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SILVERSUN, RHODIUM CAN WOO OTHERS Featured

The proposed merger of SilverSun Technologies, parent of reseller, SWK Technologies, and bitminer, Rhodium has opened the door for the companies to see other partners. Other new provisions of the merger agreement add barriers to completing the merger.

The delayed deal—with the original plan dated Sep. 29, 2022-called for a reverse merger in which Rhodium would end up with the SilverSun public shell while SilverSun would spin off as another publicly held company. The latest amendment to the merger agreement removes no-shop and similar provisions to that Rhodium and SilverSun can enter into agreement with others without consent of the other party. If that happens, the company making such a deal must pay the other $3,250,000 when any other deal closes. However, the once merger receives SEC approval, Rhodium and SilverSun cannot enter deals with others after the company’s registration Statement on Form S-4 is declared effective. Language has been added that require Rhodium must be notified and agreed to before SilverSun can set a record date for a Stockholders Meeting and before the S-4 can be declared effective and mailed to shareholders.

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