On Tuesday Inpixon (NASDAQ:INPX) was in the news after it came up with a major new announcement. The company announced yesterday that it expected to complete the tax free distribution of the entirety of the outstanding capital stock in its subsidiary unit CXApp Holding Corp.
On Tuesday, INPX stock increased 7.61% to $0.7059 with more than 513.88K shares traded, compared to volume of 3 million shares. The stock moved within a range of $0.6500 – 0.7199 after opening trading at $0.6761.
Inpixon Completes Distribution and Business Combination of CXApp Holding Corp. with KINS Technology Group Inc.
The distribution would be done in a pro-rata basis to those who hold Inpixon stock and some other securities as on March 6, 2023. Once the distribution had been completed by the company, it led to the immediate closing of the business combination between CXApp Holding and KINS Technology Group Inc.
Due to the closing of these above mentioned transactions, shareholders in Inpixon got as many as 7035000 shares in CXApp common stock. Those shares represented as much as 50% of the outstanding common stock in CXApp, out of which around 22% had been issued as Class A common stock while 78% had been issued in the form of Class C common stock.
As per the terms of the business combination, the transaction with KINS had been structured by way of a Morris Trust transaction. It is going to be interesting to see if the latest development leads to any moves into the Inpixon stock or not.