Recruiter.com enters license agreement with GoLogiq

Recruiter.com Group announced significant steps forward in its restructuring plans. On February 23, 2024, the Company entered a Technology License and Commercialization Agreement with GoLogiq. Under the GOLQ Licensing Agreement, GoLogiq grants the Company a worldwide, exclusive license to develop its fintech technology and sell products derived thereof, including its Createapp, Paylogiq, Gologiq, and Radix AI technology and products, for a term of 10 years, with automatic two year renewals. The GOLQ Licensing Agreement supersedes and replaces the original agreements entered into with GoLogiq last year. The compensation for the license includes the issuance of 19.99% of the Company’s outstanding stock and an 8% fee on sales of the products. As announced on December 30, 2023, the Company extended the terms for Job Mobz to close on purchasing certain intellectual property of the Company, including the Recruiter.com website and corresponding trademark. The Company reports that the acquisition is still in process and is expected to close, subject to the satisfaction of closing conditions. The Company also signed an amendment with Job Mobz on February 13, 2024, removing the condition in the original agreement for shareholder approval. The transaction is expected but not guaranteed to close within thirty days. The Company is continuing its previously announced plans to consolidate its current assets into Atlantic Energy Solutions which is planned to be renamed CognoGroup. CognoGroup is planned to hold several assets and operating businesses, including Mediabistro, a leading job board for the media industry, the partnership with and shares of Job Mobz after the Recruiter.com transaction closes, shares of Futuris, Inc. granted to the Company from the recent sale of its healthcare staffing business, and other assets and ventures centered around artificial intelligence and recruitment technology. On February 12, 2024, the Company’s Board voted unanimously to perform certain administrative actions necessary to prepare for and effectuate the spin-out, including corporate restructuring and renaming. The Company issued an 8K on February 23, 2024 disclosing two additional topics. Nasdaq informed the Company that it did not comply with the minimum shareholders’ equity and shareholder meeting requirements. The Company will have a hearing to review these matters on April 18, 2024. Company management believes that the Company has taken the necessary steps to address the shareholder’s equity issue and further believes that the Gologiq Licensing Agreement should add approximately $3.5M in assets to the Company’s balance sheet and, as a result, should substantially exceed the level required by Nasdaq. In addition, the Company plans to soon file a Proxy Statement for the election of Directors and to ratify Salberg & Company, P.A. as its independent registered auditor, along with other corporate matters. This will satisfy Nasdaq’s annual meeting requirement.