NEW YORK (TheStreet) -- Shares of MGT Capital Investments (MGT) are gaining by 11.16% to $2.49 at the start of trading Thursday morning, after the company announced that it entered into an agreement with Demonsaw LLC. to purchase certain technology and assets.
MGT Capital Investments is a Harrison, NY-based company engaged in the business of acquiring, developing and monetizing intellectual property assets. Demonsaw provides a secure and anonymous filing sharing software platform.
Terms of the deal include MGT Capital paying Demonsaw members of 20 million restricted shares of common stock. In conjunction with the anticipated acquisition, MGT has announced that proposed appointment of Eric J. Anderson, also known as "Eijah" in the hacking community, as Chief Technology Officer after the deal closes.
"Artificial intelligence will be crucial to the next generation of cybersecurity systems. Eijah's proposed appointment as Chief Technology Officer will cement our edge in the creation of cybersecurity products in this new paradigm of cyber threats," MGT CEO John McAfee said in a statement.