By Chris Wack

SilverSun Technologies Inc. said Thursday that it has entered into a merger plan with Rhodium Enterprises Inc., an industrial-scale digital asset technology company that mines bitcoin.

Under the terms of the agreement, SilverSun shareholders would receive a cash dividend of at least $1.50 a share, which equates to about $8.5 million, and a stock dividend of one share of SWK Technologies Holdings Inc., a recently formed subsidiary of SilverSun.

The new company will apply for public listing and the shares distributed in the stock dividend, and the shares of SilverSun's common stock to be retained by the current SilverSun stockholders following the consummation of the business combination.

The proposed business combination is expected to close by the end of 2022.

SilverSun shares were halted at $2.46 in premarket trading.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

September 29, 2022 09:32 ET (13:32 GMT)