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Activist group at Mawson Infrastructure (MIGI) with 45.6% stake moves to replace board

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

A group led by Endeavor Blockchain, LLC filed Amendment No. 7 to its Schedule 13D on Mawson Infrastructure Group Inc., reporting beneficial ownership of up to 1,508,000 shares, or 45.6% of the common stock. The reporting persons – Endeavor Blockchain, Joshua Kilgore, Cody Smith, PM Squared, LLC and Phillip Stanley – are acting as a group under a March 16, 2026 Group Agreement with Big Digital Energy LLC.

On March 16, 2026 they filed a consent solicitation on Schedule 14A seeking to remove, without cause, all current directors Ryan Costello, Steven Soles and Kathryn Yingling Schellenger, as well as any new appointees after that date, and to install new directors. In an attached press release, they state they are pursuing this because they believe the board has shown governance and capital allocation shortcomings that have harmed shareholder value.

Positive

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Insights

Large holder launches board-removal campaign at Mawson Infrastructure.

The filing shows a coordinated investor group, led by Endeavor Blockchain and individuals including Joshua Kilgore, reporting up to 45.6% beneficial ownership of Mawson Infrastructure Group’s common stock. This stake gives the group substantial influence in any shareholder vote or consent process.

The group has initiated a consent solicitation on Schedule 14A to remove all current directors, plus any newly appointed directors after March 16, 2026, and to elect replacements. Their stated rationale, in an attached press release, cites perceived governance issues and capital allocation decisions that they believe hurt shareholder value.

This is a significant governance event: a near‑control shareholder group is openly challenging the existing board. Outcomes will depend on how other shareholders respond to the consent solicitation and on any countermeasures the company may pursue in subsequent filings.






If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).




schemaVersion:


SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D


Endeavor Blockchain, LLC
Signature:/s/ Joshua Kilgore
Name/Title:Managing Member
Date:03/18/2026
Joshua Kilgore
Signature:/s/ Joshua Kilgore
Name/Title:Individual
Date:03/18/2026
Cody Smith
Signature:/s/ Cody Smith
Name/Title:Individual
Date:03/18/2026
PM Squared, LLC
Signature:/s/ Phillip Stanley
Name/Title:Managing Member
Date:03/18/2026
Phillip Stanley
Signature:/s/ Phillip Stanley
Name/Title:Individual
Date:03/18/2026

FAQ

What does the latest Schedule 13D/A reveal about Mawson Infrastructure Group (MIGI)?

The amendment shows a coordinated investor group reporting up to 1,508,000 Mawson shares, or 45.6% of the common stock. This large stake, led by Endeavor Blockchain and Joshua Kilgore, underpins an activist campaign focused on changing the company’s board of directors.

Who are the reporting persons in the Mawson Infrastructure Group (MIGI) Schedule 13D/A?

The reporting persons are Endeavor Blockchain, LLC, Joshua Kilgore, Cody Smith, PM Squared, LLC, and Phillip Stanley. They have formed a group, alongside Big Digital Energy LLC, to act together regarding Mawson, primarily through an activist consent solicitation effort.

How much of Mawson Infrastructure Group (MIGI) stock does the activist group report owning?

The filing reports Endeavor Blockchain beneficially owning 1,500,000 shares (45.4%), while Joshua Kilgore reports an aggregate 1,508,000 shares (45.6%). Other group members hold smaller stakes, but together they represent a near‑control ownership position in Mawson’s common stock.

What board changes is the Mawson Infrastructure Group (MIGI) activist group seeking?

The group’s consent solicitation seeks to remove without cause all current directors Ryan Costello, Steven Soles and Kathryn Yingling Schellenger. It also targets any directors appointed after March 16, 2026 and before the consent actions take effect, aiming to replace the entire board slate.

Why is the investor group challenging Mawson Infrastructure Group (MIGI)’s board?

In an attached press release, the group states it is acting because it believes the board has shown a pattern of governance failures, poor capital allocation and ineffective oversight. They argue these issues have led to significant destruction of shareholder value and justify their consent solicitation.

What is the Group Agreement mentioned in the Mawson Infrastructure Group (MIGI) filing?

On March 16, 2026, the reporting persons and Big Digital Energy LLC entered into a Group Agreement. This agreement formalizes their decision to act together as a group with respect to Mawson’s securities, with the stated purpose of enhancing stockholder value at the company.
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