Inpixon Announces Successful Completion of Spin-off of Sysorex, Inc.
September 04 2018 - 8:30AM
Inpixon (Nasdaq: INPX) today announced it has successfully
completed the spin-off of its value added reseller business,
Sysorex, Inc. (“Sysorex”). As a result, Inpixon and Sysorex
are now two separate publicly traded companies.
In connection with the transaction, Inpixon
distributed one share of Sysorex common stock for every three
shares of Inpixon common stock to its stockholders (including
holders of Series 4 Convertible Preferred Stock) and holders of
outstanding warrants of record as of August 21, 2018 entitled to
participate in the distribution (collectively, the “Distributees”).
No fractional Sysorex shares were issued; however, Distributees who
would otherwise have been entitled to receive a fractional Sysorex
share in the distribution will instead receive cash in lieu of that
fractional share. The Sysorex shares were distributed at 4:01
Eastern time on August 31, 2018 in a distribution that is intended
to be tax-free for U.S. federal income tax purposes, provided,
however, that the receipt of cash in lieu of fractional shares
generally will be taxable to the recipient for U.S. federal income
tax purposes. RECIPIENTS OF SYSOREX SHARES
ARE ENCOURAGED TO CONSULT THEIR OWN TAX ADVISORS REGARDING
THE PARTICULAR TAX CONSEQUENCES OF THE SPIN-OFF TO
THEM.
Sysorex common stock is anticipated to begin
"regular-way" trading under the symbol "SYSX" on the OTC Markets on
September 4, 2018. Sysorex has applied to have its common
stock quoted on the OTCQB platform of the OTC Markets. Inpixon
common stock will continue to trade on the Nasdaq under the symbol
“INPX”.
“The successful completion of this separation
marks a significant milestone for Inpixon and creates two
independent companies with strong attributes for individual success
and greater strategic flexibility, with each company now able to
focus on its core business and better-positioned to bring enhanced
value for all stakeholders including customers, stockholders,
partner and employees,” said Nadir Ali, CEO of Inpixon. “Inpixon is
now focused exclusively on expanding its position as the leader in
indoor positioning analytics, which we believe has a phenomenal
growth potential in both Security and Intelligence markets.”
Sysorex, Inc. led by Zaman Khan as Chief
Executive Officer, will focus on leveraging the strength of its
brand and reputation, particularly within the federal government,
as a provider of right-fit IT solutions and professional services
enabling customers to manage, protect, and monetize their
enterprise assets whether on-premises, in the cloud, or via
mobile. These products include enterprise computing, storage,
virtualization, networking, etc. and the services include custom
application and software design, architecture and development,
staff augmentation and project management. Nadir Ali will continue
to serve as a director and Chairman of the Board of Sysorex for
continuity.
In addition, prior to and in connection with the
separation, Inpixon contributed $2 million to Sysorex in existing
cash used for working capital needs and other general corporate
purposes including the satisfaction of certain outstanding
payables.
For additional information regarding the
spin-off please visit: http://client.irwebkit.com/inpixon/faqs
About Inpixon
Inpixon (Nasdaq: INPX) is a leader in Indoor
Positioning Analytics (IPA). Inpixon IPA Sensors are designed to
find all accessible cellular, Wi-Fi, and Bluetooth devices
anonymously. Paired with a high-performance data analytics
platform, this technology delivers visibility, security, and
business intelligence on any commercial or government location
worldwide. Inpixon’s products and professional services group help
customers take advantage of mobile, big data, analytics, and the
Internet of Things (IoT) to uncover the untold stories of the
indoors. For the latest insight on IPA, follow Inpixon on LinkedIn,
@InpixonHQ on Twitter, and visit inpixon.com.
Safe Harbor Statement
All statements in this release that are not
based on historical fact are “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
and the provisions of Section 27A of the Act, and Section 21E of
the Securities Exchange Act of 1934, as amended. While management
has based any forward-looking statements included in this release
on its current expectations, the information on which such
expectations were based may change. These forward-looking
statements rely on a number of assumptions concerning future events
and are subject to a number of risks, uncertainties and other
factors, many of which are outside of the control of Inpixon and
its subsidiaries, which could cause actual results to materially
differ from such statements. Such risks, uncertainties, and other
factors include, but are not limited to, the fluctuation of global
economic conditions, the performance of management and employees,
Inpixon’s ability to obtain financing, competition, general
economic conditions and other factors that are detailed in
Inpixon’s periodic and current reports available for review at
sec.gov. Furthermore, Inpixon operates in a highly competitive and
rapidly changing environment where new and unanticipated risks may
arise. Accordingly, investors should not place any reliance on
forward-looking statements as a prediction of actual results.
Inpixon disclaims any intention to, and undertakes no obligation
to, update or revise forward-looking statements.
Contact
Inpixon Investor Relations:CORE IRScott Arnold,
Managing Director+1 516-222-2560www.coreir.com
Inpixon (NASDAQ:INPX)
Historical Stock Chart
From Apr 2024 to May 2024
Inpixon (NASDAQ:INPX)
Historical Stock Chart
From May 2023 to May 2024