Inpixon (NASDAQ: INPX) stock gained by 11.21% at the last trading close whereas the INPX stock price declines by 5.43% in the pre-market trading session. INPX is a company that specializes in collecting, decoding, and contextualizing indoor data so that it can be turned into actionable information.
What is happening?
INPX disclosed on April 14, 2021, that it had exchanged a note receivable due from Sysorex, Inc. in the amount of nearly $9.0 million into shares of Sysorex common stock priced at approximately $17 million (including the shares underlying rights to buy Sysorex common stock), depending on Sysorex’s common stock closing price on April 13, 2021.
At the same time as the transfer of the note receivable, Sysorex announced the completion of a reverse triangular merger with TTM Digital Assets & Technologies, Inc., a data center owner, and developer principally engaged in the business of mining Ethereum and other cryptocurrencies. TTM, which was established in 2017, was an early investor in the Ethereum network and claims to be the largest Ethereum miner on the public markets in the United States. Sysorex will follow TTM’s market and activities as a part of the acquisition, while continuing to run the original business under its wholly-owned subsidiary, Sysorex Government Services, Inc.
The CEO of Inpixon Nadir Ali said that Bitcoin, Ethereum, and other digital currencies have grown in popularity and value significantly in recent years, particularly in the last six months. Ethereum is being more widely used for non-fungible tokens (NFTs), software growth, and peer-to-peer financial transfers, with major financial institutions and other well-known companies embracing digital currencies and applying them to their balance sheets. Although Inpixon has no intentions to enter the crypto mining market, yet INPX is excited to seize an attractive opportunity at the right time to increase shareholder value.