FORT LAUDERDALE, FL / ACCESSWIRE / September 26, 2022 / EdgeMode, Inc. (OTC PINK:FWAV) ("EdgeMode"), a cryptocurrency mining and High Performance Computing company, today announced that it has entered into a $15 million Equity Purchase Agreement (the "Agreement") with Alumni Capital LP, a Delaware limited partnership.
EdgeMode Inc will have the right to sell up to $15 million of its Common Stock to Alumni Capital over a 24-month period, upon satisfaction of certain terms and conditions contained in the Agreement and Registration Rights Agreement, which includes but is not limited to filing a registration statement with the SEC, registering the resale of any shares sold to Alumni Capital. Pursuant to certain terms and conditions contained in the Agreement and Registration Rights Agreement, Alumni Capital is obligated to purchase shares upon receiving notice from EdgeMode Inc as to the amount of shares and timing of the purchase. Further, any Common Stock that is sold to Alumni Capital will occur at a purchase price of eighty percent (80%) of the lowest daily Volume-Weighted Average Price of the Common Stock five Business Days prior to the Closing Date.
Charlie Faulkner, CEO of EdgeMode Inc, commented, "This $15 million financing with Alumni Capital provides us with strong capital backing to continue to execute on our strategic plans. Having reliable capital backing will enable us to support our growth and also to complete further future equity and debt financing for the many exciting opportunities available for growth, and with this capital in place, we believe that we are well positioned for the future."
Ashkan Mapar, General Partner of Alumni Capital, commented, "We are fans of cryptocurrency mining and think Edgemode is one of the few companies positioned properly to take advantage of the current environment and experience strong growth in the sector. We are excited to be investors in the company and see great potential over the next couple of years."
A complete and detailed description of the Agreement is set forth in the Company's Current Report on Form 8-K filed on 23rd September 2022 with the S.E.C. This Press Release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
About EdgeMode Inc
EdgeMode is a cryptocurrency mining and High-Performance Computing technology company focused on rapid hash rate growth and deployment of data center locations, generating ever-increasing Bitcoin production and providing HPC solutions for a variety of industries and applications.
This release contains "forward-looking statements". Forward-looking statements also may be included in other publicly available documents issued by EdgeMode Inc and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance.
Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.
Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause EdgeMode Inc's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to economic conditions, changes in the laws or regulations, demand for EdgeMode Inc products and services, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this press release.
SOURCE: EdgeMode Inc.
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