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SilverSun Technologies Holdings/NV, parent to reseller SWK Technologies,, has begun the process of separating from the public company SilverSun Technologies.

The company  filed documents with the SEC recently to register shares expected to be issued when it spins out of the other company. The public company now called SilverSun Technologies, which will be renamed QXO, has been acquired by an investor Brad Jacobs, and will be moving into the building products distribution industry. Reseller SWK Technologies and its sister subsidiaries are part of the company being spun out of Jacobs’ unit. The original plan was SilverSun would perform a reverse merger with bit miner Rhodium and the SWK and other units would spin out but when that deal fell through, SilverSun Technologies Holdings withdraw its stock registration in May. The addition of the NV to that business’ name reflects the fact that the spinoff of ST Holdings company, incorporated in Delaware, is being replaced by ST Holdings/NV incorporated in Nevada and will continue to operate under CEO Mark Meller. As part of the separation of the companies, shareholders will receive a $2.5-million cash dividend, which will be paid out of Jacobs’ equity investment in what will become QXO.

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