Bitcoin Miner Rhodium Plans IPO via Reverse Merger with Silverun Technologies

Bitcoin mining firm Rhodium plans to list on Nasdaq through a reverse merger with software services provider Silverun Technologies. Under the terms of a merger agreement unanimously approved by the boards of directors of SilverSun and Rhodium, upon completion of the business combination, each holder of outstanding shares of SilverSun common stock will receive a cash dividend of at least $1.50 per share, totaling approximately $8.5 million. The proposed business combination is expected to close by the end of 2022, subject to regulatory approvals, the approval of SilverSun's and Rhodium's respective shareholders and other customary closing conditions. Rhodium designs and develops large scale liquid cooling systems and proprietary software to optimize the performance and efficiency of its miners, infrastructure and operations.