It suggested that they were offering 1.5b shares to an unknown set of buyers in a “private placement”. The terms are that the buyer pays $500k and receives 500m shares now as well as warrants for 1b shares that are unaffected by a R/S. My speculation is that the buyer is actually Ostendo and the 1b shares are a control block so that they can retain control of the company prior to the official merger. If this is the case the $500k is actually just the purchase price for SYSX.
What I found interesting was the write-up from the above site regarding the glasses:
“Ostendo has accomplished what major tech companies couldn't: created efficient, tiny, full-color displays suitable for AR glasses people will actually wear. We’ve taken it one step further.“
That sounds like they have a product. That may be why they have apparently been considering a R/M.
They also have a history of receiving significant funding of at least $192m and counting according to Crunchbase:
Due to massive dilution (which is done for now because the AS is full), SYSX’s current MC was $2m at open today. This MC has a long ways to go upwards to reach the valuation and that Ostendo is worth. Hell, there’s a military company already in SYSX that has enough revenue to merit a MC that’s higher than $2m.
There’s also a significant possibility of further dilution after the R/S. Take profits if the price goes up to decrease risk. Also, do your own DD. I’m a mediocre trader and generally untrustworthy.
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