SCHEDULE: Mawson Group Sees 40.7% Stake by Endeavor Blockchain Group

A group of investors, led by Endeavor Blockchain, LLC, has disclosed an aggregate beneficial ownership of 40.7% in Mawson Infrastructure Group Inc., citing an attractive investment opportunity.

Summary

• Reporting Persons, including Endeavor Blockchain, LLC, Joshua Kilgore, Cody Smith, and PM Squared, LLC, collectively own 1,345,297 shares of Mawson Infrastructure Group Inc. common stock.
• This aggregate ownership represents 40.7% of the company's outstanding shares, based on 3,304,639 shares outstanding as of December 16, 2025.
• The Reporting Persons acquired the shares believing they were undervalued and represented an attractive investment opportunity.
• They intend to engage with Mawson's management and Board of Directors to explore opportunities for value creation.
• Recent purchases by Endeavor Blockchain, LLC include 10,000 shares on January 6, 2026, at an average weighted price of $4.52; 100,000 shares on January 7, 2026, at an average weighted price of $4.52; and 160,000 shares on January 9, 2026, at an average weighted price of $4.56.
• Cody Smith also made recent purchases, including 10,000 shares on December 26, 2025, at an average weighted price of $4.39; 10,000 shares on January 6, 2026, at an average weighted price of $4.46; and 22,018 shares on January 12, 2026, at an average weighted price of $4.54.
• The percentages are calculated post a 1-to-20 reverse stock split effective in November 2025.

Sentiment

Score: 7

Explanation: The filing indicates a strong belief in the company's undervaluation and an intent to engage for value creation, which is generally positive. However, it also introduces potential for shareholder activism, which can be a mixed bag depending on the outcome.

Positives

• A significant group of investors views Mawson Infrastructure Group Inc.'s shares as undervalued and an attractive investment opportunity.
• The Reporting Persons intend to engage with management and the Board to pursue value creation opportunities, potentially leading to strategic improvements.

Risks

• The Reporting Persons may increase or decrease their position in the Issuer, which could lead to share price volatility.

Future Outlook

The Reporting Persons believe Mawson Infrastructure Group Inc. shares are undervalued and represent an attractive investment opportunity. They intend to engage with the company's management and Board of Directors to discuss opportunities for value creation. They may increase or decrease their position in the Issuer depending on market conditions and other investment opportunities.

Industry Context

This filing indicates a significant accumulation of shares by a group of investors, suggesting a belief in the long-term value of Mawson Infrastructure Group Inc. within its sector. Such a substantial stake (40.7%) could signal potential for increased shareholder activism or strategic shifts, aligning with broader trends where large investors seek to influence corporate direction for value creation.

Stakeholder Impact

• Shareholders: Potential for increased share price if value creation efforts are successful; potential for volatility if the Reporting Persons significantly alter their position. The large stake could also lead to governance changes.
• Management/Board: Will likely face engagement from the Reporting Persons regarding strategic direction and value creation.

Next Steps

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

Key Dates

Recommendation

The significant accumulation of shares by a group of investors, now holding 40.7% of Mawson Infrastructure Group Inc., signals a strong belief in the company's undervaluation and potential for value creation. Their stated intent to engage with management and the Board could lead to positive strategic changes. However, the lack of specific plans for these changes and the potential for future share purchases or sales introduce an element of uncertainty. Investors should hold to observe the outcome of this engagement and any subsequent strategic developments before making further investment decisions.

Keywords

Mawson Infrastructure Group, Mawson, Endeavor Blockchain, Joshua Kilgore, Cody Smith, PM Squared, Schedule 13D, Beneficial Ownership, Shareholder Activism, Investment Opportunity, Undervalued Stock, Common Stock, SEC Filing