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Friday, December 2, 2022

Sysorex Inc (OTCMKTS: SYSX) Rockets Northbound as Co Files 8k Stating $45 Million Ostendo Deal Closing by June 30

Sysorex Inc (OTCMKTS: SYSX) rocketed up 225% on Thursday after the Company filed an 8k stating the deal with PayPal co-founder Peter Thiel backed  Ostendo Technologies, Inc will take place no later than June 30, 2022 in a $45 million deal. As previously disclosed in the Current Report on Form 8-K filed on March 30, 2022 by Sysorex, Inc. the Company executed Heads of Terms with Ostendo Technologies, Inc. which includes certain binding and non-binding provisions. Pursuant to the Heads of Terms, the Company and Ostendo agreed to certain terms related to the Company’s sale of approximately 75% of its Ethereum mining assets and certain associated real property to Ostendo for $68,400,000 of Ostendo preferred stock, subject to the terms of the Heads of Terms, and subject to definitive terms to be set forth in definitive transaction agreements to be executed by the parties. 

Reverse merger stocks can be more explosive than biotech’s when the incoming Company has real value but is undiscovered to investors and we have covered many on the website that have gone from pennies to dollars. SYSX is an SEC filer and fully reporting OTCQB and the Company has made it clear they plan to up list to a national exchange during 2022 and recently reported they are in active discussions with several New York City-based investment banks to assist with the Company´s anticipated up-listing to a national stock exchange. 

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Sysorex Inc (OTCMKTS: SYSX) is a technology-driven company centered on Ethereum mining and implementing blockchain technology through its two wholly owned subsidiaries – TTM Digital Assets & Technologies, Inc. (“TTM”) and Sysorex Government Services, Inc. (“SGS”). TTM is focused on mining Ethereum and providing blockchain-related products. SGS provides information technology products, solutions and services to federal, state, and local government, including system integrators and is working to integrate blockchain technologies into the services it provides. 

Sysorex revenues have been increasing and they reported $5.8 million in revenues for the 3 months ended March 31, 2022. A significant part of SYSX business that is experiencing rapid growth is the Company’s Government Services (SGS) business which was recently awarded multiple government contracts in Q3 totaling more than $16 million in value, which amount should be realized in the coming months as SGS executes on these agreements, and the work is underway. Management continues to pursue opportunities to utilize smart contracts on the Ethereum Blockchain, by leveraging SGS’s government presence and contract portfolio. 

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SYSX

June 22 8k filing: Item 8.01. Other Events. – As previously disclosed in the Current Report on Form 8-K filed on March 30, 2022 by Sysorex, Inc. (“Company”), on March 24, 2022, the Company executed Heads of Terms (“Heads of Terms”) with Ostendo Technologies, Inc. (“Ostendo” or “Purchaser”) which includes certain binding and non-binding provisions. Pursuant to the Heads of Terms, the Company and Ostendo agreed to certain terms related to the Company’s sale of approximately 75% of its Ethereum mining assets and certain associated real property to Ostendo for $68,400,000 of Ostendo preferred stock, subject to the terms of the Heads of Terms, and subject to definitive terms to be set forth in definitive transaction agreements to be executed by the parties. Pursuant to the terms of the Heads of Terms, the closing of the transaction was to occur no later than May 24, 2022, unless mutually extended in writing by the parties. 

On June 10, 2022, the Company executed an Amendment No. 1 to Heads of Terms (“Amendment 1”) with Ostendo and the Company’s wholly owned subsidiary TTM Digital Assets & Technologies, Inc. (“Seller”, and together with the Company, the “Seller Parties”). Pursuant to the Amendment 1, the parties agreed to amend and restate certain terms contained in the Heads of Terms, including: 

1) The closing of the transaction is to occur no later than June 30, 2022, unless mutually extended in writing by the parties. 

2) The definition of “TTM Assets” was amended and restated to read “(i) all of the Seller Parties’ GPUs and related assets, supporting equipment and software (including software licenses, if any), in each case wherever located, (ii) the Company’s equity interests in Style Hunter, Inc. (excluding options to purchase equity interests), (iii) the real estate comprising the Lockport, NY location, and (iv) any other assets directly or indirectly used in the operation of the Seller Parties’ crypto mining business.” 

3) The first sentence of the section of the Heads of Terms entitled “Purchase Price Consideration” was amended and restated to read: “The Purchase Price shall be comprised of the issuance to the Seller of 4,697,917 fully paid, non-assessable shares of the Purchaser valued at $45,100,000.00.” 

The foregoing description of the Amendment No. 1 to Heads of Terms is qualified in its entirety by reference to the Amendment No. 1 to Heads of Terms, which is filed as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference into this Item 8.01. 

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Currently trading at a $6.6 million market valuation SYSX has a tight share structure with just 474,026,226 shares outstanding. SYSX is an SEC filer and fully reporting OTCQB and the Company has made it clear they plan to up list to a national exchange during 2022. While there is debt that is convertible the AS is maxed out and management has not even begun the process to raise the authorized shares, therefore shareholders can be assured that there will be 0 dilution on SYSX at least for the next 90 days. The stock was up 225% on Thursday after the Company filed an 8k stating the deal with PayPal co-founder Peter Thiel backed  Ostendo Technologies, Inc will take place no later than June 30, 2022 in a $45 million deal. Microcapdaily gave the heads up to its readers on SYSX when the stock was moving up in the $0.007 range in our article titled: “Sysorex Inc (OTCMKTS: SYSX) Major Reversal Northbound Underway as Ethereum Miner Builds Up Ethereum Portfolio & Inks Multiple Government Contracts” We will be updating on SYSX very shortly so make sure you are subscribed to Microcapdaily.

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Disclosure: we hold no position in SYSX either long or short and we have not been compensated for this article.

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