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Inpixon (Nasdaq: INPX) announced a strategic transaction to spin off its enterprise apps business valued at $69 million with KINS Technology Group. Despite a 6% revenue decline in Q3 2022 to $4.2 million due to shipment delays, the company reported a 30% increase in nine-month revenue to $14.1 million. Overall, net losses decreased from $33.6 million last year to $17.6 million. Gross profit margins fell slightly to 70%, influenced by sales mix. A conference call is scheduled for today at 4:30 PM ET to discuss these results.
Inpixon (Nasdaq: INPX) has announced a reverse stock split, consolidating 75 shares into one to comply with Nasdaq Listing Rules, effective October 7, 2022. The move aims to retain listing compliance and facilitate strategic transactions. Stockholders' ownership percentages will remain unchanged, and fractional shares will round up. The company is also working on initiatives to enhance shareholder value, including reducing corporate expenses and a planned spin-off of its subsidiary, CXApp Holding Corp., with an expected value of approximately $69 million in KINZ shares.
Inpixon has signed a merger agreement with KINS Technology Group for KINS to acquire Inpixon's enterprise apps business, valued at approximately $69 million. The deal, expected to close by year-end 2022, aims to enhance operational resources and management expertise in the growing workplace experience market. Inpixon stockholders will receive KINS shares, maintaining involvement in two public companies post-transaction. Key customers include numerous Fortune 500 companies, indicating a strong market position. The transaction is pending SEC and KINS stockholder approval.
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