MGT Capital Investments (OTCQB:MGTI) has executed a non-binding letter of intent to merge with technology company Bit5ive in a shares swap transaction.The transaction remains subject to the execution of a definitive agreement and certain closing conditions.Bit5ive is an innovator within the cryptocurrency community and an official distributor in South and Central America of cryptocurrency mining hardware producer Bitmain PTY.MGT Capital Investments intends to issue a number of shares that represent 70% to 80% of its outstanding common stock to Bit5ive's existing members on a pro-forma basis.Robert Collazo would be appointed CEO of the merged entity. MGTI has also launched a $1.5M private sale of senior secured convertible notes and warrants, which will provide the company with $1.3M in net proceeds.Source: Press Release
