ALJ REGIONAL HOLDINGS, INC. COMPLETES SALE OF PHOENIX COLOR CORP.

ALJ Regional Holdings, Inc. (NASDAQ: ALJJ) has completed the sale of its subsidiary, Phoenix Color Corp., to Lakeside Book Company.

Rhea-AI Impact

(Neutral)

Rhea-AI Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Rhea-AI Summary

ALJ Regional Holdings, Inc. (NASDAQ: ALJJ) has completed the sale of its subsidiary, Phoenix Color Corp., to Lakeside Book Company. This transaction, valued at approximately $136.4 million, was finalized following stockholder approval on April 11, 2022. Phoenix, based in Hagerstown, Maryland, specializes in printing book components and children’s books. The sale is in line with ALJ's strategy, allowing it to focus resources on its core business operations, particularly through its subsidiary Faneuil, Inc., which provides various services to commercial and governmental clients.

Positive

Successful sale of Phoenix Color Corp. enhances liquidity with approximately $136.4 million received.
Stockholder approval signifies confidence in ALJ's strategic decisions.

Negative

None.

Argus Session date unavailable

+1.56% session move Open Argus

Details

News Market Reaction – ALJJ

The recorded move for ALJJ in the trading session of this news was +1.56%.

Data tracked by StockTitan Argus. Session date unavailable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

04/13/2022 - 09:00 AM EDT

NEW YORK, April 13, 2022 /PRNewswire/ -- ALJ Regional Holdings, Inc. (NASDAQ: ALJJ) ("ALJ") announced today that it has completed the previously announced sale of all of the outstanding capital stock of its wholly owned subsidiary, Phoenix Color Corp. ("Phoenix"), to Lakeside Book Company ("Lakeside"). Headquartered in Hagerstown, Maryland, Phoenix is a specialty printer of book components, children's books, and other print-related products with printing facilities in Indiana and Maryland. The transaction was completed pursuant to a Stock Purchase Agreement, dated February 3, 2022, and was approved by ALJ's stockholders at a special meeting held on April 11, 2022. Consideration paid by Lakeside to ALJ at closing was approximately $136.4 million, subject to final working capital and indebtedness adjustments.

About ALJ

ALJ Regional Holdings, Inc. is the parent company of Faneuil, Inc., a leading provider of call center services, back office operations, staffing services, and toll collection services to commercial and governmental clients across the United States.

View original content:https://www.prnewswire.com/news-releases/alj-regional-holdings-inc-completes-sale-of-phoenix-color-corp-301524904.html

SOURCE ALJ Regional Holdings, Inc

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was the sale amount for Phoenix Color Corp by ALJ?

The sale amount was approximately $136.4 million.

When was the sale of Phoenix Color Corp completed?

The sale was completed on April 13, 2022.

Who acquired Phoenix Color Corp from ALJ?

Phoenix Color Corp was acquired by Lakeside Book Company.

What is the significance of the sale for ALJ?

The sale enhances ALJ's liquidity and allows it to focus on its core operations.

When did ALJ stockholders approve the sale of Phoenix Color Corp?

The stockholders approved the sale on April 11, 2022.

ALJ REGIONAL HOLDINGS, INC. COMPLETES SALE OF PHOENIX COLOR CORP.