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MGT Capital Investments INC (MGT)

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Last Post: 3/6/2015 11:40:03 AM - Followers: 38 - Board type: Free - Posts Today: 12

HARRISON, N.Y., Feb. 27, 2015 /PRNewswire/ -- MGT Capital Investments, Inc. (NYSE MKT: MGT) announced today that it has entered into a Letter of Intent ("LOI") with Tera Group, Inc., ("Tera") owner of TeraExchange, LLC, a Swap Execution Facility regulated by the Commodity Futures Trading Commission ("CFTC").  Pursuant to the LOI, both companies will work diligently to finalize and execute a definitive agreement by March 16, 2015.

MGT will then file a combination S-4 Prospectus and Proxy Statement with the Securities and Exchange Commission.  Under the contemplated terms of the agreement, and subject to stockholder approval, MGT will issue shares of its common stock to the current owners of Tera, representing 70% of the pro forma equity of the combined companies at closing.

Tera has played a leading role in the development of bitcoin derivatives. In September 2014, Tera launched on TeraExchange the first regulated Bitcoin derivative products, and a spot Bitcoin price index.  Trading of USD/Bitcoin derivatives is subject to the rules and regulations of TeraExchange and the CFTC.  The Tera Bitcoin Price Index ("TeraBit") employs a dynamic algorithm that compiles and filters data on a real-time basis from a number of widely utilized global Bitcoin spot exchanges.  The TeraBit Index will be used as the settlement rate for USD/Bitcoin derivatives transactions.  

"Growing consumer and merchant adoption of bitcoin is driving demand for regulated capital markets solutions. By combining with MGT, Tera will create a unique public offering to support the essential infrastructure needed for a vibrant global bitcoin ecosystem," said Christian D. Martin, Chairman, Chief Executive Officer and Co-Founder of Tera.

"The proposed merger with Tera gives immediate and future value to our stockholders, while creating a robust platform for the growth of the industry's first publicly listed bitcoin derivatives exchange," said H. Robert Holmes, Chairman of MGT's board of directors, "The Bitcoin industry attracted over $400 million of investment capital from some of the world's most prominent investors over the past 12 months; we see our move today as further progress in the broader adoption of the industry."

Tera is led by a talented management team with a combined 47 years of experience in capital markets and derivative products, 43 years in legal and regulatory, and 46 years in technology development and engineering.

Mr. Martin spent more than 20 years in senior trading and management positions at Merrill Lynch and Bank of America, where he was responsible for global trading desks of interest rates, credit, and financing - securities lending transactions.

President, COO and Co-Founder Leonard T. Nuara was formerly a shareholder in the international law firm of Greenberg Traurig LLP.  Prior to that, he was Chair of the Technology and Intellectual Property Group at Thacher Proffitt & Wood LLP.  He is a nationally recognized leader in the technology and intellectual property fields.

Chief Commercial Officer John Maguire spent 18 years at Goldman Sachs, where he held various roles, including interest rate and cross asset derivative sales, marketing, and business development. Mr. Maguire is also the former Global Head of Trading at Bridgewater Associates, the largest hedge fund in the world.

Source Capital Group, Inc. acted as sole financial advisor to Tera Group.

About MGT Capital Investments, Inc.
MGT Capital and its subsidiaries operate social and real money gaming sites online and in the mobile space, including ownership of the 3rd largest daily fantasy sports wagering platform,  The Company also offers games of skill through and social casino games with SlotChamp™, and also operates an online portal for fantasy sports news and commentary,  MGT also launched Daily Fantasy Legend in partnership with Facebook to become the First Daily Fantasy Platform on Social Media.  In addition, the Company owns intellectual property relating to slot machines and has asserted its claims via patent infringement lawsuits.

About Tera Group, Inc.
Tera Group owns TeraExchange LLC, a Swap Execution Facility (SEF) regulated by the Commodity Futures Trading Commission and provides market participants with access to Bitcoin derivatives, interest rate swaps, credit default swaps and non-deliverable forwards.  TeraExchange is a global pioneer in the derivatives marketplace and provides a multi-asset class platform for trading of an array of financial instruments.





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Current Price
Bid Ask Day's Range
MGT News: Current Report Filing (8-k) 02/27/2015 05:35:39 PM
MGT News: MGT Capital Investments to Merge with Tera Group 02/27/2015 08:00:00 AM
MGT News: MGT And Vivid Celebrate The Launch Of Daily Fantasy Sports Site With Party At Vivid Cabaret NYC On Saturda... 01/28/2015 06:42:00 PM
MGT News: MGT Capital Provides Update of Patent Litigation Against Aruze Gaming USA 01/13/2015 09:00:00 AM
MGT News: MGT Capital to Present at the 11th Annual Noble Financial Capital Markets Equity Conference January 20, 2015 01/08/2015 09:48:00 AM
#626  Sticky Note $MGT....DD....$2015....GLTA.... $MGT DD Notes ~ TESLA777 03/03/15 12:38:53 PM
#569  Sticky Note $MGT & TeraExchange Merger MGT Capital Investments has entered TheInvincibleBull 03/02/15 11:54:55 AM
#533  Sticky Note Merger News HARRISON, N.Y., Feb. 27, 2015 /PRNewswire/ bUrRpPPP! 03/01/15 06:08:46 PM
#806   Yes I'm banking on DOLLARS! BCLBCL 03/06/15 11:40:03 AM
#805   Even with that OS a cap around $50M Arizzle 03/06/15 11:24:45 AM
#804   Yep. Peeps slowly accumulating and awaiting for deal TheInvincibleBull 03/06/15 11:04:31 AM
#803   Positive Bitcoin news from very reputable sources: Arizzle 03/06/15 11:03:54 AM
#802   Once the deal is closed next week the bUrRpPPP! 03/06/15 10:53:32 AM
#801   I am puzzled by the lack of volume Arizzle 03/06/15 10:47:06 AM
#800   That sounds right Arizzle 03/06/15 09:15:53 AM
#799   *thought TheInvincibleBull 03/06/15 09:15:18 AM
#798   That it was like 24mill and going to TheInvincibleBull 03/06/15 09:15:05 AM
#797   They're giving like 34M shares to Tera Arizzle 03/06/15 09:11:42 AM
#796   Flying under the radar! 10M float = $5+ BCLBCL 03/06/15 03:51:41 AM
#795   People are not realizing how huge bitcoins are BCLBCL 03/06/15 03:50:59 AM
#794;_ylt=AwrBEiQ_yfdUXksA legalizeMJ 03/05/15 11:58:35 PM
#793   Yup NYSE backing bitcoin, investment banks, and now @brandontrades 03/05/15 11:32:28 PM
#792   Awesome post! TheInvincibleBull 03/05/15 08:50:18 PM
#791   Nice! BCLBCL 03/05/15 06:36:28 PM
#790   The First Bitcoin ETF Offers Easy Way to bUrRpPPP! 03/05/15 05:35:11 PM
#789   Agree! Thank you. BCLBCL 03/05/15 05:32:21 PM
#788   I'm surprised this is still under the radar. nightowwl 03/05/15 05:15:51 PM
#787   Nice consolidation....volume is okay but the float is Greenrush777 03/05/15 03:52:13 PM
#786   Well orchestrated rise in pps Arizzle 03/05/15 03:12:32 PM
#785   We should see the buyers move the bids bUrRpPPP! 03/05/15 02:28:08 PM
#784   Exactly down slightly on a 1/3 of yesterday's BCLBCL 03/05/15 02:24:25 PM
#783   Nice low volume consolidation...very healthy. bUrRpPPP! 03/05/15 02:06:17 PM
#782   .75 might be new bottom? TheInvincibleBull 03/05/15 02:05:44 PM
#781   Ya that's true. TheInvincibleBull 03/05/15 12:27:46 PM
#780   Shocked to see lite of selling at .75-.76 Arizzle 03/05/15 12:18:48 PM
#779   According to the LOI PR they say BY @brandontrades 03/05/15 12:10:46 PM
#778   Yea looks that way, I like this consolidation @brandontrades 03/05/15 12:02:59 PM
#777   Yep it might break .80's or go fill TheInvincibleBull 03/05/15 12:01:54 PM
#776   MGT adding today. Waiting to see if .80 @brandontrades 03/05/15 11:59:30 AM
#775   Going for the gap fill, intraday is bearish.. Fugu 03/05/15 11:18:40 AM
#774   $5+ stock by July 4th! GUARANTEED! BCLBCL 03/05/15 10:17:14 AM
#773   $MGT here we go!!!! TheInvincibleBull 03/05/15 09:56:42 AM
#772   Head fake over. Up we go! nightowwl 03/05/15 09:56:36 AM
#771   Sick spread...thin PROPHETABLE 03/05/15 09:42:48 AM
#770   The depth of experience the TERA team brings bUrRpPPP! 03/05/15 06:49:28 AM
#769   Sure was! stock chart is ready to BCLBCL 03/05/15 06:49:04 AM
#768   MAJOR PLAYERS TAKING NOTICE! Anyone coming on Twitter BCLBCL 03/05/15 06:47:47 AM
#767   Excellent we have proven leaders that are well BCLBCL 03/05/15 06:46:28 AM
#766   TERA MANAGEMENT TEAM! bUrRpPPP! 03/05/15 06:42:33 AM
#765   Paul Jenkins, Chief Technology Officer bUrRpPPP! 03/05/15 06:40:14 AM
#764   Peter W. Wilson,Chief Compliance Officer bUrRpPPP! 03/05/15 06:39:15 AM
#763   John Maguire, Chief Commercial Officer bUrRpPPP! 03/05/15 06:37:51 AM
#762   Daniel Droste, Chief Architect and Co-Founder bUrRpPPP! 03/05/15 06:36:57 AM
#761   Leonard T. Nuara President, bUrRpPPP! 03/05/15 06:35:37 AM
#760   Christian Martin Chairman & CEO TeraExchange bUrRpPPP! 03/05/15 06:33:52 AM
#759   Uptrend continues on above avg volume! Anyone going BCLBCL 03/05/15 06:21:25 AM
#758   March 16th from what I read Greenrush777 03/04/15 10:17:25 PM
#757   When is that LOI due out??? Daytrader2013 03/04/15 09:46:24 PM