SCHEDULE: Activist Investors Boost Mawson Infrastructure Stake to 30%

A group of investors, including Endeavor Blockchain, LLC, has increased its beneficial ownership in Mawson Infrastructure Group Inc. to 30%, citing undervaluation.

Summary

• A group of investors, referred to as the "Reporting Persons" (Endeavor Blockchain, LLC, Joshua Kilgore, Cody Smith, and PM Squared, LLC), filed an Amendment No. 1 to Schedule 13D regarding their beneficial ownership in Mawson Infrastructure Group Inc.
• Endeavor Blockchain, LLC beneficially owns 990,000 shares, representing 30.0% of the common stock.
• Joshua Kilgore beneficially owns 8,000 shares (0.2%), Cody Smith beneficially owns 42,982 shares (1.3%), and PM Squared, LLC beneficially owns 2,297 shares (0.1%).
• These percentages are based on 3,304,639 shares outstanding as of December 16, 2025, following a 1-to-20 reverse stock split effective in November 2025.
• The Reporting Persons purchased additional shares in late December 2025, including 45,000 shares on December 26, 2025, at an average weighted price of $4.33 per share, totaling $195,052.43.
• Further purchases included 20,000 shares on December 29, 2025, at an average weighted price of $4.55 per share, totaling $90,950.06.
• The Reporting Persons believe the shares were undervalued and represent an attractive investment opportunity.
• They intend to engage with Mawson Infrastructure Group Inc.'s management and Board of Directors to explore opportunities for value creation.

Sentiment

Score: 7

Explanation: The filing indicates strong investor confidence and potential for future value creation through activist engagement, suggesting a positive outlook despite no explicit financial performance details.

Positives

• A significant increase in beneficial ownership by a group of investors, including an activist investor, signals strong confidence in the company's value.
• The investors explicitly state their belief that the shares were undervalued, suggesting potential for future price appreciation.
• The stated intent to engage with management and the Board for value creation could lead to strategic improvements or shareholder-friendly actions.

Future Outlook

The Reporting Persons intend to engage with Mawson Infrastructure Group Inc.'s management and Board of Directors to explore opportunities for value creation. They may increase or decrease their position in the Issuer based on market conditions and investment opportunities.

Industry Context

This filing indicates increased activist investor interest in Mawson Infrastructure Group Inc., a company operating in the blockchain/infrastructure sector. Such filings often signal that investors perceive a disconnect between the company's intrinsic value and its market valuation, potentially leading to pressure for strategic changes or improved operational efficiency within the industry.

Legal Proceedings

• Reporting Persons have not been convicted in a criminal proceeding or been a party to a civil proceeding related to securities laws in the last five years.

Stakeholder Impact

• Shareholders: Potential for increased share price if activist engagement leads to value creation; increased scrutiny on management.
• Management/Board: Will likely face increased pressure and engagement from the activist investor group regarding strategic direction and operational performance.

Next Steps

• Reporting Persons may increase or decrease their position in Mawson Infrastructure Group Inc. shares.
• Reporting Persons intend to engage with the Issuer's management and Board of Directors regarding opportunities for value creation.

Key Dates

Recommendation

The significant increase in beneficial ownership by a group of investors, coupled with their explicit belief that the shares are undervalued and their intent to engage for value creation, suggests a strong potential for positive catalysts. This activist interest often precedes strategic changes or improved performance, making the stock an attractive 'buy' for investors seeking upside from such developments.

Keywords

Mawson Infrastructure Group, MIGI, Schedule 13D, Activist Investor, Beneficial Ownership, Stock Undervaluation, Shareholder Engagement, Blockchain, Investment Opportunity