LAS VEGAS, Oct. 23, 2026 (GLOBE NEWSWIRE) -- SPYR, Inc. (OTC: SPYR) (“SPYR” or the “Company”) today announced that it has closed the transaction under its stock purchase agreement with Ledjr AI (“Ledjr”). With the closing, Ledjr now holds voting control of the Company.
Management and Board Changes
In connection with the change of control, Mohammed Siddiqi has been appointed Chief Executive Officer and a director of the Company, and Richard C. Hawkins has resigned as Chief Executive Officer and director. The Company expects to add independent directors as it moves toward SEC reporting status.
Audit and Registration Statement
The Company intends to engage a PCAOB-registered independent auditor to audit two years of financial statements covering both SPYR and Ledjr’s operating business. Because Ledjr is the operating business, its financial statements will form the historical financial statements of the combined company. The parties have agreed to use their best efforts to complete the audit and file a registration statement with the SEC within 90 days of the change of control. Filing the registration statement is the first step toward SEC reporting status and an eventual application to list on a national securities exchange.
Name and Symbol Change
The Company is preparing its submission to FINRA to change its corporate name and trading symbol to reflect the Ledjr business. The Company will provide an update once all documentation has been submitted to FINRA, and will continue to report progress as each step is completed.
“With the change of control complete, our first priority is the audit,” said Mohammed Siddiqi, Chief Executive Officer of SPYR and Ledjr AI. “It is the gate to everything that follows: the registration statement, institutional capital and an exchange listing. Our finance customers hold us to that standard, and so will our shareholders.”
“Restoring a company through the courts is only worth it if it ends with a real business in place,” said Richard C. Hawkins, former Chief Executive Officer of SPYR. “Ledjr has a product in use, paying customers and a team that understands what being public requires. That is what this process was meant to deliver for shareholders.”
Court Custodianship and Debt Reduction
This is the first strategic transaction for SPYR since its court-supervised restoration. Before the restoration, SPYR had no operations, needed reinstatement with the Nevada Secretary of State, and carried approximately $28.6 million in reported liabilities.
In July 2025, the Eighth Judicial District Court of Nevada appointed a custodian. The custodian reinstated the Company, appointed interim officers and directors, held a shareholder meeting, and ran a court-supervised creditor-notice process. In February 2026, the Court entered an order barring unasserted claims. In July 2026, the Court ratified the custodian’s actions and returned full control to the board.
The cleanup is reflected on the balance sheet. Total reported liabilities fell from approximately $28.6 million at December 31, 2025 to approximately $722,000 at September 30, 2026. All legacy classes of preferred stock have been cancelled.
About Ledjr AI
Ledjr AI is building the AI infrastructure layer for the enterprise accounting market. For more information, visit www.ledjr.ai.
About SPYR, Inc.
SPYR, Inc. is a Nevada corporation quoted on OTC Markets under the symbol “SPYR.”
Investor Contact
info@spyrcorp.co | +1 480-788-7420
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding the audit of the Company’s financial statements, the filing of a registration statement, the addition of independent directors, the change of the Company’s name and trading symbol, potential exchange listing, and Ledjr’s business. Forward-looking statements can be identified by words such as “will,” “intends,” “anticipates,” “plans,” “expects” and similar expressions.
These statements are based on current expectations and are subject to significant risks and uncertainties, including: that the audit and registration statement may not be completed within the contemplated time frame or at all; that FINRA may not approve or may delay the name and symbol change; that Ledjr’s platform may not achieve the customer adoption, market acceptance or growth its management anticipates; that Ledjr may face competition from larger providers of ERP and accounting software and AI tools; that additional funding may not be available on acceptable terms or at all; that securities remain subject to applicable former-shell-company resale restrictions under Rule 144(i); that exchange listing standards may not be met; and that legacy indebtedness and future financing may substantially dilute common stockholders. The super-voting preferred stock concentrates voting control in Ledjr even if Ledjr’s common equity ownership is diluted.
The safe harbor for forward-looking statements provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 is not available to the Company. The Company undertakes no obligation to update any forward-looking statement except as required by law.
This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any security.
Source: SPYR, Inc.
