Network-1 Acquires Full Control of 100 Taylor Street LLC for $10.5M

TL;DR

Network-1 buying out RMR Group's stake in 100 Taylor Street LLC for $10.5M. Full control incoming.

AI Summary

Network-1 Technologies, Inc. announced on October 1, 2024, that it has entered into a definitive agreement to acquire the remaining 50% interest in its subsidiary, 100 Taylor Street LLC, from its joint venture partner, The RMR Group LLC. This transaction, valued at $10.5 million, is expected to close in the fourth quarter of 2024.

Why It Matters

This acquisition will give Network-1 Technologies full ownership and control of the 100 Taylor Street property, potentially simplifying management and allowing for strategic decisions without a partner.

Risk Assessment

Risk Level: low — The transaction is a straightforward acquisition of a remaining stake in a subsidiary, with a clear purchase price and expected closing timeline.

Key Numbers

• $10.5M — Acquisition Price (Network-1 Technologies is paying this amount to acquire the remaining 50% interest in 100 Taylor Street LLC.)
• 50% — Percentage Acquired (Network-1 is acquiring the remaining 50% interest in 100 Taylor Street LLC.)

Key Players & Entities

• Network-1 Technologies, Inc. (company) — Registrant
• 100 Taylor Street LLC (company) — Subsidiary being acquired
• The RMR Group LLC (company) — Joint venture partner selling stake
• $10.5 million (dollar_amount) — Purchase price for the remaining interest
• October 1, 2024 (date) — Date of the earliest event reported
• fourth quarter of 2024 (date) — Expected closing period for the transaction

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share NTIP NYSE American Chec

Filing Documents

• form8k.htm (8-K) — 35KB
• exh99-1.htm (EX-99.1) — 11KB
• 0001072613-24-000749.txt ( ) — 218KB
• ntip-20241001.xsd (EX-101.SCH) — 3KB
• ntip-20241001_lab.xml (EX-101.LAB) — 33KB
• ntip-20241001_pre.xml (EX-101.PRE) — 22KB
• form8k_htm.xml (XML) — 4KB

01 Other Events

Item 8.01 Other Events. On October 1, 2024, Network-1 Technologies, Inc. ("Network-1") announced that the U. S. Patent and Trademark Office issued U.S. Patent No.12,107,587 (Field Programmable Gate Array with Internal Phase-Locked Loop) to its wholly-owned subsidiary (HFT Solutions, LLC). The newly issued patent is part of Network-1's HFT patent portfolio that relates to, among other things, technologies used by firms engaged in high frequency trading activities that utilize custom field- programmable gate array (FPGA) hardware, including clock domain management technology that provides critical transaction latency gains in trading systems where the difference between success and failure may be measured in nanoseconds. A copy of the press release is attached as Exhibit 99.1.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press Release dated October 1, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). -2- SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NETWORK-1 TECHNOLOGIES, INC. Dated: October 2, 2024 By: /s/ Corey M. Horowitz Name:Corey M. Horowitz Title:Chairman and Chief Executive Officer -3-

View Full Filing

View this 8-K filing on SEC EDGAR