Nixxy (NIXX) Announces CognoGroup Spin-Off Plans

CognoGroup Spin-Off Update

Nixxy (NASDAQ: NIXX) is moving forward with its previously announced plans to consolidate several of its assets and liabilities into Atlantic Energy Solutions (OTC: AESO), which is planned to be renamed CognoGroup ("CognoGroup"). As part of this restructuring, Nixxy will distribute shares of CognoGroup to eligible shareholders, aligning with its strategy to streamline operations and potentially unlock shareholder value.

CognoGroup will focus on AI-driven projects aimed at enhancing human potential. Its core areas of focus include Work, Personal Growth, Wellness, Finance, and Creativity, sectors where AI and intelligent technologies can make meaningful advancements in people's lives.

After the planned spin-out, CognoGroup's portfolio will include several AI-driven ventures designed to empower individuals and industries. These businesses include CandidatePitch, an automated talent marketing tool; Mediabistro, a media industry job board; AI Exchange, a community with over one million members focused on AI discussions; and PrimeGPU, an early-stage venture currently in stealth mode.

As these businesses are still in development, they carry the inherent risks of early-stage ventures, which investors should carefully consider. While CognoGroup is committed to driving innovation and growth, these ventures face uncertainties typical of emerging companies, and potential investors are encouraged to evaluate the associated risks thoroughly before making any investment decisions.

The spin-out is proceeding following a unanimous vote by Nixxy's Board of Directors. Investors representing approximately 75% of Nixxy's outstanding shares have verbally waived participation in the distribution of the spin-out shares. This exclusion benefits other shareholders by preserving equity allocation.

The record date for shareholders eligible to receive CognoGroup shares is tentatively set for October 28, 2024. This date is not yet finalized, and shareholders should await official confirmation. Additional details will be provided as they become available. The anticipated share distribution date is estimated to be approximately January 15, 2025, contingent on registrations, regulatory approvals, and other conditions. It is important to note that shares sold short prior to the record date will require the short seller to deliver the distributed spin-off shares to the buyer of the shorted shares.

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