This will soon drift down to Sub-penny land as most of the promo crews are now gone!
You won't see anything of value now because of the massive R/S is coming sooner than most folks think.
I was in this at 4 cents and got out at 6 cents when the "LOYAL INVESTORS" dump all their shares after the pump PR from the corrupt CEO. Many are new here and will soon realize what's about to unfold.
It's all outlined and buried in the filings! I sure hope justice will be served as millions have been lost here!
I won't be posting until the R/S happens, if the company survives!
From May 3rd....
Dear Fellow Shareholders,
Bigger Capital Fund, LP and District 2 Capital Fund LP (together with its affiliates, the “Funds”), are now among the largest shareholders of Sysorex, Inc. (“Sysorex” or the “Company”), with ownership of approximately 9.6% of the Company’s outstanding common stock. Bigger Capital Fund, LP and District 2 Capital Fund LP are research intensive investment funds. The Funds are led by Michael Bigger, a highly respected value investor who has achieved great success investing in various companies over more than 30 years. Joining Michael in the District 2 Capital Fund LP entity is Eric Schlanger, Co-Portfolio Manager and former Head of Equities, Americas at Barclays.
The Funds believe there is significant untapped value in Sysorex. The Funds do not intend to advocate for, or otherwise have any plans with respect to any operational or management changes; instead, the Funds intend to work with Sysorex regarding strategic matters to better position the Company to recognize this untapped potential.
Specifically, subject to the satisfaction of certain closing conditions, Sysorex intends to close on or about May 24, 2022, the transaction outlined in a Heads of Terms (the “Heads of Terms”), dated March 24, 2022, between Sysorex and Ostendo Technologies, Inc. (“Ostendo”). Upon closing, Sysorex will be the beneficial owner of 7,291,667 shares of Ostendo’s preferred stock (the “Ostendo Preferred Shares”).
Ostendo is a technology company that designed a Quantum Photonic Imager platform, purpose-built, to create next-generation, light field semiconductor chips and augmented reality hardware for consumer, enterprise and defense applications. With the financial backing of industry heavy-weights such as PayPal co-founder Peter Thiel and funding from government agencies including DARPA, Ostendo is the creator of what the Funds believe is ground-breaking technology with a wide array of applicability augmenting reality and enriching the metaverse.
Pursuant to the Heads of Terms, the Ostendo Preferred Shares are valued at $70,000,000. Mr. Bigger and the Funds strongly believe in the viability of the technology and the growth potential of Ostendo’s products; Mr. Bigger was further very impressed with a demonstration of Ostendo’s augmented reality glasses, which he personally experienced. Notwithstanding the above, neither Mr. Bigger nor the Funds have independently verified this valuation, which is based on the valuation attributable to Ostendo’s most recent, approximately $40 million, raise (Ostendo represents it has raised nearly $290 million to date from prominent investors). After the announcement of the Heads of Terms, the Funds increased their respective position in Sysorex to become one of the largest shareholders of Sysorex.
In addition to owning an approximate 9.6% interest in the Company’s common stock, the Funds hold an aggregate of (i) $2,250,000 in 12.5% Original Issue Discount Senior Secured Convertible Debentures (the “Debentures”) and (ii) warrants to purchase an aggregate of 796,112 shares of Sysorex’s common stock. While the Debentures have a floating conversion price based on the trading price of Sysorex’s common stock, the Funds have no intention of converting the Debentures into shares of Sysorex’s common stock for the foreseeable future. As indicated above, the Funds own common stock of Sysorex and may also engage in future transactions with respect to Sysorex’s common stock including both purchases and sales
