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Horizon Kinetics Holding has completed a 1-for-20 reverse stock split of its common stock. The stock is now trading under the temporary ticker symbol SLGDD for about 20 days. Shareholders' street name accounts now reflect a 1/20th reduction in shares, trading under CUSIP 439913104.
As part of a merger, approximately 18 million shares were issued to Horizon Kinetics members on a post-reverse split basis, but these are not currently tradable. Legacy shareholders now own about 3.5% of the combined company post-split. The merger consideration was based on Horizon Kinetics having AUM of $7.9 billion and Net Tangible Assets of $250 million.
Horizon Kinetics has completed its merger with Scott's Liquid Gold-Inc. (SLGD), forming Horizon Kinetics Holding Due to unexpected delays, shares will continue trading under the SLGD ticker on a pre-reverse stock split basis. Approximately 18 million shares were issued to Horizon Kinetics members as merger consideration. Legacy SLGD shareholders now own about 3.5% of the combined company post-reverse split.
The Final Consideration was based on Horizon Kinetics' AUM of $7.9 billion and Net Tangible Assets of $250 million. Dan Roller and Rimmy Malhotra, former SLGD board members, expressed enthusiasm for the merger. Murray Stahl, now Chairman, CEO, and CIO of the new company, welcomed SLGD shareholders and emphasized commitment to preserving Horizon's owner-operated culture and long-term investment strategy.
Scott's Liquid Gold-Inc. (OTC: SLGD) has announced the expected closing date for its merger with Horizon Kinetics on August 1, 2024, after market close. Concurrent with the merger, the company plans to implement a 1-for-20 reverse stock split, reincorporate, and change its name. Trading under the temporary ticker symbol SLGDD is expected to commence on August 2, 2024.
Following these corporate actions, approximately 18 million shares will be issued to Horizon Kinetics members as merger consideration. Legacy SLGD shareholders are projected to own about 3.5% of the combined company post-closing. The final consideration was based on Horizon Kinetics' AUM of $7.9 billion and Net Tangible Assets of $250 million.
Scott's Liquid Gold provided an update on its previously announced transaction with Horizon Kinetics , including a 1-for-20 reverse stock split, reincorporation, name change, and ticker symbol change.
The closing of these transactions has been postponed to ensure a smooth transition in the company's stock trading. Post-closing, the stock is expected to trade under a new name and ticker symbol.
Legacy shareholders are anticipated to own between approximately 3.3% and 3.8% of the combined company, consistent with previous disclosures.
Scott's Liquid Gold announced the outcomes of its recent Special Meeting of Shareholders, where all proposals, including a 1-for-20 reverse stock split and reincorporation, were overwhelmingly approved. Over 87% of outstanding shares were represented, with more than 99% voting in favor. The company plans to finalize its merger with Horizon Kinetics on July 1, 2024. On that day, Scott's will change its name to Horizon Kinetics Holding , reincorporate from Colorado to Delaware, and update its ticker symbol to HKHC, alongside implementing the reverse stock split.
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Scott's Liquid Gold (OTC: SLGD) announced the sale of its wood and floor care lines, earning $1.9 million in gross proceeds, which will contribute to reducing net debt. The company will also receive royalties from sales of these products for the next two years. This transaction is part of a broader strategy to explore various options aimed at maximizing shareholder value, including potential sales of additional brands or strategic mergers. The company has not set a timeline for these processes and does not guarantee any specific outcome.
Scott’s Liquid Gold reported a net sales decline to $4.3 million in Q3 2022 from $8.0 million in 2021, largely attributed to the sale of the Dryel brand and an ended distribution agreement for Batiste products. However, net loss improved to $0.7 million from $2.5 million year-over-year, aided by reduced operating expenses and improved margins. The company is facing challenges in adjusting to customer purchasing behaviors and supply chain hurdles but is focused on cost reductions and operational efficiencies amid a challenging environment.
In Q2 2022, Scott's Liquid Gold (OTC: SLGD) reported net sales of $5.4 million, down from $6.5 million in Q2 2021. The company experienced a net loss of $4.3 million, significantly higher than the $1.1 million loss in the same quarter last year. This loss included a $3.6 million impairment of goodwill and intangible assets. The decline in sales was attributed to the sale of the Dryel brand and a drop in distribution sales due to supply chain issues. Despite these challenges, adjusted net loss stood steady at $0.6 million for both Q2 2022 and Q2 2021.
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