LICT Corporation completed the Spin-Off of MachTen, Inc.
August 30, 2023
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The Board of LICT Corporation (OTCPK:LICT) announced the spin-off of 81% stake of MachTen, Inc. on May 15, 2023. As per the transaction, LICT Corporation shareholders will receive 150 shares of MachTen common stock, for each share of LICT Corporation common stock. As of July 18, 2023, U.S. Securities and Exchange Commission has declared effective the Registration Statement on Form 10 filed by MachTen, Inc. It is expected that the distribution will be made in the third quarter. The record date of transaction is July 31, 2023. As of August 5, 2023, LICT Board has approved the transaction. As of August 14, 2023, LICT Corp. reported that the U.S. Securities and Exchange Commission has cleared the spin-off. The transaction is expected to close on August 14, 2023. As of August 11, 2023, LICT has changed the proposed distribution date from August 14 to August 31, 2023. American Stock Transfer & Trust Company, LLC acted as registrar to LICT Corporation.
LICT Corporation completed the Spin-Off of 81% stake of MachTen, Inc. on August 31, 2023. The parties entered on the Separation and distribution agreement on August 31, 2023.
MachTen, Inc. is a holding company for Upper Peninsula Telephone Company (UPTC), Michigan Central Broadband Company, LLC (MCBC), and Alpha Communications Limited., Inc. (Alpha). MachTenâs subsidiaries provide regulated and unregulated broadband Internet access and communications services, including voice, video, home automation and managed hosting services. The Company offers an array of services to residential, commercial, and governmental customers, which include broadband services with increasing transmission capacities, through fiber optic facilities, fixed wireless technologies, digital subscriber lines (DSL), and coaxial cable via cable modem; video services, including cable television and over-the-top (OTT) services; local and long-distance telephone service; private line connections between two branches of a business; managed hosting, where it hosts virtual switchboards for customers, and access for other telephone service providers to the intra-state and interstate networks.