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PALO ALTO, Calif., Sept. 26, 2022 (GLOBE NEWSWIRE) -- KINS Technology Group Inc (NASDAQ:KINZ) ("KINS"), a special purpose acquisition corporation sponsored by KINS Capital LLC, announced the execution
PALO ALTO, Calif., Sept. 26, 2022 (GLOBE NEWSWIRE) -- KINS Technology Group Inc (NASDAQ:KINZ) ("KINS"), a special purpose acquisition corporation 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 leading-edge workplace experience application 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 is anticipated to result in Inpixon shareholders receiving shares of KINS capital stock valued at approximately $69 million (the "Business Combination"). The transaction has been approved by each of the Board of Directors of KINS, CXApp and Inpixon and is expected to be consummated in the fourth quarter of 2022, subject to regulatory and stockholder approval by the stockholders of KINZ and the satisfaction of certain other customary closing conditions.
The CXApp platform offers a suite of workplace experience solutions including an enterprise workplace application, events platform, indoor mapping and augmented reality technologies, targeting the emerging hybrid workplace market to provide enhanced experiences across people, places, and things.
Upon the closing of the Business Combination, the combined company is expected to operate under the name CXApp Inc. and remain a NASDAQ-listed public company trading under a new ticker symbol.
Mr. Khurram Sheikh, Chairman and Chief Executive Officer of KINS, said, "CXApp is a "category-maker" company that has developed the most engaging application for the hybrid workplace market, and we look forward to consummating this transaction. We believe that with its unique value proposition and technology leadership CXApp is well-positioned for substantial growth. We view the transaction valuation as highly attractive to investors. We believe that through our merger, coupled with the KINS team's background in successfully building businesses, it has the potential to create significant value for stockholders over time."
The description of the Business Combination contained herein is only a summary and is qualified in its entirety by reference to the Merger Agreement relating to the transaction. For additional information, see KINS's Current Report on Form 8-K, which will be filed promptly and can be obtained at the website of the U.S. Securities and Exchange Commission ("SEC") at www.sec.gov.
