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MGT Capital Investments, Inc. – ‘S-1’ on 7/29/21 – ‘EX-5.1’

On:  Thursday, 7/29/21, at 5:13pm ET   ·   Accession #:  1493152-21-18107   ·   File #:  333-258273

Previous ‘S-1’:  ‘S-1/A’ on 6/19/19   ·   Next & Latest:  ‘S-1/A’ on 8/4/21   ·   9 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 7/29/21  MGT Capital Investments, Inc.     S-1                   80:6.7M                                   M2 Compliance LLC/FA

Registration Statement (General Form)   —   Form S-1   —   SA’33

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: S-1         Registration Statement (General Form)               HTML    831K 
 2: EX-5.1      Opinion of Counsel re: Legality                     HTML     28K 
 3: EX-23.1     Consent of Expert or Counsel                        HTML     23K 
10: R1          Document and Entity Information                     HTML     35K 
11: R2          Condensed Consolidated Balance Sheets               HTML    125K 
12: R3          Condensed Consolidated Balance Sheets               HTML     47K 
                (Parenthetical)                                                  
13: R4          Condensed Consolidated Statements of Operations     HTML     86K 
                (Unaudited)                                                      
14: R5          Condensed Consolidated Statements of Changes in     HTML    109K 
                Stockholders' (Deficit) Equity (Unaudited)                       
15: R6          Condensed Consolidated Statements of Cash Flows     HTML    155K 
                (Unaudited)                                                      
16: R7          Organization and Basis of Presentation              HTML     44K 
17: R8          Going Concern and Management's Plans                HTML     31K 
18: R9          Summary of Significant Accounting Policies          HTML     90K 
19: R10         Property, Plant, and Equipment and Other Assets     HTML     45K 
20: R11         Notes Payable                                       HTML     84K 
21: R12         Leases                                              HTML     36K 
22: R13         Common Stock and Preferred Stock                    HTML     56K 
23: R14         Stock-Based Compensation                            HTML     38K 
24: R15         Commitments and Contingencies                       HTML     53K 
25: R16         Income Taxes                                        HTML     42K 
26: R17         Employee Benefit Plans                              HTML     27K 
27: R18         Subsequent Events                                   HTML     28K 
28: R19         Summary of Significant Accounting Policies          HTML    130K 
                (Policies)                                                       
29: R20         Summary of Significant Accounting Policies          HTML     33K 
                (Tables)                                                         
30: R21         Property, Plant, and Equipment and Other Assets     HTML     43K 
                (Tables)                                                         
31: R22         Notes Payable (Tables)                              HTML     57K 
32: R23         Leases (Tables)                                     HTML     32K 
33: R24         Common Stock and Preferred Stock (Tables)           HTML     31K 
34: R25         Stock-Based Compensation (Tables)                   HTML     34K 
35: R26         Commitments and Contingencies (Tables)              HTML     28K 
36: R27         Income Taxes (Tables)                               HTML     38K 
37: R28         Going Concern and Management's Plans (Details       HTML     30K 
                Narrative)                                                       
38: R29         Going Concern and Management's Plans (Details       HTML     30K 
                Narrative) (10-K)                                                
39: R30         Summary of Significant Accounting Policies          HTML     48K 
                (Details Narrative)                                              
40: R31         Summary of Significant Accounting Policies          HTML     54K 
                (Details Narrative) (10-K)                                       
41: R32         Summary of Significant Accounting Policies -        HTML     35K 
                Schedule of Digital Currencies (Details)                         
42: R33         Summary of Significant Accounting Policies -        HTML     36K 
                Schedule of Digital Currencies (Details) (10-K)                  
43: R34         Property, Plant, and Equipment and Other Assets     HTML     30K 
                (Details Narrative)                                              
44: R35         Property, Plant, and Equipment and Other Assets     HTML     45K 
                (Details Narrative) (10-K)                                       
45: R36         Property, Plant, and Equipment and Other Assets -   HTML     41K 
                Schedule of Property and Equipment (Details)                     
46: R37         Property, Plant, and Equipment and Other Assets -   HTML     41K 
                Schedule of Property and Equipment (Details)                     
                (10-K)                                                           
47: R38         Property, Plant, and Equipment and Other Assets -   HTML     27K 
                Schedule of Other Assets (Details)                               
48: R39         Property, Plant, and Equipment and Other Assets -   HTML     29K 
                Schedule of Other Assets (Details) (10-K)                        
49: R40         Notes Payable (Details Narrative)                   HTML    171K 
50: R41         Notes Payable (Details Narrative) (10-K)            HTML    212K 
51: R42         Notes Payable - Schedule of Derivative Liability    HTML     29K 
                Activity (Details)                                               
52: R43         Notes Payable - Schedule of Derivative Liability    HTML     31K 
                Activity (Details) (10-K)                                        
53: R44         Notes Payable - Schedule of Derivative Liability    HTML     29K 
                Fair Value (Details)                                             
54: R45         Notes Payable - Schedule of Derivative Liability    HTML     29K 
                Fair Value (Details) (10-K)                                      
55: R46         Notes Payable - Schedule of Notes Payable           HTML     36K 
                (Details)                                                        
56: R47         Notes Payable - Schedule of Notes Payable           HTML     31K 
                (Details) (10-K)                                                 
57: R48         Leases (Details Narrative)                          HTML     41K 
58: R49         Leases (Details Narrative) (10-K)                   HTML     44K 
59: R50         Leases - Schedule of Future Minimum Lease Payment   HTML     40K 
                (Details)                                                        
60: R51         Leases - Schedule of Future Minimum Lease Payment   HTML     38K 
                (Details) (10-K)                                                 
61: R52         Common Stock and Preferred Stock (Details           HTML     83K 
                Narrative)                                                       
62: R53         Common Stock, Preferred Stock and Warrants          HTML    192K 
                (Details Narrative) (10-K)                                       
63: R54         Common Stock, Preferred Stock and Warrants -        HTML     54K 
                Summary of Warrants Outstanding (Details) (10-K)                 
64: R55         Stock-Based Compensation (Details Narrative)        HTML     38K 
65: R56         Stock-Based Compensation (Details Narrative)        HTML     43K 
                (10-K)                                                           
66: R57         Stock-Based Compensation - Schedule of Restricted   HTML     37K 
                Common Stock Activity (Details)                                  
67: R58         Stock-Based Compensation - Schedule of Restricted   HTML     37K 
                Common Stock Activity (Details) (10-K)                           
68: R59         Commitments and Contingencies (Details Narrative)   HTML     46K 
69: R60         Commitments and Contingencies (Details Narrative)   HTML     69K 
                (10-K)                                                           
70: R61         Commitments and Contingencies - Schedule of         HTML     31K 
                Management Agreement Termination Liability                       
                (Details) (10-K)                                                 
71: R62         Income Taxes (Details Narrative) (10-K)             HTML     33K 
72: R63         Income Taxes - Schedule of Components of Deferred   HTML     40K 
                Tax Assets (Details) (10-K)                                      
73: R64         Income Taxes - Schedule of Effective Income Tax     HTML     41K 
                Rate Reconciliation (Details)                                    
74: R65         Employee Benefit Plans (Details Narrative)          HTML     28K 
75: R66         Employee Benefit Plans (Details Narrative) (10-K)   HTML     28K 
76: R67         Subsequent Events (Details Narrative)               HTML     24K 
77: R68         Subsequent Events (Details Narrative) (10-K)        HTML     83K 
79: XML         IDEA XML File -- Filing Summary                      XML    151K 
78: EXCEL       IDEA Workbook of Financial Reports                  XLSX    121K 
 4: EX-101.INS  XBRL Instance -- mgti-20210331                       XML   1.50M 
 6: EX-101.CAL  XBRL Calculations -- mgti-20210331_cal               XML    190K 
 7: EX-101.DEF  XBRL Definitions -- mgti-20210331_def                XML    845K 
 8: EX-101.LAB  XBRL Labels -- mgti-20210331_lab                     XML   1.06M 
 9: EX-101.PRE  XBRL Presentations -- mgti-20210331_pre              XML   1.04M 
 5: EX-101.SCH  XBRL Schema -- mgti-20210331                         XSD    193K 
80: ZIP         XBRL Zipped Folder -- 0001493152-21-018107-xbrl      Zip    160K 


‘EX-5.1’   —   Opinion of Counsel re: Legality


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



 

Exhibit 5.1

 

 

July 29, 2021

 

MGT Capital Investments, Inc.

Attention: Robert Ladd

Chief Executive Officer

 

Re: Registration Statement on Form S-1

 

Dear Mr. Ladd:

 

We have acted as counsel to MGT Capital Investments, Inc., a Delaware corporation (the “Company”), in connection with the registration statement on Form S-1 (the “Registration Statement”) to be filed by the Company with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933 (the “Securities Act”), on the date hereof. The Registration Statement relates to the offer and sale, from time-to-time by the selling stockholder identified in the Registration Statement, of 35,385,704 shares of the Company’s common stock (the “Shares”). This opinion is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K and cannot be relied on for any other purpose.

 

In connection with this opinion, we have examined such documents and such matters of fact and law as we have deemed necessary as a basis for this opinion, including, but not limited to, the Company’s Certificate of Incorporation, the Company’s Bylaws, the Registration Statement, the Securities Purchase Agreement under which the Shares were issued and such other corporate documents and records as we deemed appropriate for purposes of the opinions set forth herein.

 

We have assumed the genuineness of all signatures, the legal capacity of natural persons, the truth, accuracy and completeness of the information, representations and warranties contained in the instruments, documents, certificates and records we have reviewed, the authenticity of the documents submitted to us as originals, the conformity to the original documents of all documents submitted to us as copies, and the authenticity of the originals of all documents submitted to us as copies.

 

We have also assumed that (i) the Registration Statement and any amendments thereto will have become effective and comply with all applicable laws and no stop order suspending the effectiveness of the Registration Statement will have been issued and remain in effect, in each case, at the time the Shares are offered and sold as contemplated by the Registration Statement and (ii) all Shares will be offered and sold in compliance with applicable federal and state securities laws and in the manner stated in the Registration Statement and the applicable Prospectus.

 

 C: 
 

 

 

MGT Capital investments, Inc.

July 29, 2021

Page 2

 

Based on the foregoing, we are of the opinion that the Shares are validly issued, fully paid and non-assessable.

 

The opinions expressed herein are limited to the Delaware General Corporation Law as currently in effect, and we express no opinion as to the effect of any other law of the State of Delaware or the laws of any other jurisdiction.

 

This opinion is effective only as of the date hereof. We do not assume responsibility for updating this opinion as of any date subsequent to its date, and we assume no responsibility for advising you of any changes with respect to any matters described in this opinion that may occur, or facts that may come to our attention, subsequent to the date hereof.

 

We hereby consent to the use of this opinion as Exhibit 5.1 to the Registration Statement and to the reference to us under the caption “Legal Matters” in the Prospectus included in the Registration Statement. In giving such consent, we do not hereby admit that we are acting within the category of persons whose consent is required under Section 7 of the Securities Act or the rules or regulations of the Commission thereunder.

 

  Very truly yours,
   
  /s/ Nason, Yeager, Gerson, Harris & Fumero, P.A.
  Nason, Yeager, Gerson, Harris & Fumero, P.A.

 

 C: 
 

 

 

 


Dates Referenced Herein

This ‘S-1’ Filing    Date    Other Filings
Filed on:7/29/21None on these Dates
 List all Filings 


1 Subsequent Filing that References this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/04/21  MGT Capital Investments, Inc.     S-1/A                 78:6.6M                                   M2 Compliance LLC/FA


8 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 7/27/21  MGT Capital Investments, Inc.     8-K:1,3,9   7/21/21    3:228K                                   M2 Compliance LLC/FA
 4/15/21  MGT Capital Investments, Inc.     10-K       12/31/20   65:4.5M                                   M2 Compliance LLC/FA
 3/08/21  MGT Capital Investments, Inc.     8-K:1,2,3,9 3/05/21    4:340K                                   M2 Compliance LLC/FA
12/14/20  MGT Capital Investments, Inc.     8-K:1,2,9  12/08/20    3:276K                                   M2 Compliance LLC/FA
 4/16/19  MGT Capital Investments, Inc.     10-K       12/31/18   76:6.3M                                   M2 Compliance LLC/FA
 4/12/18  MGT Capital Investments, Inc.     8-K:5,9     4/06/18    2:136K                                   M2 Compliance LLC/FA
 8/15/16  MGT Capital Investments, Inc.     DEF 14A     8/15/16    1:1.3M                                   M2 Compliance LLC/FA
 1/30/14  MGT Capital Investments, Inc.     8-K:1,5,7,9 1/26/14    8:273K                                   Toppan Merrill/FA
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Filing Submission 0001493152-21-018107   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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