LICT Corporation (OTC:LICT) announced that the Board of Directors is continuing to assess and analyze a complete range for raising capital. This will allow the firm to scale businesses, accelerate growth, accessibility to customers, and grow shareholders’ intrinsic value. A holding company with subsidiaries in telecommunications and broadband services, LICT Corporation actively seeks acquisitions, especially in the existing businesses.
The company is looking at interest received from third parties for some entities within LICT. Involvement may include managing, partnering, financing, investing, or even other joint venturing arrangements. LICT Corporation confirmed that there is no assurance on the strategic review process leading to a transaction.
The efforts include the previously announced spin-off of the Michigan operations to MachTen, a wholly-owned subsidiary. A Form 10 Preliminary Registration Statement was filed with U.S. Securities and Exchange Commission for this and the firm is working through the process and is expecting quarter three distribution to its shareholders.
The company confirmed that there is forward-looking information within Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. It is to be noted that such information is based on some assumptions, forecasts, and assumptions, including business conditions and financial markets.
There is no possible assurance on possible transactions to be successful or meet financial transactions. The information is also subject to risks, inaccuracies, and uncertainties.
LICT Corporation had announced earlier on formal submission of Form 10 Registration Statement with the U.S. Securities and Exchange Commission. This would be a spin-off of the Michigan operations to MachTen, Inc, a wholly-owned subsidiary. Form 10 submission and is subject to change on SEC review. The firm expects a quarter-three distribution to the shareholders.
The company is undergoing a strategic review of operations for determining whether shareholders can take advantage of ways to surface value including extra spin-offs. The firm’s history of spin-offs includes CIBL, Inc., which was spun off in 2007. CIBL Inc commenced trading in 2008 at around $200 per share and was recently trading at nearly $1,800 per share.
Furthermore, ICTC Group Inc, which was spun off in 2010, commenced trading at about $15 per share. The company was acquired later in 2018 for $65 per share. LICT is also a spin-off from Lynch Corporation and commenced trading at $2,500 per share.LICT Corporation is currently listed on OTC Pink® under the symbol LICT.
The Board is evaluating and analyzing a complete range of ways for raising capital, enabling it to expand the scope as well as the scale of businesses. It would also accelerate growth and give speed while growing the shareholders’ intrinsic value.