Data

Inpixon (NASDAQ:INPX), a leading indoor positioning and data analytics company announced its board of directors has approved and executed a Separation and Distribution agreement by and between Inpixon and Sysorex. Sysorex, a company that provides information technology and telecommunications solutions and services to comemrical and government customers in the United States will be listed in …

Inpixon (NASDAQ:INPX), a leading indoor positioning and data analytics company announced its board of directors has approved and executed a Separation and Distribution agreement by and between Inpixon and Sysorex.

Sysorex, a company that provides information technology and telecommunications solutions and services to comemrical and government customers in the United States will be listed in OTCQB market of OTC Markets Group.

As quoted in the press release:

The transaction will result in the distribution of all of the outstanding common stock of Sysorex owned by Inpixon to be distributed pro rata to holders of Inpixon outstanding common stock, preferred stock and certain warrants that are entitled to participate in the distribution (“Participating Holders”), as determined on a fully diluted basis.

“Today’s announcement marks an important milestone towards the completion of the Sysorex spin-off,” said Nadir Ali, Inpixon’s Chief Executive Officer. “As separate companies, we believe both Inpixon and Sysorex will have greater flexibility to focus on and pursue their respective growth strategies and be better positioned to achieve profitability and long-term shareholder value.”

In preparation for the spin-off, effective as of July 26, 2018, for the purpose of reincorporating Sysorex’s predecessor, Inpixon USA, Inc. (“Inpixon USA”), to the State of Nevada, Inpixon USA merged with and into Sysorex with Sysorex continuing as the surviving corporation and successor issuer to Inpixon USA. In addition, Zaman Khan was appointed to serve as President and a director of Sysorex. After the spin-off is completed, Inpixon will not own any shares of Sysorex common stock and Sysorex will be an independent public reporting company.

Click here for the full text release.

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