On September 1, 2017, the Company's wholly owned subsidiary AMDAQ Corp (f/k/a E 2 Investments, LLC)(hereinafter "AMDAQ") closed its transaction with AMDAQ, Ltd (hereinafter "LTD").
Under the terms of the Agreement and Plan of Share Exchange (hereinafter the "Agreement"), AMDAQ issued the holders of 100 Ordinary shares of LTD 15,000,000 shares of its common stock. In exchange, AMDAQ received all 100 Ordinary shares of LTD. and 1,000,000 AMDAQ tokens, which represents all of the AMDAQ mined Ethereum tokens.
In addition on September 1, 2017, the Company filed an Issuer Company-Related Action Form with the Financial Industry Regulatory Authority (hereinafter "FINRA") for the spin-off of AMDAQ to the Company's shareholders. Upon an approval from FINRA, the Company will file a Registration Statement with the Securities and Exchange Commission on Form S-1 to register the shares issued to the Company's shareholders as well as a percentage issued to the LTD shareholders.
On August 25, 2017, the Company filed a Reinstatement, Notice of Conversion, Articles of Incorporation and name change for E2 Investments, LLC ("E2") with the State of Florida.
Under the Articles of Incorporation, E2 changed its name from E 2 Investments to AMDAQ Corp ("AMDAQ"). AMDAQ shall be authorized to issue two classes of stock. The first being Common stock of which it shall be authorized to issue 250 million shares. The second being Preferred stock of which it shall be authorized to issue 5 million shares.
The Record date for the spin-off of AMDAQ is set at September 15, 2017. Shareholders of record of Sylios Corp on the close of September 15, 2017 will receive 1 share of common stock of AMDAQ Corp for every 1000 shares of common stock of Sylios Corp owned. The Payment date will be tentatively set at October 2, 2017.
AMDAQ Corp Business Plan:
AMDAQ is a revolutionary securitization platform that allows the ownership of both tangible and intangible illiquid assets to be evidenced and transferred using the Ethereum Blockchain.
AMDAQ allows both the documented ownership and transfer of assets for which there is no established registration process and the sub-division of ownership interests in otherwise registered assets where transfer processes may be expensive/cumbersome and/or trigger taxes and other expenses.
Examples of assets that can be efficiently held include:
- Co-owned portfolios of real estate interests
- Subdivided interests in a single real estate asset
- Portfolios of art and collectibles
- Cryptocurrency and fiat currency portfolios
- Unincorporated business ventures
Using the AMDAQ platform, assets can be titled in a Smart Contract with ownership interests evidenced by ownership of an associated Ethereum token. The Smart Contract will provide not only the rules as to transfer of ownership but also automated voting mechanisms for each specific situation that requires governance decisions.
Where required by law, assets can be titled using a traditional “trustee” structure with the trustee delegating administration to the Smart Contract.
The initial AMDAQ token (or “DAQ”) is a fully ERC20 compatible Ethereum Token that can be held in an Ethereum Wallet. Only 1,000,000 AMDAQ tokens were mined and the token is designed so that no more can ever be mined.