Mawson Infrastructure Group Inc. Confirms No Exposure to Silvergate Capital and SVB, Transfers All Assets Away from Signature
Mawson Infrastructure Group Inc. (NASDAQ:MIGI) announced that it has no historical or current banking relationships with Silvergate Bank or Silicon Valley Bank. The company has successfully transferred the majority of its assets from Signature Bank to other institutions, thereby eliminating material exposure to Signature Bank. Mawson is also initiating additional banking relationships. CEO James Manning expressed sympathy for those affected by recent banking issues but emphasized Mawson's favorable position with no exposure to the troubled banks.
- Successfully transferred the majority of assets from Signature Bank, eliminating material exposure.
- Initiating additional banking relationships to enhance financial stability.
- None.
Mawson does have a banking relationship with Signature Bank, amongst other banks.
As of Monday evening (ET), Mawson has taken all actions to transfer the majority of its assets it held with Signature Bank to other financial institutions, and as a result of those transfers being successful will have no material exposure to Signature Bank. Mawson is also in the process of initiating additional banking relationships. Mawson has the greatest of sympathies for all that are affected in this difficult time.
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Mawson cautions that statements in this press release that are not a description of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as “expect,” “intend,” “plan,” “anticipate,” “believe,” and “will,” among others. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Mawson’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the possibility that Mawson’s need and ability to raise additional capital, the development and acceptance of digital asset networks and digital assets and their protocols and software, the reduction in incentives to mine digital assets over time, the costs associated with digital asset mining, the volatility in the value and prices of cryptocurrencies and further or new regulation of digital assets. More detailed information about the risks and uncertainties affecting Mawson is contained under the heading “Risk Factors” included in Mawson’s Annual Report on Form 10-K filed with the
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