Infrax Systems Inc. (OTCMKTS:IFXY)
Infrax Systems-Cryptocurrency Merger
Infrax Systems Inc. (OTCMKTS:IFXY) has become a wholly owned subsidiary of Crypto Corp. Infrax shareholders, prior to the consummation of the merger, became stockholders of Crypto. However, the shareholders will not be able to recognize any gain or loss for U.S Federal income tax purposes upon conversion of their shares in the Crypto merger.
The merger provides Cryptocurrency Corp an opportunity to enhance its presence in the cryptocurrency space. The company plans to provide blockchain technology, consulting, and ICO services after signing contracts with three companies.
Infrax Systems Inc. (OTCMKTS:IFXY) has been dead silent in the market prior to the announcement of the merger. A lack of news and corporate updates from the company has significantly affected investor’s sentiments and interest in the stock.
It awaits to be seen if the stock will remain active and continue to rise higher as it moves to pursue growth opportunities in the digital currency space following the merger.
In October, Infrax Systems Inc. (OTCMKTS:IFXY) filed a form 15 with the U.S. Securities and Exchange Commission to voluntarily deregister its common stock under Section 12g. The company is eligible to deregister its common stock because it has fewer than 300 holders on record of its securities.
Deregistration is expected to be effective within 90 days after the filing of Form 15. The decision to deregister is based on the considerations of numerous factors including large costs of preparing and filing periodic reports with the SEC. Deregistration should allow the company to use its resources for developing its business plan and product line.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
Don’t miss out! Stay informed on $IFXY and receive breaking news on other hot stocks by signing up for our free newsletter!