By Will Feuer

Akerna Corp. said would merge the company with bitcoin miner Gryphon Digital Mining Inc. in an all-stock deal, and that it would sell its cannabis-software business to financial-technology company POSaBIT Systems Corp. for $4 million in cash.

Denver-based cannabis and hemp company Akerna said that once the deal is complete, Gryphon Digital Mining investors would own about 92.5% of the combined company and the combined company would publicly trade on the Nasdaq.

The combined company would operate under Gryphon Digital Mining's name and be headquartered in Las Vegas, with current Gryphon Digital Mining Chief Executive Rob Chang serving as CEO and current Akena CEO Jessica Billingsley serving on the board. The other six board spots would be filled by Gryphon Digital Mining.

Shares of Akerna, which were halted ahead of the news about its merger, have fallen about 93% over the past 12 months.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

January 27, 2023 10:06 ET (15:06 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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