NEW YORK – Nixxy, Inc. (NASDAQ:NIXX), a $49.27 million market cap company whose stock has surged 93% over the past year, has announced the withdrawal of the previously scheduled record date for the spin-off of its subsidiary, Atlantic Energy Solutions (OTC:AESO), which is expected to be renamed CognoGroup post-spinoff. According to InvestingPro data, the company's stock has shown significant momentum, gaining 50% in the last six months alone. The original record date set for November 15, 2024, has been retracted due to ongoing evaluations of the company’s structure, additional regulatory reviews, and a focus on optimizing shareholder value in alignment with strategic goals.
The company’s CEO, Granger Whitelaw, stated, "The withdrawal of the record date for the CognoGroup spinoff will afford the Company with the additional time to better align with its corporate aims, allow for the orderly distribution of the CognoGroup shares and maximize shareholder value." Nixxy remains committed to the strategic priority of the spin-off and intends to issue a revised timeline and further details in future announcements. Shareholders have been advised to await further communication.
Nixxy is known for its commitment to transforming traditional markets through advanced technology and data-driven insights. It focuses on acquiring cornerstone businesses in industries poised for digital disruption and enhancing their operations with innovative solutions to unlock potential growth opportunities.
The press release includes forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. The company cautions readers not to place undue reliance on these statements, which are subject to inherent risks and uncertainties. Additionally, financial data from third-party sources regarding the target company's gross merchandise volume, revenues, and profitability are subject to further due diligence and may not reflect actual financial results.
Investors are encouraged to consider the risks associated with Nixxy's business and the spin-out transaction, including the uncertainty of the timing of the spin-out, the execution of acquisitions, the integration of acquired companies, and technological impacts on operations. With a beta of 1.2 and historically high price volatility, InvestingPro subscribers can access 15 additional key insights about Nixxy's financial position and market performance to make more informed investment decisions. The information provided is based on a press release statement and does not constitute an offer to sell securities or solicit any vote or approval.
In other recent news, Nixxy, Inc. has been making strategic moves to enhance shareholder value. The company is proceeding with the spin-off of Atlantic Energy Solutions into a new entity, CognoGroup, which will focus on AI-driven projects across various sectors. Nixxy is also set to acquire JustGot2HaveIt, Inc., a player in the wholesale gifts market, with projected revenue for 2024 exceeding $10 million.
In addition to these developments, Nixxy has also secured a global exclusive licensing agreement with GoLogiq, Inc. for the use of the Radix AI platform. The company's growth strategy emphasizes the acquisition of businesses with revenues between $10 million and $100 million and high gross profit margins.
These recent developments are part of Nixxy's broader strategy to target an enterprise value of over $1 billion within the next 36 months. The company is working towards modernizing businesses through digital transformation, aiming to disrupt traditional business models and unlock growth opportunities.
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