Akerna (NASDAQ:KERN) stock is on the move Friday after the company revealed plans to merge with crypto company Gryphon Digital Mining.
The merger agreement includes an all-stock transaction. It will also see Akerna change its name to Gryphon Digital Mining once complete. This will expose shareholders of KERN stock to the Bitcoin (BTC-USD) mining industry.
As part of this agreement, Akerna is selling its software business to POSaBIT Systems Corporation. That includes MJ Freeway, which contains MJ Platform and Leaf Data System brands, and Ample Organics. These are systems Akerna used in the cannabis industry.
With this deal, Akerna is exiting the cannabis software industry to become an ESG, carbon-neutral Bitcoin mining company. This will see it switch over to Gryphon Digital Mining’s main business. It also benefits POSaBIT Systems Corporation as it operates in the provides payments infrastructure to the cannabis industry.
KERN Stock Movement On Friday
Investors don’t appear to be reacting well to today’s news with KERN stock seeing heavy trading. This has nearly 1 million shares of the stock changing hands as of this writing. For comparison, the company’s daily average trading volume is about 704,000 shares.
KERN stock is also down 14.6% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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Read More: KERN Stock Alert: Akerna Plans to Merge With Gryphon Digital Mining