Scryb Inc (OTCMKTS:SCYRF) Stock Attempts To Bounce Back After The Fall

Shares of Scryb Inc (OTCMKTS:SCYRF) ended slightly higher after the recent sell-off.

Market Stats

On Friday, SCYRF stock gained 2.75% to 0.1513 with more than 3.5k shares, compared to its average volume of 15k shares. The stock has moved within a range of $0.1496 – 0.1540 after opening trading at $0.1540.

Scryb Prepares to List Cybeats Technologies via RTO Transaction

Applied intelligence company, Scryb Inc (OTCMKTS:SCYRF) on January 7, 2022, announced signing a non-binding letter of intent with Pima Zinc Corp. This will enable Pima to acquire all of the outstanding and issued common shares in the capital of Cybeats from Scryb.

Pima would be renaming itself to “Cybeats Technologies Corp.” and would be applying for a Canadian Securities Exchange listing.

YoavRaiter, CEO, ScrybInc said that the firm is witnessing the growth of Cybeats’s since acquisition and hopes on the acceleration of commercial activities as well as expansion with the proposed transaction.

Raiter added that a separate listing would be bringing shareholder value reflecting the state of Cybeats business and believes that the current valuation doesn’t show in the share price. The CEO added that the transaction will enable a contemplated share-based dividend of Cybeats shares to Scryb shareholders.

Completion of the proposed transaction will be subjected to Cybeats and Pima entering into a definitive agreement and all regulatory approvals. The proposed transaction will ensure Scryb continues to be the controlling shareholder in Cybeats and the company would be reporting its interest in Cybeats on a consolidated basis.

Scryb’s management opines that the transaction will be positive for the firm enabling Cybeats to access public markets for the capital needed to grow businesses without dilution of shares.