Horizon Kinetics Holding Corporation Announces Completion of Reverse Split and Trading Under a Temporary Ticker
Rhea-AI Summary
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.
Positive
- Completion of 1-for-20 reverse stock split, potentially improving stock price visibility
- Merger resulted in significant AUM of $7.9 billion
- Net Tangible Assets of approximately $250 million
Negative
- Legacy shareholders' ownership diluted to only 3.5% of the combined company
- 18 million shares issued as merger consideration are not currently eligible for trading, potentially affecting liquidity
News Market Reaction
On the day this news was published, SLGD declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
NEW YORK, NY / ACCESSWIRE / August 5, 2024 / Horizon Kinetics Holding Corporation (the "Company") announced the completion of the reverse stock split (1-for-20) of its common stock, which is now trading under the temporary ticker symbol "SLGDD" for a period of approximately twenty (20) days. As a result, the number of shares reflected in the street name accounts of shareholders has been reduced by 1/20th and are now trading under the CUSIP 439913104.
Approximately 18 million of the Company's shares were issued to members of Horizon Kinetics as merger consideration on a post-reverse stock split basis. These shares are not currently eligible for trading. The Company's legacy shareholders now own approximately
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained herein, including statements on the date the Company's common stock will start trading under a new ticker symbol, statements on the Company's strategy, and other statements regarding the Company's future financial position and results of operations, liquidity, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs as a combined company.
Important factors that could cause actual results to differ from those in the forward-looking statements include: the possibility that trading of the Company's stock under a new ticker symbol will not occur when or as expected, among other risks.
Further information on risks we face is contained in our filings with the SEC, including Scott's Liquid Gold's Form 10-K for the fiscal year ended December 31, 2023 and Form 10-Q for the fiscal quarters ended March 31, 2024 and June 30, 2024, and the definitive proxy statement dated May 13, 2024. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
About Horizon Kinetics Holding Corporation
Horizon Kinetics Holding Corporation (OTC Pink:SLGDD) primarily offers investment advisory services through its subsidiary Horizon Kinetics Asset Management LLC ("HKAM"), a registered investment adviser. HKAM provides independent proprietary research and investment advisory services for mainly long-only and alternative value-based investing strategies. The firm also obtained a portfolio of consumer products, which are marketed and distributed in the retail marketplace, as a result of its August 2024 merger with Scott's Liquid Gold-Inc. The firm's offices are located in New York City, White Plains, New York, and Summit, New Jersey. For more information, please visit http://www.hkholdingco.com.
Investor Relations Contact:
SOURCE: Horizon Kinetics Holding Corporation
View the original press release on accesswire.com
FAQ
What is the new ticker symbol for Horizon Kinetics Holding after the reverse split?
What was the ratio of the reverse stock split for Horizon Kinetics Holding ?
How much of the combined company do legacy shareholders of Horizon Kinetics Holding now own?
What was the Assets Under Management (AUM) of Horizon Kinetics used to calculate the merger consideration?
