LICT Gets Set to Spin Off Michigan Broadband

LICT, a publicly-held company with several rural service provider subsidiaries, plans to spin off one of those subsidiaries into a separately traded entity. The subsidiary, currently known as Michigan Broadband, will be known as MachTen after the spinoff, which is expected to occur on August 14, 2023. The separation will make LICT and MachTen completely independent, publicly traded companies. MachTen will be in Traverse City (MI). LICT is a holding company whose 11 subsidiaries focus on broadband and telecommunications services. The companies operate as incumbent rural local exchange carriers and as competitive local exchange carriers (RLECs and CLECs). These entities serve subscribers using a range of technologies, including DSL, fiber, fixed wireless access, and cable modems.