Olenox Enters LOI with CS Digital for $50 Million Transaction
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 22 2026
0mins
Olenox Industries has entered into a non-binding Letter of Intent with CS Digital Ventures, a digital infrastructure and Bitcoin mining platform. Under the terms of the Letter of Intent, the transaction will be structured as a 100% share-for-share combination, pursuant to which the equity holders of CS Digital will receive up to $50,000,000 payable via the issuance of preferred shares of Olenox stock with the exchange price fixed at $1.00 per share in exchange for all of the outstanding equity interests of CS Digital. The Purchase Price will be paid in three tranches: $30,000,000 of the Purchase Price will be issued at closing, $10,000,000 of the Purchase Price will be issued upon CS Digital achieving $5,000,000 in cumulative revenue directly attributable to the arrangement contemplated by the definitive agreement, and $10,000,000 of the Purchase Price will be issued upon CS Digital reaching $6,000,000 in EBITDA directly attributable to the arrangement contemplated by the definitive agreement. In addition, Mr. Schucman will receive 900,000 shares of Olenox common stock in connection with assessing the feasibility of integrating natural gas resources and associated power generation infrastructure to support data center operations. The proposed combination is designed to bring together Olenox's energy expertise, low-cost energy sourcing capabilities, and scalable infrastructure platform with CS Digital's deep operating experience in institutional Bitcoin mining, fleet deployment, and data center execution. Based upon operational and financial disclosures provided to the Company, CS Digital brings to the combined platform approximately 2.1 EH of digital mining infrastructure capacity, as well as 2025 revenue of $20.6M and 2025 EBITDA of $6.2M. The combined company intends to focus on building and scaling off-grid mining and digital infrastructure projects with targeted power costs of less than $0.02 per kWh, a level the parties believe can create a significant structural efficiency advantage in the current market. Management also believes this platform can support not only Bitcoin mining, but also the development of low-cost energy and infrastructure solutions for AI and high-density compute customers. Bernardo Schucman will remain CEO of CS Digital and lead the mining vision of the combined platform.
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About OLOX
Olenox Industries Inc., formerly Safe & Green Holdings Corp., is an industrial holding company. The Company is focused on acquiring, operating, and scaling businesses that provide engineered solutions across industrial, energy, and infrastructure markets. Through its subsidiaries, including Giant Containers, the Company delivers modular and containerized systems designed for rapid deployment and long-term performance.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Regulatory Pressure: This move not only aims to comply with Nasdaq's minimum price requirement but also highlights the compliance pressures faced by the company, which could influence its future financing and market performance.
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- Pipeline Recommissioning: The company has completed its survey of the 162-mile pipeline and is preparing the necessary paperwork to recommission and relicense it, with full functionality expected by the end of Q3 2026, thereby enhancing transportation capacity and operational efficiency.
- Daily Production Target: Olenox aims to achieve a target of 1,000 BOE per day by year-end, with CEO Michael McLaren stating that the company can leverage its stronger footing through new drills and acquisitions to solidify its market position.
- Positive Market Environment: With positive trends in oil prices, Olenox believes now is the optimal time to kick off its drilling program, which will not only boost production capacity but also lay a foundation for future growth.
See More
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See More
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See More
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- Management Confidence: CFO Tricia Kaelin stated that this transaction conveys the CEO's commitment to the company and his vision for the future, further bolstering investor confidence in Olenox's growth prospects.
- Transparency and Compliance: The full terms of the settlement agreements were disclosed in a Form 8-K filing published on February 18, 2026, ensuring the company's transparency and compliance with regulatory requirements.
See More
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See More
