Mawson Recently Filed For Arbitration Proceedings Against CleanSpark, Inc.; Believes That Mawson Is Owed At Least $2M Related To Mawson's Sale Of Its Georgia Facility To CleanSpark
Portfolio Pulse from Benzinga Newsdesk
Mawson has initiated arbitration proceedings against CleanSpark, Inc. (CLSK) claiming at least $2 million related to the sale of its Georgia facility. Additionally, Celsius Mining LLC and related entities filed for Chapter 11 bankruptcy and have an ongoing legal dispute with Mawson, including an $8 million claim against Mawson and a demand for a $15.33 million deposit return. Mawson denies Celsius' claims and is considering counterclaims that could exceed the amounts asserted by Celsius. Mawson contests the bankruptcy court's jurisdiction and filed a motion to compel arbitration on January 2, 2024.
January 16, 2024 | 1:50 pm
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CleanSpark faces arbitration proceedings initiated by Mawson, with a claim of at least $2 million related to the sale of a Georgia facility.
The initiation of arbitration proceedings against CleanSpark for a claim of at least $2 million is likely to create uncertainty for investors and could negatively impact the stock price in the short term due to potential financial liabilities.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Mawson, which may be associated with the ticker MIGI, is involved in legal disputes with Celsius Mining LLC, including a motion to compel arbitration and potential counterclaims exceeding $8 million.
The ongoing legal disputes and the potential for counterclaims exceeding $8 million against Celsius Mining LLC could lead to increased volatility and a negative impact on Mawson's stock price in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 70