sur Gryphon Digital Mining, Inc.
Gryphon Digital Mining Restructures Debt with Anchorage Digital
Gryphon Digital Mining announced a major debt restructuring agreement with Anchorage Lending CA, a subsidiary of Anchorage Digital. The deal involves the conversion of approximately 304 BTC debt, valued at $18 million, into equity. This move reduces Gryphon's debt by over 70% and significantly strengthens its balance sheet.
The restructuring will see $13 million of the debt converted into equity and pre-funded warrants at $1.10 per share, effectively doubling the current market price. The remaining $5 million will be a three-year term loan at 4.25% interest, with conversion options and interest-only payments.
Anchorage Digital, besides becoming a major shareholder, will also join Gryphon's Board of Directors. Gryphon's CEO, Steve Gutterman, stated that the restructuring is a pivotal moment for Gryphon, allowing it to pursue strategic growth initiatives.
Anchorage Digital's involvement is seen as a vote of confidence in Gryphon's potential to capture opportunities within the digital asset ecosystem.
R. H.
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