Latest news with #publiccompany
Bloomberg
5 days ago
- Business
- Bloomberg
Bankruptcy Was Good for 23andMe
Sometimes a public company has a controlling shareholder who wants to take it private by buying out all of the other shareholders, and that's always messy. 1 The controlling shareholder will to some extent be negotiating with herself: She will want to buy the company for a low price, but the company's shareholders will want to get a high price, but she's the controlling shareholder and can vote for the low price. There are standard solutions to the problem, but they are only partial solutions: In the past few months, I have written a few times about 23andMe Holding Co. as an illustration of these problems. 23andMe is a publicly traded genetic testing company that was once worth about $6 billion, but it has now fallen on hard times. Its founder, Anne Wojcicki, owns about 49% of the voting power of the stock, making her effectively a controlling shareholder. She offered to buy all the stock she didn't own, to take the company private and fix its problems 'outside of the short term pressures of the public markets.' But the board of directors, whose job was to find an 'actionable proposal that is in the best interests of the non-affiliated shareholders,' didn't think her offer was good enough.
Associated Press
03-06-2025
- Business
- Associated Press
Macau-Based Epsium Enterprise Limited Celebrates Nasdaq Listing with Closing Bell Ceremony
EPSIUM ENTERPRISE LIMITED (Nasdaq: EPSM) ('EPSIUM' or the 'Company'), a Macau-based importer and wholesaler primarily of high-end alcoholic beverages, today announced that it celebrated its recent Nasdaq listing by ringing the Nasdaq Closing Bell on Thursday, May 29, 2025. The ceremony commemorates EPSIUM's successful transition to a publicly listed company, following the completion of its initial public offering on March 26, 2025. EPSIUM's ordinary shares began trading on the Nasdaq Capital Market under the ticker symbol 'EPSM.' The IPO raised gross proceeds of US$5.0 million before deducting underwriting discounts and related expenses. Held at the iconic Nasdaq MarketSite in Times Square, New York City, the Nasdaq Closing Bell Ceremony is a longstanding tradition that recognizes corporate milestones and achievements. EPSIUM's leadership team, including CEO Mr. Son I Tam, was joined by employees, partners, and representatives from the professional services community to mark the occasion. Mr. Son I Tam, CEO of EPSIUM, commented: 'This is a proud milestone for our company — and a meaningful moment for a business born in Macau to step onto the global stage. This achievement belongs to every teammate, every investor, and everyone who believed in us. The world today is full of uncertainty — but also full of opportunities. I've learned that success isn't just about speed, but about direction and staying true to our values. I will always put our investors first and lead with integrity and responsibility.' EPSIUM plans to allocate the net proceeds from the IPO to several key initiatives: approximately 60% toward mergers and acquisitions or investments in complementary businesses, 10% toward sales and brand building, 20% for general corporate purposes, and the remaining 10% as discretionary reserve under the direction of the board of directors. Founded and headquartered in Macau, EPSIUM has developed a strong presence in the high-end liquor market, serving premium hospitality and private clients. The Company has also benefited from the business-friendly policies of Macau, which continue to support diversified economic development and cross-border business growth. 'The support of Macau's stable regulatory environment has played a crucial role in EPSIUM's growth journey,' said Mr. Son I Tam in interview ahead of the ceremony. 'As a gateway between mainland China and international markets, the Greater Bay Area provides EPSIUM with strategic advantages for regional expansion and long-term value creation. Our Nasdaq listing is a new beginning—we will continue to build on our foundation and tell the story of Chinese liquor to a global audience.' The ceremony was livestreamed on the Nasdaq website at About EPSIUM ENTERPRISE LIMITED Through its Macau operating entity, Companhia de Comercio Luz Limitada ('Luz'), a limited liability company organized under Macau laws in 2010, EPSIUM is engaged in importing and wholesaling primarily alcoholic beverages in Macau. Through Luz, the Company imports and sells a broad range of premium beverages, primarily alcoholic beverages and, in 2022, a small quantity of tea and fruit juice. The alcoholic beverages the Company sells include Chinese liquor, French cognac, Scottish whiskey, fine wine, Champagne, and other miscellaneous beverage alcohol. Sales of Chinese liquor is by far the Company's most significant operations, and the Company is a top wholesaler of high-end Chinese liquor in Macau. For more information, please visit the Company's website: Forward-Looking Statements Certain statements in this press release are forward-looking statements, including, but not limited to, the Company's proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can find many (but not all) of these statements by the use of words such as 'approximates,' 'believes,' 'hopes,' 'expects,' 'anticipates,' 'estimates,' 'projects,' 'intends,' 'plans,' 'will,' 'would,' 'should,' 'could,' 'may' or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. These statements are subject to uncertainties and risks, including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the 'Risk Factors' section of the Registration Statement filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at Media Contact Company Name: EPSIUM ENTERPRISE LIMITED Contact Person: Investor Relations Department Email: Send Email City: New York Country: United States Website: Source: LianPR
Bloomberg
27-05-2025
- Business
- Bloomberg
Sell Your Crypto on the Stock Exchange
Last Tuesday, SharpLink Gaming Inc. was an online marketing company for sports betting with a stock price of about $2.91 per share and an equity market capitalization of about $2 million. It was listed on the Nasdaq, but only barely; a few weeks ago it had to do a reverse stock split to stay above Nasdaq's $1 minimum stock price, and it also didn't meet Nasdaq's minimum $2.5 million shareholders' equity requirement. So on Tuesday it announced a stock offering, raising $4.5 million at $2.94 per share, with a use of proceeds of 'regaining compliance with Nasdaq's minimum requirement for total stockholders' equity.' Though it added: 'We may elect to use a portion of the proceeds to acquire crypto currencies in connection with execution of the potential treasury strategy we currently have under consideration.' And why wouldn't it? SharpLink was only in the very most technical sense a US public company: It had a public listing, but with a $2 million market capitalization it did not really meet the requirements for a public listing, and its business — with revenue in the mid seven figures — did not really justify the expense and complexity of being a public company. In the past, that would be bad.
Yahoo
24-05-2025
- Business
- Yahoo
1 Magnificent S&P 500 Dividend Stock Down 40% to Buy and Hold Forever
Target has raised dividends for more than 50 consecutive years. The company continues to generate plenty of free cash flow. Its share price decline has created an attractive valuation. 10 stocks we like better than Target › The S&P 500 (SNPINDEX: ^GSPC) is made up of large-cap stocks. Despite the stock market's recent volatility triggered by higher tariffs, among other things, the index gained 9.8% over the last year through May 21. However, not all stocks in the index have fared this well. Target's (NYSE: TGT) share price lost more than 40% during this period. Investors have their reasons for sending the stock price down so steeply. However, dividend-seeking investors with a long time horizon should use this opportunity to purchase Target shares. Investors cannot question Target's commitment to paying dividends. The company has made a payout since 1967, when it became a public company. As remarkable as this feat is, even better, the board of directors has built an impressive streak of raising payments. Last June, Target hiked the quarterly payout by 1.8%, marking 53 straight years with an increase. That makes Target a Dividend King. Clearly, the company places a high importance on rewarding shareholders with dividends. Aside from the willingness, investors need to check if a company has the ability to continue making payouts. Last year's challenges included consumers stressed by high prices. That's hurt their discretionary spending -- hence Target's sales numbers. Nonetheless, Target's fiscal fourth-quarter same-store sales (comps) increased 1.5%. The period ended on Feb. 1. This year hasn't been easier so far. In fact, it's become more challenging. Target's first-quarter comps dropped 3.8%. Traffic contributed a 2.4-percentage-point decline, and spending was responsible for 1.4 percentage points. Earnings per share, adjusted for special items, came in at $1.30, down from $2.03. Target is confronting higher tariffs that may raise costs and cause shoppers to tighten their wallets. That could temporarily hurt the company's sales and profitability. However, Target should weather the storm. At some point, the economy will return to a more predictable state rather than staying in flux. And consumers will buy at Target based on its differentiated merchandise. And there has also been boycotts over management's decision to pull back on diversity, equity, and inclusion initiatives. These have hurt traffic. Target's undoubtedly in a difficult position, particularly given the divisive political environment. However, it seems likely that the company will find some solution, and management, after a period of inaction, has taken positive steps. This includes having constructive dialogue with various groups. Meanwhile, Target has a payout ratio of 50%. Even with management's reduced outlook for this year, in which it expects $7 to $9 a share in earnings, that's plenty to fund the $4.48 in annual dividends. That should alleviate any concern about the company's ability to pay dividends. Shareholders will receive a 4.8% dividend yield. That's much higher than the S&P 500's 1.3%. Target's stock price decline has created a compelling valuation. The shares have a price-to-earnings (P/E) ratio of 11, down from 18 a year ago. The 10-year median is 16. Target's P/E also looks good in comparison to the S&P 500, which has a P/E multiple of 28. You can collect a healthy dividend while waiting for the climate to improve. While it may take a while, and no one can predict the timing, I have faith that people will return to Target. After all, fourth-quarter traffic, before the boycotts, was positive. When they do, Target's earnings will grow faster. Then the share price will increase at a nice rate as the multiple expands. Granted, it takes a patient approach. But businesses with strong long-term fundamentals and growing dividends don't sell at discounts very often. When they do, you should take advantage of the opportunity. Before you buy stock in Target, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Target wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $640,662!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $814,127!* Now, it's worth noting Stock Advisor's total average return is 963% — a market-crushing outperformance compared to 168% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of May 19, 2025 Lawrence Rothman, CFA has positions in Target. The Motley Fool has positions in and recommends Target. The Motley Fool has a disclosure policy. 1 Magnificent S&P 500 Dividend Stock Down 40% to Buy and Hold Forever was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-05-2025
- Business
- Yahoo
Reeflex Solutions Inc. Announces Completion of Qualifying Transaction
CALGARY, Alberta, May 22, 2025 (GLOBE NEWSWIRE) -- Reeflex Solutions Inc. (TSXV: RFX) (formerly Bigstack Opportunities I Inc., a capital pool company) ('Reeflex') is pleased to announce that it has successfully completed its previously announced 'Qualifying Transaction' pursuant to TSX Venture Exchange ('TSXV') Policy 2.4 – Capital Pool Companies (the 'Qualifying Transaction'). Reeflex received conditional approval from the TSXV for the Qualifying Transaction and a filing statement dated April 14, 2025 (the 'Filing Statement') with respect to the Qualifying Transaction can be found on Reeflex's SEDAR+ profile at Trading in the common shares of Reeflex ('Reeflex Shares') was previously halted at the request of Reeflex in connection with the initial announcement of the Qualifying Transaction and is expected to resume under the new ticker symbol 'RFX' on the TSXV in two business days following the date of issuance of the bulletin by the TSXV evidencing final acceptance of the Qualifying Transaction. The new CUSIP number is 75846K105 and the new ISIN is CA75846K1057 for the Reeflex Shares. 'Completing this Qualifying Transaction marks a significant milestone for Reeflex Solutions Inc.,' said John Babic, President and CEO of Reeflex. 'Our vision to transform and expand the capabilities of Coil Solutions Inc. is now supported by the resources and opportunities of a public company. We are excited to leverage this new platform to continue driving innovation and delivering value to our stakeholders.' Summary of the Qualifying Transaction In connection with the Qualifying Transaction, Reeflex changed its name from 'Bigstack Opportunities I Inc.' to 'Reeflex Solutions Inc.'. Pursuant to the Qualifying Transaction: Reeflex Coil Solutions Inc. (the 'Target') completed an acquisition of all of the issued and outstanding shares in the capital of Coil Solutions Inc. ('Coil') from all of the shareholders of Coil for aggregate consideration of $5.8 million, subject to a post-closing working capital adjustment; the Target completed a non-brokered private placement of 4,139,500 subscription receipts (each, a 'Subscription Receipt') at a price of $0.20 per Subscription Receipt for aggregate gross proceeds of $827,900. Each Subscription Receipt converted into one common share in the capital of the Target (the 'Target Share') prior to a three-cornered amalgamation (the 'Amalgamation') described below resulting in each holder of a Subscription Receipt receiving one Reeflex Share for each Subscription Receipt held; and Reeflex completed the Amalgamation pursuant to which (i) the Target amalgamated with 2704122 Alberta Ltd., a wholly-owned subsidiary of Reeflex, under the Business Corporations Act (Alberta), (ii) all of the issued and outstanding Target Shares immediately prior to the Amalgamation were cancelled and, in consideration therefor, the holders thereof received one Reeflex Share on the basis of one Target Share for one Reeflex Share and (iii) the amalgamated corporation, named Reeflex Coil Solutions Inc. ('Reeflex Coil'), is a wholly-owned subsidiary of Reeflex and Coil is a wholly-owned subsidiary of Reeflex Coil. Following completion of the Qualifying Transaction, the directors and officers of Reeflex are: John Babic, President, Chief Executive Officer and Director; Eric Szustak, Director; Derrek Dobko, Director; Shawn Szydlowski, Director; and Trevor Conway, Chief Financial Officer and Corporate Secretary. In addition, Cecil Hassard and George Wu are Directors of Reeflex Coil and Bryan Hassard is Chief Operating Officer of Coil. As of the date hereof, there are 46,401,500 Reeflex Shares issued and outstanding, of which 36,239,500 Reeflex Shares, representing approximately 78.10% of the currently issued and outstanding Reeflex Shares, are held by the former shareholders of the Target as a result of the Qualifying Transaction. In addition, stock options to acquire 3,050,000 Reeflex Shares were issued to the board and management of Reeflex and Reeflex Coil following the completion of the Qualifying Transaction and agent's warrants that were previously issued and outstanding to purchase up to 500,000 Reeflex Shares remain outstanding. All stock options of Reeflex held by Eric Szustak and the former directors and officers of Reeflex prior to the Qualifying Transaction were exercised pursuant to the terms of the Qualifying Transaction. For further information regarding the Qualifying Transaction, Reeflex, the Target and Coil, please see the Filing Statement and prior press releases related to the Qualifying Transaction, which can be found on Reeflex's SEDAR+ profile at Early Warning Disclosure Upon the completion of the Qualifying Transaction, John Babic, President, Chief Executive Officer and Director of Reeflex, holds, directly or indirectly, or exercises control or direction over an aggregate of 11,500,000 Reeflex Shares and stock options to acquire 1,750,000 Reeflex Shares, representing 24.78% of the issued and outstanding Reeflex Shares on a non-diluted basis and 27.52% on a partially-diluted basis (assuming the exercise of Mr. Babic's convertible securities). Prior to the completion of the Qualifying Transaction, Mr. Babic did not beneficially own, or exercise control or direction over, any securities of Reeflex. Mr. Babic acquired these securities for investment purposes and may, from time to time, acquire additional securities of Reeflex or dispose of such securities as he may deem appropriate. Upon the completion of the Qualifying Transaction, Cecil Hassard, Director of Reeflex Coil, holds, directly or indirectly, or exercises control or direction over an aggregate of 5,553,710 Reeflex Shares and stock options to acquire 100,000 Reeflex Shares, representing 11.97% of the issued and outstanding Reeflex Shares on a non-diluted basis and 12.16% on a partially-diluted basis (assuming the exercise of Mr. Hassard's convertible securities). Prior to the completion of the Qualifying Transaction, Mr. Hassard did not beneficially own, or exercise control or direction over, any securities of Reeflex. Mr. Hassard acquired these securities for investment purposes and may, from time to time, acquire additional securities of Reeflex or dispose of such securities as he may deem appropriate. The foregoing disclosure is being disseminated pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. Copies of the early warning reports with respect to the foregoing will appear on Reeflex's SEDAR+ profile at and may also be obtained by contacting Reeflex as set forth below. Change of Auditor In connection with the completion of the Qualifying Transaction, Clearhouse LLP will resign as auditor of Reeflex and MNP LLP will be appointed as auditor of Reeflex. In the opinion of Reeflex, no 'reportable event' (as such term is defined in National Instrument 51-102 – Continuous Disclosure Obligations ('NI 51-102')) has occurred. Reeflex is relying on section 4.11(3)(a) of NI 51-102 for an exemption from the change of auditor requirements within section 4.11 of NI 51-102. About Reeflex Reeflex is a public company delivering advanced engineering and manufacturing solutions across various industry sectors. Through our wholly-owned subsidiary, Coil Solutions Inc., we provide coil tubing injectors and downhole tools for the oil & gas sector. Our manufacturing division, Ranglar Manufacturing, specializes in custom-designed mobile equipment for a wide range of industrial applications. See and Reeflex Contact For further information, please contact: John BabicPresident, Chief Executive Officer and Director Email: 780-909-4220 Cautionary Note Regarding Forward-Looking Information This press release contains 'forward-looking information' or 'forward-looking statements' within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, including statements included in the 'About Reeflex' section of this press release, are forward-looking. Generally, the forward-looking information and forward-looking statements can be identified by the use of forward-looking terminology such as 'anticipate', 'believes', 'estimates', 'expects', 'intends', 'may', 'should', 'will' or variations of such words or similar expressions. More particularly, and without limitation, this press release contains forward-looking information or forward-looking statements concerning the resumption of trading of the Reeflex Shares on the TSXV and Reeflex capitalizing on opportunities for growth in its industry. Reeflex cautions that all forward-looking information and forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of Reeflex, including expectations and assumptions concerning Reeflex, as well as other risks and uncertainties, including those described in Reeflex's filings available on SEDAR+ at The reader is cautioned that assumptions used in the preparation of any forward-looking information or forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of Reeflex. The reader is cautioned not to place undue reliance on any forward-looking information or forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information and forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Reeflex does not undertake any obligation to update publicly or to revise any of the included forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
