Mawson Infrastructure Group (MIGI) Announces Results of Reverse Stock Split Vote

Mawson Infrastructure Group Inc. (NASDAQ: MIGI) (“Mawson” or the “Company”), a digital infrastructure provider, announced today the results of its stockholder vote in respect of its reverse stock split, which was sent to stockholders on December 23, 2022.

Stockholders voted in favor of the 1 for 6 reverse stock split, and a related resolution to reduce Mawson’s authorized Common Stock from 120,000,000 shares to 90,000,000 shares.

It is anticipated that, after the reverse stock split, the Mawson stock price will meet the Nasdaq listing rules threshold minimum bid price requirement, which essentially requires a listed company’s stock price to remain above $1.

Of the stockholders who voted, more than 99% of the shares voted were voted in favor of the resolutions, with over 68% of shares1 participating in the vote.

It is expected that Mawson shares will trade on a post-reverse stock split adjusted basis on and from February 9, 2023.

James Manning, CEO, commented, “Stockholder support for the proposal was strong, especially considering the time of year that we undertook the split. We wish to thank all stockholders who took the time to vote. Once implemented the split should ensure that Mawson will be fully compliant with all the Nasdaq rules. Mawson can also look forward confidently into 2023 with its newly authorized capital structure, and our expectation is that the split won’t have any meaningful impact on our stock liquidity. This result is another piece of welcome news, after the recent appointment of our new independent director, Mr. Rahul Mewawalla.”

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