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SWK, SILVERSUN PLANS OUTLINED Featured

 SilverSun Technologies has filed a preliminary prospectus outlining the plan to spin out SWK Technologies, its reselling operations, as a separate public company. SilverSun, which has merged with Rhodium Enterprises, will be renamed Rhodium, according to the documents filed with the SEC.

That seemed likely from the beginning.  Rhodium is a bit mining company which withdrew its plans for an initial public offering in January. The reverse merger with SilverSun gives it the entre to the public market. For those who might have stumbled over the initial news—I suspect a bunch of us—SWK gets spun out by virtue of a stock dividend. The SilverSun legacy shareholders will hold 3.2 percent of the shares  of the newly named Rhodium by virtual of their holding Class A shares while Imperium, which owns Rhodium, will have 100 percent of the Class B shares. Just to add to the unusual news, SWK recently was. named Rookie of the Year for by Oracle NetSuite, except that SWK had already divested its NetSuite business.

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