PALO ALTO, Calif., Apr. 14, 2021 /PRNewswire/ -- Inpixon
(Nasdaq: INPX), the Indoor Intelligence™ company, today announced
that it has converted a note receivable due from Sysorex, Inc.
(OTCQB: SYSX), in an aggregate amount of approximately $9.0 million, into shares of Sysorex common stock
valued at approximately $17 million
(including the shares underlying rights to acquire Sysorex common
stock), based on the closing price of Sysorex's common stock as of
April 13, 2021.
Concurrent with the conversion of the note receivable, Sysorex
announced the closing of a reverse triangular merger with TTM
Digital Assets & Technologies, Inc. ("TTM"), a data center
owner and operator primarily engaged in the business of mining
Ethereum and additional cryptocurrencies. Founded in 2017, TTM was
an early participant in Ethereum blockchain and TTM believes it is
the largest Ethereum miner on the U.S. public markets. As a result
of the transaction, Sysorex will adopt TTM's business and
operations, while also continuing to operate the existing business
through its wholly-owned subsidiary, Sysorex Government Services,
Inc.
"The prevalence of Bitcoin, Ethereum and other digital
currencies and their values have risen substantially over the past
several years and dramatically in the past six months. The use of
Ethereum for non-fungible tokens (NFTs), development of apps and
peer-to-peer financial transactions are becoming increasingly
mainstream, and marquee financial institutions and other household
name organizations are accepting digital currencies and also adding
this asset class to their balance sheets," commented Nadir Ali, CEO of Inpixon. "While Inpixon has no
plans to enter the crypto mining business, we look forward to
capitalizing on what we believe is an attractive opportunity at the
right time to maximize value for our shareholders."
For additional details, please reference Inpixon's current
report on Form 8-K to be filed with the U.S. Securities and
Exchange Commission.
About Inpixon
Inpixon® (Nasdaq: INPX) is the Indoor Intelligence™ company that
specializes in capturing, interpreting and giving context to indoor
data so it can be translated into actionable intelligence. The
company's Indoor Intelligence platform ingests diverse data from
IoT, third-party and proprietary sensors designed to detect and
position active cellular, Wi-Fi, UWB and Bluetooth devices. Paired
with a high-performance data analytics engine, patented algorithms,
and advanced mapping technology, Inpixon's solutions are leveraged
by a multitude of industries to do good with indoor data. This
multidisciplinary depiction of indoor data enables users to
increase revenue, decrease costs, and enhance safety. Inpixon
customers can boldly take advantage of location awareness,
analytics, sensor fusion and the Internet of Things (IoT) to
uncover the untold stories of the indoors. For the latest insights,
follow Inpixon on LinkedIn, 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 Securities Act of 1933, as
amended, 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 economic conditions, the impact of COVID-19 on
Inpixon's results of operations, Inpixon's ability to integrate the
products and business from recent acquisitions into its existing
business, the performance of management and employees, the
regulatory landscape as it relates to privacy regulations and their
applicability to Inpixon's technology, Inpixon's ability to
maintain compliance with Nasdaq's minimum bid price requirement and
other continued listing requirements, the 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.
Inpixon Contacts
Media relations and general inquiries:
Inpixon
Email: marketing@inpixon.com
Web: inpixon.com/contact-us
Investor relations:
Crescendo Communications, LLC
Tel: +1 212-671-1020
Email: INPX@crescendo-ir.com
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SOURCE Inpixon