Restructuring Complete, Bringing Shareholder Value with New USA-Based CEO Imminent
NEW YORK, NY / ACCESSWIRE / December 23, 2024 / Nixxy.com is pleased to announce the successful completion of its restructuring process, a pivotal step in enhancing shareholder value and positioning the organization for future growth. The company, threatened with Nasdaq delisting earlier in 2024, has eliminated onerous debt, resulting in increased shareholder equity and value through strategic partnerships with fresh and supportive investor groups, and is now is good standing with Nasdaq, and remains current in its SEC reporting. This restructuring has paved the way for the introduction of a new USA-based CEO, whose operational expertise will drive the company's strategic direction moving forward.
The restructuring over the past 10 months has not only strengthened the company's financial foundation but has also generated enthusiasm among industry stakeholders. The market's positive reaction so far, as reflected by increased trading price and volume during the last 3 months, underscores the confidence investors have in the company's renewed focus and strategic plans. With a solid financial footing in place, the company is poised to leverage transformative technologies that will create significant value for both shareholders and employees.
"The hiring of a new CEO was always the final component of the company's strategic plan" said Granger Whitelaw, outgoing President and CEO who led the effort. "My job was to help guide the restructuring/turnaround efforts, but with that now complete, a new CEO with extensive industry expertise and a well-established reputation on a national level, can lead the company through its next phase of growth. This leadership will be instrumental in navigating the competitive landscape and capitalizing on emerging opportunities and I will help with the transition fully. While my target date is December 31, I am committed to remaining until the new CEO is fully integrated into the Nixxy family."
As part of the company's commitment to transparency and engagement with its stakeholders, the leadership team has already begun to outline the strategic priorities that will guide the organization in the coming months. These priorities include expanding into new markets, enhancing operational efficiencies, and driving innovation in product development. The company's focus on these key areas is anticipated to yield positive outcomes for shareholders and contribute to overall industry advancements.
As it embarks on this journey, the company remains dedicated to maintaining open lines of communication with its investors and the public, ensuring that all stakeholders are informed of progress and developments.
As the company navigates its plan of future growth using the runway that it has developed over the last 10 months, Granger Whitelaw remarked that "One of the challenges for entrepreneurial companies are the prevalence of shorting activities in the market. It is widely agreed that excessive short sale activity can cause sudden price declines, which can undermine investor confidence, depress the market value of a company's shares and make it more difficult for that company to raise capital, expand and create jobs. This is particularly aggravating for entrepreneurial companies, the engines of new job creation. Short sellers are essentially traders who are hoping a company will experience problems (such as product delays or the inability to raise financing) so they may profit from the setbacks. These traders or trading machines make the most if a company struggles and some short sellers actively work to make that happen."
Granger continued, "This kind of aggressive shorting is made possible by several factors, such as technology that allows trader anonymity without consequence, and anonymous message boards and the like allowing for the spread of misleading information. But another factor is one our shareholders can influence - brokerage firm procedures often make it easy for short sellers to borrow stock without informing the shareowner of the transaction or potential consequences. Our shareholders can prevent this by:
1) holding your NIXX shares in a cash account at your brokerage firm instead of a margin account (a model instruction letter is set forth under the heading "Example Form of Letter to Broker" is attached to the Nixxy website)
2) opting out of any securities lending programs, which should stop your broker from lending your shares
3) moving your shares to a Direct Registration ("DRS") account at the Company's transfer agent, Nevada Agency and Trust Company."
About Nixxy
Nixxy (NASDAQ:NIXX) is committed to transforming traditional markets through cutting-edge technology and data-driven insights. By acquiring cornerstone businesses in established industries and evolving their operations with innovation, Nixxy unlocks new potential and creates opportunities for transformative growth. The company focuses on sectors poised for digital innovation, leveraging data and technology to disrupt conventional business models and drive progress.
Contact Information
Investor Relations
Nixxy
[email protected]
https://www.nixxy.com
Forward-Looking Statements Disclaimer
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements, including those regarding the Company's business strategy, future operations, acquisition strategy, financial position, potential growth, spin-out transactions, and market opportunities. Words such as 'anticipates,' 'believes,' 'expects,' 'intends,' 'plans,' and 'will,' or similar expressions, are intended to identify forward-looking statements. These statements are based on the Company's current expectations and beliefs and involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, as they involve inherent risks and uncertainties. The Company disclaims any obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Third-Party Data Disclaimer
The financial information regarding the target company's gross merchandise volume, revenues, and profitability presented in this press release is based on data provided by third-party sources and the target company itself. While Nixxy has made reasonable efforts to verify the accuracy of this information, the Company cannot guarantee its completeness or reliability. This data is subject to further due diligence, and actual financial results may differ materially. Investors should not place undue reliance on this information when making investment decisions. Nixxy disclaims any obligation to update or revise this information, except as required by law.
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This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Risk Factors
Investors should carefully consider the risks associated with the Company's business and the spin-out transaction described herein, including but not limited to: the uncertainty surrounding the timing of the spin-out; the ability to successfully execute acquisitions and integrate acquired companies; the impact of technological changes on the Company's operations; and other risks detailed in the Company's filings with the Securities and Exchange Commission (SEC).
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Investor Contact Information
For further information, investors are encouraged to review Nixxy's filings with the Securities and Exchange Commission (SEC), available at www.sec.gov, or contact the Company's Investor Relations department at [email protected].
SOURCE: Nixxy, Inc.
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