Source: kitti Suwanekkasit / Shutterstock.com
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.
Investors seeking out more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the most recent stock coverage traders need for Friday! Among that is what’s moving shares of Hasbro (NYSE:HAS), Freightos (NASDAQ:CRGO), and Quince Therapeutics (NASDAQ:QNCX) stock today. You can read up on all of that news at the links below!
More Friday Stock Market News
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.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
Read More: KERN Stock Alert: Akerna Plans to Merge With Gryphon Digital Mining