Gryphon Digital Mining, Inc. announced on October 28, 2024, a substantial debt restructuring agreement with Anchorage Lending CA, LLC, a subsidiary of Anchorage Digital. This agreement converts approximately $13 million of an $18 million Bitcoin-denominated note into equity and pre-funded warrants at $1.10 per share.
The restructuring significantly reduces Gryphon's outstanding debt by over 70% and converts the remaining $5 million into a dollar-denominated note. This new note features a three-year term, a 4.25% interest rate, and interest-only payments during its term.
As part of the agreement, Anchorage Digital will become Gryphon's largest shareholder and will be granted a seat on the company's Board of Directors, serving as a key advisor. This move is expected to strengthen Gryphon's balance sheet and increase shareholder equity, positioning the company for future growth.
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