Enter Wall Street StreetInsider Premium. Request a 1-week free trial here.
KINS Technology Group Inc (NASDAQ: KINZ) (“KINS”), a special purpose acquisition company sponsored by KINS Capital LLC, announced the execution of an agreement and plan of merger (the “Merger Agreement”) pursuant to which it will acquire a The leading workplace experience app business from Inpixon (NASDAQ: INPX). The transaction will be structured as a business combination with Inpixon’s wholly owned subsidiary, CXApp Holdings Corp (“CXApp”), and Inpixon shareholders are expected to receive approximately $69 million in KINS share capital (the “Business Combination”). The transaction, which has been approved by the boards of directors of KINS, CXApp and Inpixon, is expected to close in the fourth quarter of 2022, subject to regulatory and shareholder approvals from KINZ shareholders and certain other customary closing conditions.
The CXApp platform provides a suite of workplace experience solutions, including enterprise workplace applications, event platforms, indoor maps and augmented reality, targeting the emerging hybrid workplace market, delivering enhanced experiences across people, places and things.
Upon completion of the business combination, the combined company is expected to operate under the name CXApp Inc. And remain a public company listed on the Nasdaq, trading under the new ticker symbol.
gentlemen. Khurram Sheikh, Chairman and CEO of KINS, said: “CXApp is a ‘category maker’ company developing the most compelling applications for the hybrid workplace market and we look forward to completing this transaction. We believe that with its unique CXApp is well-positioned for substantial growth due to its value proposition and technology leadership. We believe the deal valuation is very attractive to investors. We believe that through our merger, coupled with the KINS team’s strong commitment to successfully building the business Background, it has the potential to create significant value for shareholders over time.” The description of the business combination contained herein is a summary only and is qualified by reference to the merger agreement related to the transaction as a whole.For more information, please see KINS’ Current Report on Form 8-K, which will be filed in a timely manner and available on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.
consultant
Skadden, Arps, Slate, Meagher and Flom LLP served as legal counsel to KINS, and Mitchell Silberberg and Knupp LLP served as legal counsel to CXApp.
About CXApp Holdings
CXApp is a wholly owned subsidiary of Inpixon® (NASDAQ: INPX), the innovator of Indoor Intelligence®, providing actionable insights into people, places and things. Inpixon combines the power of mapping, location and analytics to help create a smarter, safer and more secure environment. The company’s indoor intelligence and mobile application solutions are used by numerous industries to optimize operations, increase productivity and enhance safety. Inpixon customers can leverage industry-leading location awareness, real-time location systems, workplace and hybrid event solutions, analytics, sensor fusion, industrial IoT and IoT to create exceptional experiences and leverage indoor data for good.
About Kings Technology Group
KINS Technology Group Inc is a blank check corporation incorporated as a Delaware corporation for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. KINS Technology Group focuses on identifying and acquiring transformative technology businesses that are shaping the digital future and creating new communication and computing paradigms.
The five pillars of this new paradigm are next-generation connectivity, open software, edge cloud computing, predictive data analytics (AI), and immersive media technologies. We believe the world is at an inflection point where these technologies are accelerating the digital transformation of all vertical market segments, including IT, industrial, transportation, smart infrastructure, healthcare, education, agriculture and entertainment.