Sino-Global Restructures Mining Server Agreement With Yanghuai; Plans Direct Mining

• Sino-Global Shipping America, Ltd. (NASDAQ: SINO) restructured its March 2, 2021 agreement with Hebei Yanghuai Technology Co., Ltd to buy 2,783 digital currency mining servers from Yanghuai.

• The deal was part of Sino-Global's expansion into the cryptocurrency market.

• The companies have restructured the original agreement to reduce the purchase price from RMB 30 million to RMB 6 million and allocate the purchased mining equipment.

• Revenue generated to date by the digital currency mining servers will be recognized by Sino-Global, as per the agreement.

• Yanghuai has agreed to transport digital currency mining servers representing half of the agreed 50,440 t/s in computing power to Sino-Global's office in Ningbo, China. The equipment will then be transported to the U.S.

• The parties will have no further financial or operating obligations to each other after completing the transfer.

• Sino-Global plans to switch to a direct mining business rather than contracting with third parties.

• Price Action: SINO shares are trading higher by 0.40% at $2.5 on the last check Tuesday.

See more from Benzinga

• Click here for options trades from Benzinga

• Mesa Air Group Names Torque Zubeck As Finance Chief

• Jacobs Secures 13 Positions On Transport For London's Engineering Consultancy Framework

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.