Helios and Matheson Analytics Inc (NASDAQ:HMNY) To Spin-Off Zone Technologies Inc.


    Helios and Matheson Analytics Inc (NASDAQ:HMNY) reported its board of directors has permitted a plan to spin-off its subsidiary unit, Zone Technologies Inc. Following the spin-off, it would turn into an independent publicly traded firm that company anticipates to also be listed on Nasdaq platform.

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    The spin-off is dependent on several conditions, including, but not limited to, the effectiveness of a Registration Statement to be filed with the SEC and the accepted listing of Zone’s common stock on Nasdaq platform. Following the spin-off, Helios and Matheson intends to distribute shares of Zone as a dividend to folks who hold HMNY as of a record date to be decided. The board anticipates to set a record date to decide the stockholders eligible to get shares of Zone in the spin-off for around 20 to 40 days prior to the effective date of the planned spin-off.

    Holders of any warrants and convertible notes of Helios and Matheson outstanding as of the pertinent record date may be eligible to participate in the payout of Zone shares in the planned spin-off in respect with the terms of such warrants and notes.

    The strategic objective of the spin-off is to establish two public firms, each of which can emphasis on its own operational plans and strengths. Besides, after the spin-off, each of Zone and HMNY will be better set to pursue partnerships and other plans that are closely aligned with their business models.

    Ted Farnsworth, the Chairman and CEO of Helios and Matheson, expressed that having established Zone, he is thrilled to implement this spin-off to increase Zone’s true prospect, by furthering the advancement of their RedZone Map™ product and growing Zone’s business by venturing into complementary technology segments. He considers this spin-off will allow Zone to grow, both by acquisition of other know-hows and also organically.


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