Benzinga | Dec 22, 2021 10:09AM EST

Meten To Establish JV Focused On Cryptocurrency Mining

* Meten Holding Group Ltd (NASDAQ:METX) agreed on December 20, 2021, with industry experts to establish a joint venture specializing in the research & development, production, and sales of cryptocurrency mining equipment.

* The industry experts include Zhijun Liu, VP of Hummingbird Mining Machine, Yunning Li, former Chief Marketing Officer of ChainPlus and Dragon Social in Hong Kong, and Manning Liao, who previously worked for Dell Technologies Inc (NYSE:DELL) and Hong Kong Satellite Television.

* All parties agreed to build an R&D team, establish an effective R&D mechanism, and intellectual property rights generated from the JV's R&D activities.

* Meten will invest $3 million in the JV in exchange for a 21% equity stake and will have the right to appoint the chairman to the JV's board and take charge of the financial management.

* Price Action: METX shares are trading higher by 11% at $0.29 on the last check Wednesday.