EdgeMode Receives Non-Binding €300M Offer for 300 MW AI Data Center Project
Summary
Edgemode has received a non-binding offer from Spark AI Foundry Holdings LLC to acquire its 300 MW AI data center project in Malpica, Spain. The potential purchase price is €1 million per MW, valuing the project at up to €300 million upon reaching "Ready-to-Build" (RTB) status. This news follows the 8-K filed on June 29th, which initially disclosed a non-binding offer for this project, and the June 16th MOU to develop the data center. A potential €300 million transaction is highly significant for a company with an ~$18.5 million market cap and a history of no revenue and substantial losses. The deal is subject to due diligence and the project achieving RTB status, which is anticipated by the end of 2026 or Q1 2027.
At the time of this announcement, EDGM was trading at $0.01 on OTC in the Technology sector, with a market capitalization of approximately $18.5M. The 52-week trading range was $0.00 to $0.11. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: GlobeNewswire.