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Read this[0] - Xhibit and SkyMall have a very strange/shady past. This is the strangest part from that article: "Xhibit is a cloud based technology development

• randomfool 12y ago
  Not surprising at all, from the same article: "The Xhibit Corporation went public via a "reverse takeover" of a shell company in 2012. Earlier, in 2011, the individuals behind the company acquired a shell company called NB Manufacturing for $350K, and voila, Xhibit was able to become a publicly traded company." "How does a company go from $350K valuation to $300MM in under two years? The answer is that if a security is fairly illiquid, the "price" is more or less arbitrary because people aren't really buying or selling many shares." So Xhibit buys a shell company to become publicly traded, drives up their stock price by taking advantage of minimal liquidity, then buys SkyMall with their inflated stock. Just surprising that SkyMall sold to them at all.
  • tosseraccount 12y ago
    $350K ???? Not a bad way to go public. Cheap too. Listing via IPO will cost you a lot more: lawyers, filing, lockups, paper work, brokers skimming. Better the company get full value for their shares. No need to cut some big guys in on the deal. It's just not a requirement. More companies should use this strategy and avoid the Wall Street tax.