UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 7.01. Regulation FD Disclosure.
On November 30, 2022, Sysorex, Inc. (the “Company”) issued a press release announcing certain business updates, including that, effective November 25, 2022, its shares of common stock are quoted on OTC Market Group’s (“OTC Markets”) Pink Current Information tier, in lieu of the OTCQB. A copy of the foregoing press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information included in this Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The information set forth under this Item 7.01 shall not be deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely to satisfy the requirements of Regulation FD.
Item 8.01. Other Events.
On November 23, 2022, the Company was notified by OTC Markets that because the Company’s closing bid price was below $0.001 for five consecutive trading days, the Company was moved from the OTCQB tier to the Pink tier, effective November 25, 2022. The Company remains fully reporting with the U.S. Securities and Exchange Commission, and its common stock will continue to trade on the Pink tier under the ticker symbol “SYSX.”
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. | Description | |
99.1 | Press release of the registrant issued on November 30, 2022. | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SYSOREX, INC. | ||
Date: November 30, 2022 | By: | /s/ Wayne Wasserberg |
Wayne Wasserberg | ||
Chief Executive Officer |
2
Exhibit 99.1
SYSOREX PROVIDES BUSINESS UPDATE
HERNDON, Va., November 30, 2022 (GLOBE NEWSWIRE) – Sysorex, Inc. (the “Company” or “Sysorex”) (OTC: SYSX) today announced that, effective November 25, 2022, its common shares are quoted on OTC Market’s Pink Current Information tier, in lieu of the OTCQB, due to the minimum bid price requirement for the OTCQB. The Company remains fully reporting with the U.S. Securities and Exchange Commission, and its common stock will continue to trade under the ticker symbol “SYSX.”
Wayne Wasserberg, CEO of Sysorex, commented, “Although the public markets remain challenging, especially for microcap companies, we believe the outlook for the business is bright. Specifically, we continue to generate strong growth within our government services business. At the same time, we have begun repositioning our mining assets for other uses, such as cloud computing, datacenter hosting, simulation & modeling, virtual reality, artificial intelligence, and gaming. We continue to reduce operating expenses and remain laser focused on our goal of sustainable, positive cash flow. Given our positive momentum, our goal is to apply to list our common stock on a national stock exchange such as the Nasdaq Capital Market or the NYSE American in 2023.”
Although we intend to apply to list our common stock on a national securities exchange, there is no assurance that our listing application will be approved by the Nasdaq Capital Market or the NYSE American.
ABOUT SYSOREX, INC.
Sysorex, Inc. is a data center owner and operator. The Company operates its wholly owned subsidiary, Sysorex Government Services, Inc., a business that provides information technology products, solutions and services to federal, state, and local government, including system integrators. The Company currently owns and operates approximately 11,000 NVIDIA GPUs at its datacenter in Locksport, NY.
Safe Harbor Statement
All statements in this release that are not based on historical fact are “forward-looking statements." While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of the control of Sysorex and its subsidiaries, which could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, the fluctuation of economic conditions, the impact of COVID-19 on Sysorex's results of operations, Sysorex’s ability to integrate the products and business from recent acquisitions into its existing business, the performance of management and employees, the regulatory landscape as it relates to privacy regulations and their applicability to Sysorex’s technology. Other factors are detailed in Sysorex's periodic and current reports available for review at sec.gov. Furthermore, Sysorex operates in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Sysorex disclaims any intention to, and undertakes no obligation to, update or revise forward-looking statements.
Investor Relations
Crescendo Communications, LLC
David Waldman/Natalya Rudman
Tel: (212) 671-1020
Email: SYSX@crescendo-ir.com
Cover |
Nov. 23, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 23, 2022 |
Entity File Number | 000-55924 |
Entity Registrant Name | SYSOREX, INC. |
Entity Central Index Key | 0001737372 |
Entity Tax Identification Number | 68-0319458 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 13880 Dulles Corner Lane |
Entity Address, Address Line Two | Suite 120 |
Entity Address, City or Town | Herndon |
Entity Address, State or Province | VA |
Entity Address, Postal Zip Code | 20171 |
City Area Code | 800 |
Local Phone Number | 929-3871 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
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