Sysorex inks a reverse triangular merger with TTM Digital Assets

Sysorex inks a reverse triangular merger with TTM Digital Assets

U.S. based IT service management firm, Sysorex has reportedly announced the completion of a triangular reverse alliance with TTM Digital Assets & Technologies, Inc.- a data center operator and also one of the largest publicly traded Ethereum mining entity in the U.S. with operations in North Carolina and New York.

As a part of the transaction, TTM’s operations will form a part of Sysorex’s main business as the first Ethereum firm that trades in the U.S. public markets. Sysorex will carry on its business offering which is a comprehensive portfolio of network performance, cybersecurity products, and secure wireless access to the U.S. government via its subsidiary, Sysorex Government Services, Inc. 

Incorporated in the year 2017, TTM has emerged as a leader in the Ethereum mining industry and has been profitable ever since its inception. Before the merger, TTM obtained and distributed Ethereum to management and its investors. If held by those investors, it would be valued at nearly USD 35,000,000 at today’s Ether price of USD 2,325.

In addition to the above, TTM runs over 12,000 NVIDIA graphics processing units (GPUs) that include a large number of Cryptocurrency Mining Processors. These graphic processing units are online and safeguard the Ethereum blockchain and generate advanced ETH solutions.

Notably, through the mergers, stakeholders of TTM exchanged 100% of the share capital of TTM for Sysorex’s agreement to issue 124,218,268 shares of Sysorex’s stock to the TTM stakeholders, which will represent 80% of the cumulative share capital of the American IT company.

Seemingly, as a closing condition to the alliance, a considerable part of the company’s prevailing debtholders, service providers, and creditors agreed to exchange their outstanding accounts payables or indebtedness, as applicable, removing nearly USD 13,500,000 of Sysorex debt subsequently enhancing the firm’s balance sheet and increasing their shareholder’s equity.  

Source Credit: https://www.globenewswire.com/news-release/2021/04/14/2210155/0/en/Ethereum-Mining-and-Blockchain-Company-TTM-Digital-Assets-Technologies-Enters-Into-Triangular-Reverse-Merger-With-Sysorex.html