Riot Platforms announces the signing of a non-binding term sheet, intending to acquire part of Rhodium's assets and reach a settlement agreement

According to the official announcement, Riot Platforms, Inc. (NASDAQ: RIOT) announced the signing of a non-binding term sheet for its wholly-owned subsidiary Whinstone US, Inc. (or its affiliates) to acquire specific assets of Rhodium Encore LLC (and its affiliates, referred to as "Rhodium") at Riot's Rockdale facility and has submitted a motion for approval and settlement under Federal Bankruptcy Procedure Rule 9019 in Rhodium's bankruptcy case. According to the term sheet, upon completion of the transaction, Whinstone (or its affiliates) will provide Rhodium with a total consideration of $185 million USD including: (i) $129.9 million USD in cash; (ii) returning $6.1 million USD power security deposit to Rhodium; and (iii) Riot shares worth $49 million USD priced based on volume-weighted average price over 10 trading days prior to completion of transaction.