![]() ![]() Key question: If Schultz’s “most recent” experience is with Amerigo and that came to an end on August 23, 2010, what was Schultz doing from Auguntil he joined Cleanspark on March 13, 2014? Investors can only guess, as Cleanspark has failed to disclose this information. According to the Item 5.02 8-K filed by Amerigo Energy on Aug(available here), Schultz resigned as CEO of Amerigo Energy on August 23, 2010.Most recently, he served as the President and CEO of Amerigo Energy, Inc., creating multiple syndicated offerings of developmental oil production programs, as well as overseeing the operations from permitting through production.” Matthew Schultz, Chief Executive Officer, has been involved in many capacities with several publicly traded companies. Referring to the management disclosure in Cleanspark’s 10-K for the fiscal year ended Septem(“2016 10-K ” available here), consider: “Briefly describe the business experience during the past five years of each director, executive officer… including: each person's principal occupations and employment during the past five years the name and principal business of any corporation or other organization in which such occupations and employment were carried on…” As we do so, keep in mind the SEC requirement for disclosure of business experience of executive officers and directors from Item 401(e) of Regulation S-K, available here : So now let’s take a close look at the background of Cleanspark’s management. If You Bet On The Jockey, You Don't Know This Management TeamĪ great investment banker once said to me, “You bet on the jockey (management), not on the horse (the company).” This expression has been around for a while, but is no less true today. I’ve used Amerigo in lieu of Left Right and Strategic Gaming to make this an easier read. Amerigo previously operated under the names Left Right Marketing Technology Inc. Matthew Schultz and Bruce Lybbert, both Cleanspark directors, named Amerigo Energy, Inc. This article also refers to an affiliate of Messrs. The information below refers to Cleanspark in lieu of the predecessor corporate names. SmartData then changed its name to Stratean Inc., which later changed its name to Cleanspark, Inc. ![]() Side Notes: Cleanspark was named SmartData Corporation until November 24, 2014. If we convert the warrants to common stock equivalents and eliminate the exercise price as if the warrants were cashless exercised – in the same manner as three directors recently cashless exercised their warrants – Cleanspark would have 39,553,674 total shares and share equivalents outstanding, yielding a market cap of $136.46 million. There were 33,063,471 shares of common stock outstanding as of and 8,612,100 warrants outstanding as of Mawith a weighted average exercise price of $0.85 (source: Ma10-Q, available here). ( NASDAQ: CLSK), its management team, and three of its board members, two of whom have a co-mingled and relevant history. CleanSpark plans to apply its technologies with a goal of mining bitcoins at the lowest energy prices in the United States. Capacity is expected to increase to over 300 PH/s in mining capacity in early 2021. The Company also owns and operates a fleet of over 3,400 ASIC (application-specific integrated circuit) Bitcoin miners producing over 200 PH/s in mining capacity. Through its wholly owned subsidiary ATL Data Centers LLC, CleanSpark owns and operates a data center that provides customers with traditional on-site and cloud-based data center services. Our offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, and software consulting services. We have a suite of software solutions that provide end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software and controls technology solutions to solve modern energy challenges. ![]()
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