Welcome to our dedicated page for Eightco Holdings Ord Shs news (Ticker: OCTO), a resource for investors and traders seeking the latest updates and insights on Eightco Holdings Ord Shs stock.
Eightco Holdings Inc (OCTO) delivers essential updates through this comprehensive news hub, serving investors and e-commerce professionals tracking inventory funding innovations and brand-enhancing packaging solutions. Access verified press releases and strategic announcements from the company behind the Forever 8 Inventory Cash Flow Solution and custom packaging services.
This resource consolidates critical updates including earnings reports, partnership developments, and operational advancements across OCTO's core segments. Users will find timely information about inventory management technologies, packaging industry innovations, and capital efficiency strategies tailored for online retailers.
Key content includes financial disclosures, executive leadership updates, and progress reports on OCTO's data-driven inventory purchasing platform. The collection serves as a decision-making tool for stakeholders monitoring the company's position in e-commerce financial services and physical product branding solutions.
Bookmark this page for direct access to Eightco Holdings' official communications, including material developments in its technology-enabled inventory funding ecosystem and packaging division's market expansions. Check regularly for authoritative updates from a company reshaping capital management for digital retailers.
Eightco Holdings Inc. (NASDAQ: OCTO) has provided a shareholder update, highlighting significant improvements in its financial condition. The company has eliminated $5.4 million in convertible notes and increased shareholder equity by over $23 million. Eightco's primary focus is now on growing its subsidiary, Forever 8 Fund , which provides inventory solutions for e-commerce sellers and supplies refurbished Apple products in the UK and EU.
Key financial highlights include a Q1 2024 net income of $4.9 million, compared to a $49.9 million loss in the prior year quarter. Revenues were $9.6 million, down from $15.9 million, due to reduced capital for cell phone sales. The company has also improved its gross profit margin to 19.6% and reduced SG&A expenses by 35.3%.
Eightco is working to meet Nasdaq listing requirements, including maintaining a closing bid price of $1.00 per share for 10 consecutive trading sessions. The company plans to seek shareholder approval for a 1-for-5 reverse stock split to achieve this goal.
Eightco Holdings (NASDAQ: OCTO) has secured approval from a Nasdaq Hearings Panel for continued listing on the Nasdaq Capital Market. To maintain this listing, Eightco must meet specific conditions by August 23, 2024, including achieving a minimum bid price of $1.00 per share for at least ten consecutive trading sessions. To comply, Eightco has filed a proxy statement seeking shareholder approval for a 1-for-5 reverse stock split. Recent financial improvements have bolstered shareholder equity by over $23 million, achieved through various debt cancellations and conversions. As of June 28, 2024, Eightco's market capitalization stands at approximately $4.0 million with 8.8 million shares outstanding. Management believes the market cap may not fully reflect the company's recent progress.
Eightco Holdings (NASDAQ: OCTO) announced that its subsidiary, Forever 8 Fund, will attend ITC Malta 2024 from June 4-8. The event is a key networking platform for the new and used mobile devices and accessories industry. The conference will showcase keynote speakers, exhibitors, and global attendees, including representatives from Forever 8 and its primary partner, Mobi-hub. Eightco’s CEO, Paul Vassilakos, expressed enthusiasm about the event, noting its importance for demonstrating the company’s innovative solutions in the mobile device sector.
Eightco announced its Q1 2024 financial results, highlighting a significant turnaround with a net income of $4.9 million compared to a net loss of $49.9 million in Q1 2023. The improvement was attributed to better operating performance and the elimination of warrant losses following the repayment of a restrictive convertible note.
Revenues for the quarter stood at $9.6 million, down from $15.9 million the previous year, mainly due to reduced capital available for cell phone sales. Despite the revenue drop, gross profit rose slightly to $1.9 million, with an improved gross profit margin of 19.6%.
The company reduced selling, general, and administrative expenses by 35%, leading to a positive EBITDA of $3.7 million, up from a loss of $46.4 million in Q1 2023. Adjusted EBITDA also improved, showing a smaller loss of $0.8 million compared to a $2.9 million loss in the prior year quarter.
CEO Paul Vassilakos emphasized the focus on their Forever 8 Fund operations, which provide inventory capital for e-commerce and refurbished Apple product sellers. The repayment of the convertible note was a strategic move to ensure future growth, although it temporarily reduced their capital base by $5.4 million.
Eightco Holdings Inc. (NASDAQ: OCTO) announced the cancellation of the Forever 8 2022 Merger Earnout Consideration, valued at $6.1 million with a potential cash value of up to $37 million. The cancellation is expected to improve the Company's shareholder's equity by over $7 million, strengthening its balance sheet and capital structure.
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