Mawson Infrastructure Group Inc. Files 8-K on Financial Obligations

TL;DR

Mawson dropped an 8-K about its financial obligations - check for acceleration/increases.

AI Summary

Mawson Infrastructure Group Inc. filed an 8-K on March 29, 2024, to report on triggering events that accelerate or increase a direct financial obligation or an obligation under an off-balance sheet arrangement. The filing also includes financial statements and exhibits.

Why It Matters

This filing indicates potential changes or accelerations in Mawson's financial obligations, which could impact its financial health and operational capacity.

Risk Assessment

Risk Level: medium — Filings related to financial obligations can signal potential distress or significant changes in a company's financial structure.

Key Players & Entities

• Mawson Infrastructure Group Inc. (company) — Registrant
• March 29, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of incorporation
• 001-40849 (filing_number) — SEC File Number
• 88-0445167 (tax_id) — IRS Employer Identification No.

FAQ

Key Financial Figures

• $0.001 — nge on Which Registered Common Stock, $0.001 par value MIGI The Nasdaq Stock Mar
• $0.50 million — ote") to W Capital Advisors Pty Ltd for $0.50 million on July 8, 2022. W Capital claims an ev
• $166,218 — Pty Ltd is claiming unpaid interest of $166,218 as well as other potential charges and
• $8 million — ty Ltd with a total loan facility of AUD$8 million (USD$5.2 million). The current claimed
• $5.2 million — otal loan facility of AUD$8 million (USD$5.2 million). The current claimed outstanding princ
• $1.45 million — 2023 ("Working Capital Loan") is of AUD$1.45 million (USD$0.99 million). This loan facility
• $0.99 million — pital Loan") is of AUD$1.45 million (USD$0.99 million). This loan facility expired in 2023, a
• $298,926 — Pty Ltd claiming default interest of AUD$298,926 (USD$197,291) among other claims. In 20
• $197,291 — ing default interest of AUD$298,926 (USD$197,291) among other claims. In 2024, W Capital
• $20 million — Trust with a total loan facility of AUD$20 million (USD$13.62 million), with a principal b
• $13.62 million — tal loan facility of AUD$20 million (USD$13.62 million), with a principal balance of AUD$12.07
• $12.07 million — illion), with a principal balance of AUD$12.07 million (USD$8.22 million) as of December 31, 2
• $8.22 million — ncipal balance of AUD$12.07 million (USD$8.22 million) as of December 31, 2023. This loan fac
• $6.96 million — id its customer co-location invoices of $6.96 million to Luna and the Company believes that t

Filing Documents

• f8k_032924.htm (8-K) — 29KB
• 0001171843-24-001726.txt ( ) — 199KB
• migi-20240329.xsd (EX-101.SCH) — 3KB
• migi-20240329_lab.xml (EX-101.LAB) — 33KB
• migi-20240329_pre.xml (EX-101.PRE) — 22KB
• f8k_032924_htm.xml (XML) — 3KB

04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or

Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. As previously reported in its Quarterly Report on Form 10-Q filed on November 13, 2023, and most recently in its Current Report on Form 8-K filed January 16, 2024, Mawson Infrastructure Group Inc. (the "Company") has certain outstanding obligations to third parties. The Company issued a convertible note (the "Convertible Note") to W Capital Advisors Pty Ltd for $0.50 million on July 8, 2022. W Capital claims an event of default under the Convertible Note on November 16, 2022, which could have the effect of increasing interest due under the Convertible Note from 20% to 25% per annum. The Company disputes this claim and this default date. The Company has paid back the principal amount of $0.50 million to W Capital Advisors Pty Ltd in 2024.W Capital Advisors Pty Ltd is claiming unpaid interest of $166,218 as well as other potential charges and further interest. The Company disputes that it is obligated to pay the interest and other claims of W Capital. The Company, pursuant to Australian law, on March 28, 2024, sent a preliminary discovery notice to W Capital Advisors Pty Ltd to obtain documents and to investigate if W Capital Advisors Pty Ltd is a related party to Mr. James Manning, the Company's former director and executive, and to investigate and ascertain if transactions between W Capital Advisors Pty Ltd and the Company were related party transactions. The Company, W Capital Advisors Pty Ltd, and Mr. James Manning each have reserved their respective rights. An Australian subsidiary of the Company, Mawson Infrastructure Group Pty Ltd., had a Secured Loan Facility Agreement for working capital with W Capital Advisors Pty Ltd with a total loan facility of AUD$8 million (USD$5.2 million). The current claimed outstanding principal balance as of December 31, 2023 ("Working Capital Loan") is of AUD$1.45 million (USD$0.99 mill

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Current Report on Form 8-K contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this Current Report on Form 8-K are forward-looking statements. Forward-looking statements contained in this Current Report on Form 8-K may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will", "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the Company's control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those described more fully in the section titled "Risk Factors" of the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 23, 2023, and Mawson's Quarterly Report on Form 10-Q filed with the SEC on May 15, 2023, August 21, 2023, November 13, 2023, and in other filings Mawson has made and may make with the SEC in the future. Forward-lookin

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Mawson Infrastructure Group Inc. Date: March 29, 2024 By: /s/ Kaliste Saloom Kaliste Saloom General Counsel

View Full Filing

View this 8-K filing on SEC EDGAR