NEW YORK, NY / ACCESSWIRE / June 27, 2024 / 1847 Holdings LLC ("1847" or the "Company") (NYSE American:EFSH), a holding company specializing in identifying over-looked, deep value investment opportunities in middle market businesses, today announced that it will effect a 1-for-13 reverse split ("reverse split") of its common shares that will become effective on July 8, 2024.
1847's common shares will continue to trade on NYSE American under the symbol "EFSH" and will begin trading on a split-adjusted basis when the market opens on July 8, 2024. The new CUSIP number for the common shares following the reverse split will be 28252B861. The reverse split will reduce the number of outstanding shares of the Company's common shares from approximately 7.1 million shares to approximately 0.54 million shares and also reduce the Company's float from approximately 6.8 million shares to approximately 0.53 million shares.
Ellery W. Roberts, CEO of 1847, stated, "We believe this strategic restructuring of the Company's capitalization better positions us for the ongoing serial accretive acquisitions we have in the pipeline. Our focus remains on acquiring undervalued, cash flow-positive, lower-middle market businesses at attractive valuations. By restructuring, we are ensuring that we have the necessary financial flexibility and strength to continue pursuing these opportunities effectively."
"Despite the challenging overall capital markets, we are confident that this reverse split will tighten the public float of our stock. This adjustment will enhance the stock's attractiveness to a broader range of institutional and other investors. By making our shares more appealing to these investors, we aim to increase liquidity and stabilize our stock price, which is crucial for maintaining investor confidence and supporting our growth strategy. Furthermore, the traction in our business demonstrates our ability to deliver consistent value and performance. The reverse split is a strategic move that aligns with our long-term vision, providing us with a stronger platform to execute our growth initiatives and capitalize on market opportunities. We believe that this approach will ultimately create more value for our shareholders and position the Company for sustained success in the future," concluded Mr. Roberts.
About 1847 Holdings LLC
1847 Holdings LLC (NYSE American: EFSH), a publicly traded diversified acquisition holding company, was founded by Ellery W. Roberts, a former partner of Parallel Investment Partners, Saunders Karp & Megrue, and Principal of Lazard Freres Strategic Realty Investors. 1847 Holdings' investment thesis is that capital market inefficiencies have left the founders and/or stakeholders of many small business enterprises or lower-middle market businesses with limited exit options despite the intrinsic value of their business. Given this dynamic, 1847 Holdings can consistently acquire businesses it views as "solid" for reasonable multiples of cash flow and then deploy resources to strengthen the infrastructure and systems of those businesses in order to improve operations. These improvements may lead to a sale or IPO of an operating subsidiary at higher valuations than the purchase price and/or alternatively, an operating subsidiary may be held in perpetuity and contribute to 1847 Holdings' ability to pay regular and special dividends to shareholders. For more information, visit www.1847holdings.com.
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Forward-Looking Statements
This press release may contain information about 1847 Holdings' view of its future expectations, plans and prospects that constitute forward-looking statements. All forward-looking statements are based on our management's beliefs, assumptions and expectations of our future economic performance, taking into account the information currently available to it. These statements are not statements of historical fact. Forward-looking statements are subject to a number of factors, risks and uncertainties, some of which are not currently known to us, that may cause our actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial position. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include but are not limited to the risks set forth in "Risk Factors" included in our SEC filings.
Contact:
Crescendo Communications, LLC
Tel: +1 (212) 671-1020
Email: EFSH@crescendo-ir.com
SOURCE: 1847 Holdings
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