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SWK STAYS IN RENAMED COMPANY Featured

A planned spin off of SilverSun Technologies, parent of SWK Technologies, will not happen.

But although SilverSun will be renamed as QXO and moved into the building products market, reseller SWK will remain there.  “We will continue to scale SWK from within the QXO umbrella,” says SilverSun’s current CEO Mark Meller. The renaming will follow the investment of $1 billion in SilverSun by investor Brad Jacobs. The whole plan must be approved by SilverSun investors at a shareholder meeting, whose date has not been set. Previously the SWK business was to be spun off under a company called SilverSun Holdings NV to apply for a Nasdaq listing, with Meller as CEO and the original company renamed SilverSun investors were to receive a $2.5 million special dividend but with the change in plans that was raised to $17.4 million. Jacobs will replace Meller as CEO of the renamed company with Meller becoming president. The original plan was that the merger with ensuing spin off would be with bitcoin miner Rhodium Enterprises, but that deal was cancelled in October 2023,

 

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