Business Context and Reporting Period
This Form 8-K Current Report was filed by Silversun Technologies, Inc. (not QXO, Inc.) on October 13, 2023. The report addresses the termination of a material definitive agreement regarding a proposed merger.
Key Financial Metrics
This filing is a current report regarding a corporate event and does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. No financial statements are included in this document.
Material Changes
The primary material change reported is the termination of the Agreement and Plan of Merger dated September 29, 2022, and subsequently amended six times. The agreement was between Silversun Technologies, Inc. and Rhodium Enterprises, Inc. (and related subsidiaries). The termination occurred because the closing of the merger did not occur by the deadline of September 30, 2023, as permitted under Section 7.02(a) of the Merger Agreement.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future operations, or specific risk factors beyond the termination of the transaction. The document notes that the descriptions of the Merger Agreement and its amendments are qualified in their entirety by reference to the actual agreements filed as Exhibits 2.1 through 2.7.
Investor Verification Checklist
- Verify the correct registrant name is Silversun Technologies, Inc. (Ticker: SSNT), not QXO, Inc.
- Confirm the termination of the merger with Rhodium Enterprises, Inc. was effective as of October 13, 2023.
- Review the attached Exhibits (2.1 through 2.7) for details on the original merger terms and the six amendments leading up to the termination.
- Check subsequent filings for any financial impact or termination fees resulting from the abandoned merger.