Mawson Infrastructure Group discloses that Chief Finance Officer Hetal Majithia resigned to "pursue other opportunities" after just under a year with the company.
- The resignation takes effect Aug. 9, Mawson said in a filing.
- The company appointed Ariel Sivikofsy as a consultant until a replacement is selected.
- Majithia took on the role Aug. 19, 2021, according to another filing with the U.S. Securities and Exchange Commission.
- In July, Mawson said it raised $10 million to provide balance sheet flexibility as crypto-lender Celsius, the parent company of Celsius Mining, filed for Chapter 11 bankruptcy. The two had signed a 200 megawatt (MW) colocation agreement in March, which included a $20 million loan to Mawson in exchange for 3.85 million warrants in the mining firm. Only 54MW of colocation were up and running as of the end of June, and Mawson expected another 67MW to be operational by end-July.
- The firm has been raising money by selling secured promissory notes as well as offering stock. In the first quarter of the year, Mawson recorded an $11.6 million net loss, according to its quarterly earnings report.
- Mawson mined less bitcoin in June than in May, as the firm participated in demand response programs to help the electricity grid meet growing demand.
- Sivikofsy is CFO of Distributed Storage Solutions (DSS), a decentralized data storage provider on the Filecoin network.
- Australia-based Mawson owns about 20% of DSS.
- Mawson shares rose about 5% in premarket U.S. trading, in line with other bitcoin miners.
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UPDATE (Aug. 8, 11:26 UTC): Adds tenure in third bullet, fundraising, Celsius agreement in fourth, fifth bullets, mining output in sixth.
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Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.