Shares of MGT Capital have surged since May 9th rising from $0.49 on May 9th to a closing price of $4.15 on May 17th or an increase of 747% in just over a week. MGT Capital is a familiar name for MicrocapResearch and we published our buy recommendation in April 2015 when MGT was trading at just $0.46.
Since May 9th 356 million shares of MGT have traded and shares have risen from $0.49 to a high of $5.58 , and an increase of 1038% since our initial report.
May 9th Press Release: Announcing The Acquisition And Appointment Of John McAfee As Executive Chairman And Chief Executive Officer
On May 9th MGT Capital announced the acquisition of D-Vasive Inc and to announce the proposed appointment of John McAfee as Executive Chairman and Chief Executive Officer. D-Vasive offers a tool for protection from invasive apps from various sources including consumer products, social networks, financial institutions and others.
MGT also entered into a consulting agreement with Future Tense Secure Systems Inc., a technology incubator with investments in other applications requiring privacy, such as file sharing and chat. Future Tense Secure Systems was founded by John McAfee in 2013 and is focused on aiding consumers to regain control of their privacy and information.
John McAfee is known as a pioneer of Internet security and sold McAfee to Intel in 2010 for $7.6 billion. As part of the deal MGT Capital intends to change the company’s name to John McAfee Global Technologies, Inc. and turn the company’s focus onto becoming a leading edge anti-spy software company.
The deal between MGT Capital and D-Vasive calls for a payment to D-Vasive Inc. stockholders of 23.8 million restricted shares of MGT stock and $300,000 in cash. The proposed share issuance is expected to amount to roughly 47% of the Company on a pro-forma fully diluted basis at closing.
May 12th Press Release: Announcing The Acquisition Of A Member Interest In The Round House LLC
On May 12th MGT Capital announced the acquisition of a Membership Interest in The Round House LLC, an Alabama-based technology incubator, offering co-working space, accelerator services and angel investment. The Round House locomotive accelerator program targets startups in hardware and software security. The startups teams selected by locomotive have an opportunity to work with John McAfee (founder of McAfee Anti Virus) Nolan Bushnell, Founder of Atari and Chuck E Cheese, and Brock Pierce, Bitcoin pioneer and star of Mighty Duck.
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