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Firm also axes 20% of staff in cost-cutting move
Indoor intelligence platform provider Inpixon ( ) on Monday said it agreed to merge with KINS Technology Group ( ).
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INPX shareholders receive KINZ shares worth about $69 million in the deal.
The companies expect to close the transaction this year and provide Inpixon's CXapp business with more working capital.
The companies haven't set a record date for shareholders.
Inpixon Chief Executive Officer Nadir Ali said on Monday, 'We have been working on multiple strategic transactions for some time and believe this transaction will unlock significant value for stockholders.”
Ali believes the deal will benefit both firms' shareholders.
INPX shares fell 80% over the last year.
Most company shareholders are retail investors, and just 5.9% are institutions.
INPX sports a bearish and ranks in the bottom fifth for institutional buying out of the 29,013 companies screened.
Despite the low accumulation levels, INPX has 40 institutions that own 9.6 million shares in the company. Some of these institutions include; Geode Capital Management, Renaissance Technologies LLC and Millennium Management LLC.
Last week Inpixon also announced that it would lay off 20% of its employees to cut operating expenses.
Inpixon lost $19.9 million in the second quarter, including a $7.6 million impairment charge.
Excluding the charge and other one-time costs, the company reported a negative adjusted EBITDA of $9.9 million compared to $6.3 million a year ago.
The company's 37% revenue growth, to $4.7 million, wasn't enough to offset rising operating costs.
The company ended the quarter with $65.8 million in cash on the balance sheet, well above its roughly &21 million market capitalization.
Article by Ben Ward,
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