What’s going on with SYSX?
Sysorex, Inc. (SYSX) stock rose 745.07% after Inpixon (INPX) announced it converted a note receivable into Sysorex common stock, valued at about $17 million. SYSX rose $7.94 per share to trade at $9 per share on Wednesday afternoon. INPX shares were up 11.01%, $0.12 per share, and trading at $1.21.
What does it mean for Sysorex?
Inpixon provided a major a vote of confidence in Sysorex with the conversion of the note receivable, worth aggregate $9 million, into SYSX stock.
In a related move, Sysorex announced the closing of a reverse triangular merger with TTM Digital Assets & Technologies, a data center engaged in mining Ethereum and other cryptocurrencies that’s believed to be the largest Ethereum miner on the U.S. public markets.
"The prevalence of Bitcoin, Ethereum and other digital currencies and their values have risen substantially over the past several years and dramatically in the past six months,” Nadir Ali, CEO of Inpixon, said in a press release. “The use of Ethereum for non-fungible tokens (NFTs), development of apps and peer-to-peer financial transactions are becoming increasingly mainstream, and marquee financial institutions and other household name organizations are accepting digital currencies and also adding this asset class to their balance sheets.”
Sysorex Inc provides information technology and telecommunications solutions and services to enable its customers to manage, protect, and monetize their enterprise assets whether on-premises, in the cloud or via mobile technology primarily in the United States. Its products and services are grouped into Professional Services and IT Solutions. Its products include third party hardware, software, and related maintenance and warranty products and services that it resells from brands such as Cisco, Hewlett Packard Enterprises, Microsoft, Dell, Samsung, Fujitsu, Panasonic, and Lexmark.