Rye’s LICT Corp. seeks spin-off of Michigan operations

LICT Corp. (OTC Pink:LICT), the Rye-based holding company with subsidiaries in broadband and telecommunications services, has filed a formal submission of a Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC) for a spin-off of its Michigan operations to a wholly owned subsidiary, MachTen Inc.

“LICT is undergoing a strategic review of its operations to determine whether our shareholders might benefit from ways to surface value including additional spin-offs,” said the company in a press statement. “LICT”™s history of spin-offs include CIBL Inc., spun off in 2007, initially traded beginning in 2008 at around $200 per share; it has recently traded as high as $1,800 per share. Likewise, ICTC Group Inc., spun off in 2010, initially traded at around $15 per share and was acquired in 2018 for $65 per share. Indeed, LICT was itself a spin-off from Lynch Corp. and started trading at $2,500 per share.”

The Form 10 submission is preliminary and is subject to change upon SEC review. The company added it will continue to “analyze and evaluate a full range of means to raise capital, permitting the company to expand the scope and scale of its businesses, accelerate growth, and to provide speed, and accessibility to our customers, while growing our shareholders”™ intrinsic value.”