DPW Holdings Inc (NYSEAMERICAN: DPW) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company released news with regard to its cryptocurrency mining initiative that led to excitement among investors. This sent the stock screaming for the top. Today, we’ll talk about the news that was released, what we’re seeing from the stock, and what we’ll be watching for with regard to DPW ahead.
DPW Gains On Crypto News
As mentioned above, DPW Holdings is having an incredibly strong start to the trading session after announcing news related to their cryptocurrency mining initiative. The company said that it has entered into an agreement to acquire the operations of Flexisphere in a press release that was issued early this morning. The goal of the acquisition is to leverage Flexisphere’s curated blockchain and cloud mining technology and expertise.
Flexisphere has a client base that ranges from small to medium businesses and large firms that seek expertise for desktop, network, and other distributed services as well as programming, online asset development and cloud computing. Under the terms of the agreement, Flexisphere will become a majority-controlled subsidiary of DPW. Also, as a result of this agreement, Darren Magot will be appointed as CEO of the company’s subsidiary, Super Crypto Mining. In a statement, Milton “Todd” Ault III, Chairman and CEO at DPW Holdings, had the following to offer:
We are excited about the appointment of Darren Magot as the CEO of Super Crypto Mining. Mr. Magot brings decades of experience with identifying consumer tastes and trends to drive many successful marketing plans and programs that maximized client revenues against stern competition. We believe Mr. Magot has the critical expertise to navigate Super Crypto Mining’s future through the rapidly evolving crypto space. We expect him to lead Super Crypto Mining in accomplishing multiple goals including the deployment of over 1,000 crypto miners, the establishment of multiple data centers and mining co-locations that operate efficiently and effectively to launching our latest initiative, cloud based mining so consumers can readily participate by purchasing hash-rate at an affordable level… We are committed to supporting Super Crypto and all its projects as we execute on our highly profitable long-term strategies. We see the anticipated acquisition of Flexisphere as an integral part of our long-term strategy. We look forward to having Flexisphere and its very talented team of experts lead by Mr. Saleh join the DPW family. Mr. Saleh brings a wealth of experience, proficiency and knowledge that can benefit all DPW. We also look forward to Super Crypto Mining working with Flexisphere and Mr. Saleh in the short-term to develop an innovative cloud mining platform. “
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