Nixxy Expects to Complete an Undisclosed Acquisition by Month-End, Withdraws BTC Financing
Rhea-AI Summary
Nixxy (NASDAQ:NIXX) has announced the withdrawal of its proposed private offering of up to $50 million in Bitcoin-based, zero-coupon convertible notes. The company's board determined that current market conditions and significant progress in its acquisition strategy made the financing no longer beneficial for shareholders.
The company revealed it is in final negotiations for an acquisition of entities that have generated material revenues and show substantial growth potential. Nixxy expects to complete this acquisition before the end of February 2025, though this timeline is not guaranteed. According to Chairman Evan Sohn, while the Bitcoin-related financing was potentially advantageous, it was deemed incompatible with the company's primary focus on acquiring revenue-producing assets utilizing cutting-edge technology.
Positive
- Company is in final stages of acquiring revenue-generating entities
- Acquisition target shows substantial growth potential
- Expected acquisition completion by February 2025
Negative
- Withdrawal of $50 million Bitcoin-based financing offering
- Unfavorable market conditions noted by management
- No guarantee of acquisition completion
News Market Reaction
On the day this news was published, NIXX declined 2.30%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
NEW YORK, NY / ACCESS Newswire / February 19, 2025 / Nixxy, Inc, (NASDAQ:NIXX), or "Nixxy" or the "Company," today announced it has withdrawn a proposed private offering of up to
The Company's previously discussed business plan to locate an accretive, revenue-generating business or assets for acquisition has come to fruition much more quickly than anticipated. The Company is currently concluding an active transaction negotiation with entities that have generated material revenues and show the promise of substantial growth. The Company expects, but cannot guarantee, closing an acquisition before the end of February.
Evan Sohn, the Chairman of the Nixxy Board, commented, "The previously disclosed Bitcoin-related financing, while potentially advantageous, has been deemed incompatible with the Company's primary focus of acquiring and developing revenue-producing assets utilizing cutting-edge technology. Since then, we have identified and evaluated several promising acquisition opportunities.
About Nixxy
Nixxy is a holding company committed to transforming traditional markets through advanced technology and data-driven insights. By acquiring cornerstone businesses in established industries, and evolving their conventional operations with innovative solutions, Nixxy aims to unlock growth opportunities.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including those related to the proposed convertible notes offering and the potential acquisition, are forward-looking statements. Words such as "anticipates," "believes," "expects," "intends," "plans," and "may" are intended to identify such statements. These statements reflect the Company's current expectations and involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied.
There is no assurance that any acquisition will be completed, or that if completed, it will achieve the anticipated synergies, financial results, or operational benefits. Any transaction remains subject to the execution of definitive agreements, customary due diligence, regulatory approvals, and other closing conditions. The withdrawal of the previously announced Bitcoin-based financing should not be interpreted as an endorsement or disapproval of cryptocurrency-related investments, and the Company does not engage in or promote speculative investments in digital assets.
Readers are cautioned not to place undue reliance on these forward-looking statements, as they are subject to various risks, including, but not limited to, general market conditions, regulatory changes, financing availability, and other factors beyond the Company's control. The Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, including any notes or common stock, nor shall any securities be sold in any jurisdiction where such an offer, solicitation, or sale would be unlawful before registration or qualification under applicable securities laws.
Investor Contact
IR@nixxy.com
SOURCE: Nixxy, Inc.
View the original press release on ACCESS Newswire
FAQ
Why did Nixxy (NIXX) withdraw its $50 million Bitcoin-based convertible note offering?
When does Nixxy (NIXX) expect to complete its pending acquisition?
What type of acquisition target is Nixxy (NIXX) pursuing?
How will the withdrawal of Bitcoin-based financing affect Nixxy's (NIXX) acquisition plans?
