TMCnet News
Inpixon Announces Filing of Form 10 Registration Statement for Planned Spin-OffPALO ALTO, Calif., April 23, 2018 (GLOBE NEWSWIRE) -- Inpixon (NASDAQ:INPX), a leading indoor positioning and data analytics company, today announced that the Form 10 Registration Statement in connection with the planned spin-off of its wholly-owned subsidiary, Inpixon USA (including its subsidiary, Inpixon Federal, Inc.) (“Sysorex”), which is expected to be renamed “Sysorex, Inc.” following the consummation of the transaction, creating two distinct, publicly traded companies, has been filed with the U.S. Securities and Exchange Commission. The registration statement provides information regarding the business, strategy, and historical financial results of Sysorex, as well as further details on the anticipated terms of separation and distribution, employment matters, and tax matters agreements between Inpixon and Sysorex in connection with the planned spin-off. Sysorex expects to update its registration statement in subsequent amendments as additional information on the transactions is finalized prior to the separation. “A technology company and a value-added reseller (VAR) company are two fundamentally different types of businesses. By separating them into two independent entities, we can empower them to realize their true potential with a single focus,” said Nadir Ali, Inpixon Chief Executive Officer. “We believe this spin-off will provide that opportunity. With this separation, Inpixon will be able to invest its capital and resources towards enhancing and developing its Indoor Positioning Analytics technology in order to deliver faster innovations and grow its customer base. Sysorex, with its own dedicated management team and resources, can concentrate its efforts on pursuing distinct opportunities for procuring third-party products and value-added services for commercial and federal customers for long-term growth and profitability.” Upon the completion of the spin-off transaction, Inpixon plans to continue to focus its operations related to the development of its Indoor Positioning Analytics technology and continue to trade on the Nasdaq Capital Market under the ticker symbol “INPX.” Sysorex plans to continue focusing on its business of providing third-party hardware, software, and related maintenance and warranty products and services that it resells to commercial and goernment customers. Sysorex’s common stock is expected to be quoted on the OTCQB market of the OTC Markets Group, Inc. The spin-off of Sysorex is subject to final approval by Inpixon’s Board of Directors, execution of intercompany agreements, arrangement of financing, the effectiveness of the registration statement, and other customary conditions. A copy of the Form 10 Registration Statement is available for review at sec.gov under the name “Inpixon USA.” This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of any securities in any state or other jurisdiction in which such offer, solicitation, or sale is not permitted. About Inpixon About Sysorex Safe Harbor Statement Contact
|