NEW YORK, June 5, 2023 /PRNewswire/ -- INX Limited
(Cboe Canada: INXD, INXATS: INX, OTCQB: INXDF), a broker-dealer and
inter-dealer broker today announced the calculation of its
cumulative Adjusted Operating Cash Flow as of March 31, 2023 and the pro rata portion of the
Distributable Amount per INX Token.
(U.S. Dollars in
thousands except for the number of INX Tokens)
|
Cumulative Adjusted
Operating Cash Flow as of December 31, 2022
|
(56,679)
|
|
|
Less: Net cash used in
operating activities in the three months ended March 31,
2023
|
(3,523)
|
|
|
Plus: Proceeds from
sale of INX Tokens during the three months ended March 31,
2023
|
-
|
|
|
Less: Proceeds from
initial sale of INX Tokens during the three months ended March 31,
2023
|
-
|
|
|
Cumulative Adjusted
Operating Cash Flow as of March 31, 2023
|
(60,202)
|
|
|
Distributable
Amount
|
0
|
|
|
Outstanding INX Tokens
(as of May 31, 2023)
|
135,409,318
|
|
|
Indicative Pro Rata
Portion of the Distributable Amount per INX Token
|
0
|
These calculations are based on unaudited quarterly results of
operations of INX Limited and its subsidiaries.
Subject to the conditions described in the INX Token Purchase
Agreement, commencing in calendar year 2021, each INX Token held by
parties other than the Company, shall entitle its holder to receive
a pro rata portion of an aggregate amount which equals 40% of INX
Limited's cumulative Adjusted Operating Cash Flow, net of Adjusted
Operating Cash Flows that have already formed a basis for a prior
distribution (such amount, the "Distributable Amount").
The distribution to holders of the INX Tokens is based on an
annual calculation of our cumulative Adjusted Operating Cash Flow
as of December 31 and includes the
resulting the pro rata portion of the Distributable Amount per INX
Token. The calculation of the cumulative Adjusted Operating Cash
Flow is provided at the same time that we file our annual report
containing our audited financial statements. We publicly disclose
the final calculations, including the pro rata portion of the
Distributable Amount per INX Token, by filing such information on a
Form 6-K, including such information within our Form 20-F or other
annual report, issuing a press release and including the
information on our website.
The distribution to INX Token holders is a contractual
obligation of the Company and a right of each INX Token holder of
record as of March 31 of a year
following a year end for which there was positive cumulative
Adjusted Operating Cash Flow. The pro rata distribution of our
cumulative Adjusted Operating Cash Flow is not self-executing and
requires that our board of directors approve the Company's
financial statements and calculate such distribution in good faith.
Further, although the annual calculation of our cumulative Adjusted
Operating Cash Flow is based on information provided in the audited
consolidated financial statements of INX Limited and its
subsidiaries, neither the calculation of the cumulative Adjusted
Operating Cash Flow nor any pro rata distributions thereof to token
holders will be audited at the time of any distribution.
About INX:
INX Limited aims to provide a regulated trading platform for
digital securities and cryptocurrencies, combining traditional
markets expertise with a novel fintech approach. INX is led by an
experienced team of business, finance, and blockchain technology
experts unified by the vision of redefining the world of capital
markets via blockchain technology and innovative regulatory
approach.
Forward-Looking Statements
Some of the statements in this press release constitute
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify forward-looking statements by terminology such as "may,"
"will," "should," "expects," "plans," "project," "anticipates,"
"believes," "estimates," "predicts," "potential," "intends," or
"continue," or the negative of these terms or other comparable
terminology. These forward-looking statements may include, but are
not limited to, statements relating to our objectives, plans, and
strategies; statements that contain projections of results of
operations or of financial condition; statements relating to the
research, development, and use of our products; and all statements
(other than statements of historical facts) that address
activities, events, or developments that we intend, expect,
project, believe, or anticipate will or may occur in the future.
Forward- looking statements are not guarantees of future
performance and are subject to risks and uncertainties. We have
based these forward-looking statements on assumptions and
assessments made by our management in light of their experience and
their perception of historical trends, current conditions, expected
future developments, and other factors they believe to be
appropriate. These statements are only current predictions and are
subject to known and unknown risks, uncertainties, and other
factors that may cause our or our industry's actual results, levels
of activity, performance, or achievements to be materially
different from those anticipated by the forward-looking statements.
We discuss many of these risks in greater detail in our Annual
Report on Form 20-F for the year ending December 31, 2022, filed with the Securities
Exchange Commission on May 1, 2023,
including under the headings "Risk Factors" and "Cautionary Note
Regarding Forward-Looking Statements." You should not rely upon
forward-looking statements as predictions of future events.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable as of the date hereof, we
cannot guarantee future results, levels of activity, performance,
or achievements. Except as required by law, we are under no duty to
update or revise any of the forward-looking statements, whether as
a result of new information, future events or otherwise.
CONTACT:
Carrie Rubinstein
carrie.rubinstein@inx.co
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