The SPYR control change closed on October 23, 2026, giving Ledjr AI voting control of the OTC-quoted company. Mohammed Siddiqi became chief executive and a director, replacing Richard C. Hawkins, who resigned from both roles. The next priority is an audit intended to support an SEC registration filing.
Key Takeaways
- Ledjr AI now controls SPYR’s voting power, with Mohammed Siddiqi taking over as CEO.
- The parties set a best-efforts 90-day target for completing an audit and filing an SEC registration statement.
- Reported liabilities declined to about $722,000, but financing, dilution and listing risks remain.
Table of Contents
- SPYR control change shifts attention to the audit
- Ledjr brings an enterprise accounting business
- Court restoration preceded the transaction
- Name change and listing remain prospective
- Conclusion
SPYR control change shifts attention to the audit
SPYR plans to hire an independent audit firm registered with the Public Company Accounting Oversight Board to examine two years of financial statements for SPYR and Ledjr’s operating business. That engagement is planned, not completed.
Ledjr’s accounts will provide the combined company’s historical financial record because Ledjr supplies the operating business. The parties committed to making their best efforts to finish the audit and submit a registration statement to the SEC within 90 days after the control transfer.
The filing would begin the process toward SEC reporting status. A possible national-exchange listing comes later and remains subject to eligibility requirements; the transaction’s closing does not itself establish either reporting status or an exchange listing.
| Item | Details |
|---|---|
| July 2025 | Nevada’s Eighth Judicial District Court appointed a custodian for SPYR. |
| February 2026 | The court issued an order barring claims that had not been asserted. |
| July 2026 | The court approved the custodian’s actions and restored full authority to the board. |
Ledjr brings an enterprise accounting business
Ledjr develops artificial-intelligence infrastructure for enterprise accounting. Its description of its accounting integration approach explains how it connects an AI layer to existing enterprise resource planning systems, including SAP, Oracle, QuickBooks, Sage and Dynamics.
Hawkins said Ledjr has an operating product and paying customers. The announcement did not provide revenue, profit or customer-count figures, leaving the planned audited accounts as an important next disclosure about the business.
Court restoration preceded the transaction
The Ledjr deal is SPYR’s first strategic transaction following its court-supervised restoration. Before that process, the Nevada corporation had no operations and needed its state registration reinstated.
SPYR reported liabilities of approximately $722,000 at September 30, 2026, compared with roughly $28.6 million at December 31, 2025. It also said every legacy preferred-stock class had been cancelled. These balance-sheet changes preceded the October control announcement.
Name change and listing remain prospective
SPYR is preparing documentation for a FINRA submission to change its corporate name and trading symbol to reflect Ledjr. It expects to announce when the submission is complete and also plans to appoint independent directors as it pursues SEC reporting status.
Those steps carry execution risk. SPYR cautioned that the audit and registration filing could miss the intended timetable or fail to occur, while FINRA could delay or reject the proposed name and symbol changes.
Shareholders also face potential dilution from legacy debt and future financing. Super-voting preferred shares give Ledjr concentrated voting power even if its percentage ownership of common equity falls. Former-shell-company restrictions under Rule 144(i) also continue to affect securities resales.
Conclusion
With control transferred, the next milestones are the planned auditor engagement, completion of the financial audit and the proposed SEC filing. SPYR also intends to update shareholders once its name-and-symbol documentation reaches FINRA.
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Disclaimer
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