RYE, New York--(BUSINESS WIRE)--LICT 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.
LICT 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.
MachTen 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.
The 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.
Following the separation, LICT and MachTen will be independent, publicly traded companies with distinct business operations, customers and geographic markets.
MachTen 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.
"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.”
LICT 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.
This release contains certain forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation anticipated financial results, financing, capital expenditures and corporate transactions. It should be recognized that such information is based upon certain assumptions, projections and forecasts, including without limitation, business conditions and financial markets, regulatory and other approvals, and the cautionary statements set forth in documents filed by LICT on its website, www.lictcorp.com. As a result, there can be no assurance that any possible transactions will be accomplished or be successful, or that financial targets will be met. Such forward-looking information is subject to uncertainties, risks and inaccuracies, which could be material.
LICT 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.