December 6, 2021
SAN JOSE, Calif., Dec. 6, 2021 /PRNewswire/ — Fourth Wave Energy, Inc. or the (“Company”), (OTCQB: FWAV) announced today, that the Company has executed an agreement under which it will acquire EdgeMode in a reverse triangular merger. The acquisition of EdgeMode will allow the Company to pivot into the crypto mining industry, with an initial focus on bitcoin mining. The completion of the merger is subject to the satisfaction of certain closing conditions including the satisfactory completion of due diligence and the audit of EdgeMode’s financial statements.
EdgeMode is an emerging cryptocurrency mining and high performance computing technology company focused on rapid growth and deployment of US-based data center locations, generating ever-increasing hash rate and Bitcoin production. EdgeMode currently has mining operations in New York and Illinois with future planned expansion in North Carolina and Texas in 2022. EdgeMode has 600MW of contracted hosting capacity forecasted to come online from Q1 2022 that will power the scale and profitability of both Mining and HPC operations.
The Company believes that the merger with EdgeMode will position it to take advantage of the rapid growth experienced within the crypto mining and high performance computing industry. “With the fast pace and demand within the crypto mining industry, our obvious ambition is full uplisting to NASDAQ or equivalent exchange when circumstances permit. We intend to move forward with that goal in mind” stated Joseph Isaacs, current CEO of Fourth Wave Energy.
Following the completion of the merger, Joseph Isaacs will remain with the Company in a consulting capacity and Charlie Faulkner and Simon Wajcenberg will assume board and executive management positions with the Company.
“Going public is a vital step in EdgeMode’s growth plan and our timing could not be better given the increased adoption and value in cryptocurrency. Fourth Wave Energy impressed us with their professionalism and the added value of the capital raise that is currently underway as part of the merger process” stated Charlie Faulkner, current CEO of EdgeMode.
In furtherance of the merger transaction, the Company has raised more than $4,300,000 since mid-September 2021. The Company intends to deploy those funds to repay certain debt obligations, complete the merger and to provide a minimum of $2,000,000 for business development including , assuming the completion of the merger, the operations of EdgeMode. $850,000 of that amount has been previously provided to EdgeMode in the form of loans.