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Nixxy (NASDAQ:NIXX) has announced the withdrawal of the previously set record date (November 15, 2024) for its planned spin-off of subsidiary Atlantic Energy Solutions (OTC:AESO), also known as CognoGroup. The decision is attributed to ongoing strategic evaluation of corporate structure, pending regulatory reviews, optimization of shareholder value, and alignment with broader strategic objectives.
CEO Granger Whitelaw stated that this withdrawal will provide additional time to better align with corporate aims and ensure orderly distribution of CognoGroup shares. The company maintains that the spin-off remains a strategic priority and will provide an updated timeline in a subsequent announcement.
Nixxy (NASDAQ:NIXX) provided updates on its planned acquisition of JustGot2HaveIt (JG) and CognoGroup spin-off details. JG, operating in the $24.5 billion wholesale gifts market, is expected to generate over $10 million in revenue and $4 million in gross profit in 2024. The acquisition, targeted for January 2025, aims to modernize JG's outdated sales technology. The company set November 15, 2024, as the record date for its CognoGroup spin-off, with approximately 75% of shareholders waiving participation. Nixxy outlined its growth strategy, targeting a $1 billion enterprise value within 36 months, focusing on technology-driven acquisitions with revenues between $10-100 million and 40%+ gross margins.
Nixxy (NASDAQ:NIXX) is proceeding with its plan to consolidate assets and liabilities into Atlantic Energy Solutions (OTC:AESO), which will be renamed CognoGroup. This restructuring involves distributing CognoGroup shares to eligible Nixxy shareholders. CognoGroup will focus on AI-driven projects in Work, Personal Growth, Wellness, Finance, and Creativity sectors.
The portfolio includes ventures like CandidatePitch, Mediabistro, AI Exchange, and PrimeGPU. These early-stage businesses carry inherent risks. The spin-out was unanimously approved by Nixxy's Board, with investors representing 75% of outstanding shares waiving participation. The tentative record date for eligible shareholders is October 28, 2024, with an estimated distribution date of January 15, 2025, subject to approvals and conditions.
Nixxy (NASDAQ:NIXX) has signed a letter of intent to acquire a privately held wholesale gifts business, with a preliminary target valuation of $6 million. This acquisition aligns with Nixxy's strategy to disrupt old-line industry sectors using data-driven approaches. The target company's Gross Merchandise Volume is projected to reach $66 million with $10 million in net revenues for 2024, pending successful acquisition and integration.
Nixxy's acquisition strategy focuses on established businesses with stable operations and profitability in industries ripe for digital transformation. The company seeks businesses with net revenues between $10 million and $100 million and gross profit margins of 40% or higher. Nixxy aims to leverage its exclusive licensing agreement with GoLogiq's Radix AI platform to enhance business processes and management in acquired companies.
The company's three-year plan targets an enterprise value of over $1 billion, subject to market conditions and successful strategy execution. Nixxy is currently in advanced discussions with seven separate acquisition targets and plans to announce key leadership appointments in the coming weeks.
Nixxy (NASDAQ:NIXX) has provided an update on its strategic focus and acquisition progress. The company aims to acquire businesses in traditional markets and enhance their operations with advanced technology and data analytics. Key points include:
1. Targeting businesses with net revenues between $10 million and $100 million and gross profit margins of 40% or higher.
2. Focusing on industries ripe for digital transformation.
3. Leveraging a global exclusive licensing agreement with GoLogiq's Radix AI platform.
4. Aiming for an enterprise value of over $1 billion in the next 36 months.
5. Currently in advanced discussions with seven acquisition targets.
6. Building a leadership team experienced in capital markets, mergers, acquisitions, and operational management.
7. Updating the corporate website to reflect the new strategic direction.
Recruiter.com Group, Inc. (NASDAQ:RCRT) has announced a significant rebranding initiative, including a corporate name change to Nixxy, Inc., effective October 1, 2024. This change reflects the company's ongoing evolution. As part of this transition, the company's common stock will trade under the new ticker symbol "NIXX" on the Nasdaq Stock Market, while its warrants will trade under "NIXXW".
The rebranding effort will also include the launch of a new website, company logo, and associated icon. The company has stated that it will provide further updates regarding this transition as appropriate, signaling a comprehensive overhaul of its corporate identity.
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