Business
LICT Corporation Announces Board Approval of Michigan Spin-Off to MachTen
LICT Corporation Announces Board Approval of Michigan Spin-Off to MachTen.
About this update from Lict Corp.
[{"type":"text","content":"\nLICT Corporation (OTC Pink: LICT) announced today that its Board of Directors has approved the previously announced separation of the company's wholly owned Michigan subsidiary through a pro rata distribution into newly formed parent company MachTen, Inc.\n\n\nLICT shareholders will receive a distribution of 150 shares of MachTen common stock for every 1 share of LICT common stock owned as of the record date.\n\n\nMachTen common stock is expected to be distributed at 11:59 p.m. EDT August 14, 2023, to LICT stockholders of record as of 5 p.m. EDT on July 31, 2023, the record date for the distribution.\n\n\nThe distribution of shares does not require stockholder approval and no action is required by LICT stockholders to receive the shares of MachTen common stock. An information statement with details of the distribution and MachTen’s business following the spinoff will be distributed to LICT stockholders prior to the distribution date. The distribution is expected to be tax free for LICT stockholders for U.S. federal income tax purposes.\n\n\nFollowing the separation, LICT and MachTen will be independent, publicly traded companies with distinct business operations, customers and geographic markets.\n\n\nMachTen shares are expected to trade on the OTCQB under the symbol “MACT.” MachTen is planning a conference call for investors on August 23 at 4:30pm ET. MachTen Chief Executive Officer, Dan Miller, will review the Michigan operations, financial performance and growth prospects, and answer questions. Dial-in information will be available at www.machteninc.com.\n\n\n\"This is a very exciting time for MachTen stakeholders – our customers, our Michigan based team, and our shareholders,” said Dan Miller. “Michigan Broadband is well respected provider of communications services, and is well positioned to benefit from several demographic trends.”\n\n\nLICT Corporation is a holding company with subsidiaries in broadband and other telecommunications services that actively seeks acquisitions, principally in its existing business areas. LICT Corporation is listed on the OTC Pink® under the symbol LICT. For further information visit our website at http://www.lictcorp.com.\n\n\nThis release contains certain forward-looking information within the meaning of Section 27A of the Securities Act of 19...