TTM Digital Assets & Technologies, Inc. entered into an agreement to acquire Sysorex, Inc. (OTCPK:SYSX) for approximately $130 million in a reverse merger transaction on April 8, 2021. Under the terms of the transaction, the shareholders of TTM Digital will receive a right to receive an aggregate of 124,218,268 shares of Sysorex's common stock in exchange for their shares of TTM Digital. As a closing condition to the Merger, a significant portion of Sysorex's existing debtholders, creditors and service providers agreed to convert or exchange their outstanding indebtedness or accounts payable, as applicable, eliminating at least $13.5 million of Sysorex debt, substantially improving Sysorex's balance sheet and significantly increasing Sysorex shareholders' equity. Upon close of the transaction, shareholders of TTM Digital will own approximately 80% of the outstanding shares of capital stock of combined company.

Upon close of the transaction, Douglas Cole resigned as a director of Sysorex and Wayne Wasserberg was appointed to fill the vacancy created by this resignation. Zaman Khan and Nadir Ali are continuing as directors of Sysorex, although Nadir Ali expects to resign as a director within thirty days. Zaman Khan resigned as Chief Executive Officer of Sysorex on close of the transaction. Wayne Wasserberg was elected as the Chief Executive Officer and President of combined company. The transaction is subject to issuance of the shares of SYSX Common Stock in connection with the merger shall be exempt from registration under Regulation D Rule 506(b), as promulgated under Section 4(a)(2) of the Securities Act and all applicable state securities Laws. Board of directors of TTM Digital and Sysorex have unanimously approved the transaction. Conditions to complete the transaction have been satisfied on April 14, 2021. Addison Adams of Adams Corporate Law, Inc. acted as legal advisor to Sysorex.

TTM Digital Assets & Technologies, Inc. completed the acquisition of Sysorex, Inc. (OTCPK:SYSX) in a reverse merger transaction on April 14, 2021.