1847 Holdings Stock Price, News & Analysis

1847 Holdings (NYSE American: EFSH) announced the pricing of an $11.1 million public offering. The offering consists of 8,809,512 units priced at $1.26 per unit. Each unit includes one common share or a pre-funded warrant ($0.01 exercise price), plus two additional warrants: a series A warrant ($1.90 exercise price) and a series B warrant ($2.52 exercise price) to purchase common shares. Spartan Capital Securities is serving as the sole placement agent, with the offering expected to close around October 30, 2024.

1847 Holdings (NYSE American:EFSH) has successfully sold High Mountain Door & Trim Inc. (HMDT), a division of 1847 Cabinets, to Builders FirstSource, Inc. for more than double the original purchase price. HMDT, founded in 2014 and based in Reno, Nevada, specializes in finished carpentry products and services. The sale includes HMDT's operating assets, subject to net working capital adjustment and other customary terms.

CEO Ellery W. Roberts stated that the proceeds will be used to strengthen 1847's financial position, pursue new growth initiatives, and potentially acquire other companies offering accretive value and positive cash flow. This transaction is part of 1847's strategy to optimize asset allocation and enhance shareholder returns, highlighting the gap between the company's market valuation and the intrinsic value of its portfolio companies.

1847 Holdings (NYSE American: EFSH) reported its Q2 2024 financial results, showing a 4% sequential revenue increase and a 14.2% year-over-year gross profit growth. The company achieved total revenues of $15,501,359, down from $17,362,093 in Q2 2023. Despite revenue decreases across all segments, 1847 improved its gross profit to $6.7 million, up from $5.9 million in Q2 2023. The company also eliminated $4.2 million of debt through the sale of ICU Eyewear. 1847 is finalizing an acquisition of a millwork manufacturer and plans to sell a division of 1847 Cabinets Inc. by mid-September 2024. However, the company reported a net loss from continuing operations of $4,906,812, wider than the $3,361,797 loss in Q2 2023.

1847 Holdings (NYSE American: EFSH) has announced the sale of its ICU Eyewear business assets through a private sale conducted by its senior secured lender on August 5, 2024. This strategic move will result in the elimination of approximately $4.2 million of debt from the company's balance sheet. CEO Ellery W. Roberts stated that this decision significantly strengthens 1847's financial position and aligns with their long-term strategy of maximizing shareholder value.

The company views this divestiture as an opportunity to focus on core operations and high-potential segments within their portfolio. 1847 Holdings specializes in identifying overlooked, deep value investment opportunities in middle market businesses, and this transaction demonstrates their proactive approach to enhancing overall business performance.

1847 Holdings (NYSE American: EFSH) has provided an update on the proposed sale of a division of 1847 Cabinets Inc. The financing contingency from the Letter of Intent has been removed, and the transaction is expected to close by mid-September 2024. This strategic move aims to improve 1847's financial position and allow for resource reallocation.

CEO Ellery W. Roberts highlighted that this sale demonstrates the company's ability to acquire, operate, and enhance asset value before selling. Additionally, 1847 is close to finalizing a definitive agreement to acquire a leading millwork, cabinetry, and door manufacturer that generated $28.6 million in revenue in 2023. The company is also in discussions to sell another business line, reflecting its broader strategy to optimize asset allocation and enhance shareholder returns.

1847 Holdings announced a 1-for-13 reverse stock split of its common shares, effective July 8, 2024. The company's shares will continue trading on NYSE American under the symbol 'EFSH'. The reverse split will reduce the number of outstanding shares from around 7.1 million to approximately 0.54 million, and the float from about 6.8 million to 0.53 million. CEO Ellery W. Roberts emphasized that this move aims to better position 1847 Holdings for future acquisitions and improve stock attractiveness to institutional investors. The new CUSIP number post-split will be 28252B861.

1847 Holdings is encouraging its shareholders to vote in the upcoming Annual Shareholder Meeting on June 25, 2024, at 2:00 p.m. Eastern Time. The meeting will be held virtually and shareholders of record as of April 26, 2024, are invited to participate. Key proposals include the election of seven directors, ratification of the company's accounting firm, and amendments to the 2023 Equity Incentive Plan. Shareholders can vote online, via telephone, or by mail before 9 a.m. Eastern Time on June 24, 2024. Detailed information is available in the proxy statement online.

1847 Holdings (NYSE American: EFSH) has provided an update on its strategic initiatives. The company is close to finalizing a deal to acquire a millwork, cabinetry, and door manufacturer with 2023 revenues of $28.6 million for $16.75 million, which is approximately 3.2x the target's EBITDA. The company is also in advanced discussions to sell one of its business lines and is restructuring its debt to extend repayment duration and remove equity-linked repayment aspects. These actions aim to create a favorable capital structure and long-term value for shareholders. Further updates will follow as these transactions progress.

1847 Holdings (NYSE American:EFSH) has provided a business update on pending strategic transactions aimed at improving cash flow, strengthening their balance sheet, and enhancing their capital structure. CEO Ellery W. Roberts reported strong first-quarter revenue growth and the successful divestiture of Asien's Appliance. The company is finalizing an agreement to acquire a significant millwork, cabinetry, and door manufacturer, which reported substantial EBITDA in 2023. These initiatives are expected to lower their leverage ratio and accelerate debt repayment. The overall goal is to position 1847 in a stronger financial state, generating more cash flow and improving balance sheet and capital structure. Further updates are anticipated as these transactions progress.