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KBS Fashion Group Limited (NASDAQ: KBSF) announced a new dividend distribution, granting one right for each outstanding share of common stock as of March 31, 2021. Each right allows the holder to purchase a portion of a share of Series B Participating Preferred Stock at $50.00. This move, part of a Rights Agreement, aims to protect shareholders from hostile takeover attempts by imposing penalties on anyone acquiring 15% or more of the company's common stock without board approval. The company filed a 6K with the SEC detailing this plan.
KBS Fashion Group Limited (NASDAQ: KBSF) announced a Binding Memorandum of Understanding for a private offering of convertible preferred stock worth up to $1,500,000. This offering involves the sale of 100,000 shares at $15 each, convertible to common stock at a 15:1 ratio. Proceeds will support its subsidiary, Flower Crown Holding, for business expansion, particularly through Luxventure, a social media platform offering cross-border merchandise. Luxventure has strategic partnerships with major firms and aims to capitalize on the increasing demand for luxury goods amid the pandemic.
KBS Fashion Group Limited (KBSF) reported its financial results for Q2 and H1 2020, revealing a significant decline in revenues and profits due to the impacts of the COVID-19 pandemic. Total revenues fell to $2.25 million for Q2 2020, down 49% from $4.42 million in 2019, and $4.49 million for H1, a 50.3% decrease year over year. The company experienced a net loss of $1.13 million for Q2, resulting in a loss per share of $0.44. Despite these challenges, KBS anticipates a recovery in revenue in Q4 2020 as the pandemic situation improves in China.
