Inpixon (NASDAQ: INPX) shares are trading higher by 40.07% to $0.16 Monday morning after the company announced it signed a definitive merger agreement with KINS Technology for KINS to acquire Inpixon's enterprise apps business.
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Inpixon says the transaction will be structured as a business combination with Inpixon's newly formed subsidiary, CXApp Holding Corp., that is anticipated to result in Inpixon stockholders receiving shares in KINS valued at approximately $69 million.
The transaction is expected to provide Inpixon's enterprise apps business with greater capital and operational resources, a new executive management team and board expertise to accelerate growth.
Nadir Ali, CEO of Inpixon, commented, "We have been working on multiple strategic transactions for some time and believe this transaction will unlock significant value for stockholders. I could not be more excited about the outlook for this line of business. With this transaction, capital and operational resources will be singularly focused on the growth and profitability of this business. In addition, Inpixon shareholders will be able to benefit in the potential upside as stockholders of two public companies, each with distinct customers and product lines."
According to data from Benzinga Pro, Inpixon has a 52-week high of $1.04 and a 52-week low of $0.11.
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