Benzinga | Aug 11, 2021 08:02AM EDT

Taoping Reports Deal With Dennver Group Holdings To Purchase Ethereum Mining Machines With Total Hast Rate Of 500 GH/s, No Terms Disclosed

Taoping Inc. (NASDAQ:TAOP, the &ldquo, Company&rdquo, or &ldquo, TAOP&rdquo, ))), a provider of blockchain technology and smart cloud services, today announces that it has signed a non-binding Memorandum of Understanding ("MoU") with Dennver Group Holdings Limited ("Dennver"), a British Virgin Islands company, to purchase Ethereum mining machines with a total hash rate of 500 GH/s.

Pursuant to the MoU, the purchase price of the Ethereum mining machines and related rights and interests, to be determined by the two parties after the completion of due diligence, will be paid in the form of a combination of cash and restricted ordinary shares of TAOP. The price per share is set at the volume weighted average closing price of TAOP ordinary shares over the 5 trading days prior to the execution of the MoU. TAOP will designate a third-party valuation firm to conduct examination and assessment of the fair market value of the Ethereum mining machines.

"TAOP is committed to keep increasing operational hash rate and seize the significant opportunities in blockchain technology," said Mr. Jianghuai Lin, Chairman and CEO of TAOP, "We believe this transaction would bring value for our customers and shareholders in the near future."