MGT Capital Investments Inc. (NYSEMKT:MGT) Shares Up Nearly 4% on Friday

0
336

MGT Capital Investments Inc. (NYSEMKT:MGT) shares rose 3.74% to $3.33 on Friday. Share prices have been trading in a 52-week range of $0.15 to $5.58. The company has a market cap of $81.00 million at 25.86 million shares outstanding.

MGT Capital Investments is engaged in the business of acquiring, developing and monetizing assets in the online and mobile gaming space, as well as the social casino industry through its subsidiaries. The company  operates through two segments: Gaming and Intellectual Property.

Its Gaming segment includes a social casino platform Slot Champ and minority stakes in the skill-based gaming platform MGT Play and fantasy sports operator DraftDay Gaming Group, Inc. Aside from that, MGT Capital Investments has the following subsidiaries: Medicsight, Inc., MGT Sports, MGT Studios, and MGT Gaming. Medicsight owns medical imaging software and has designed an automated carbon dioxide insufflation device on which MGT Capital Investments receives royalties from an international distributor.

This week, company shareholders are set to vote on a name change to John McAfee Global Technologies Inc, starting its strategic plan in the cyber security industry. Earlier in the year, proposed Executive Chairman and Chief Executive Officer John McAfee made cyber security a top priority in his keynote address at the Fourth Internet Security Conference in Beijing.

On September 1, MGT Capital Investments disclosed in a SEC filing that it entered into a Subscription Agreement with an investor in a private placement of 450,000 restricted shares of the company’s common stock. Also, the company entered into a Note and Warrant Exchange Agreement of certain 12% unsecured promissory notes previously issued by the Company pursuant to a Securities Purchase Agreement, in line with its goal to meet the minimum net equity requirements for the initial or continuing listing standards of either NASDAQ or NYSE MKT.

DISCLAIMER: There is a substantial risk of loss with any speculative asset, especially small cap stocks. The opinions expressed are those of the author, and do not constitute recommendations to buy or sell a stock. Do your own research before committing capital.