Domo completes $221M asset sale, becomes debt‑free
DOMO, INC. sold its core business to Progress, rebranded as Huckleberry.ai, and now holds $221 million in cash with no debt and sizable tax assets.
Rhea-AI Filing Summary
DOMO, INC. (now named Huckleberry.ai, Inc.) has completed a transformative sale of substantially all of its operating assets and employees to Progress Software Corporation. The sold business includes the AI and data platform and related software offerings, while net operating loss carryforwards were retained.
At closing on September 22, 2026, the company received approximately $221.0 million in cash, repurchased previously issued warrants for approximately $10.0 million, repaid all amounts under its credit facility, terminated the Amended and Restated Loan and Security Agreement, and had all related liens and guarantees released, leaving the balance sheet debt-free.
The company has changed its name to Huckleberry.ai, Inc., amended its charter and bylaws solely to reflect that change, and its Class B common stock will trade on the Nasdaq Global Market under the symbol HUCK effective September 24, 2026. The company retains more than $900 million of net operating loss carryforwards and an existing tax benefits preservation plan, and the board is evaluating opportunities to deploy capital and potentially return capital to stockholders.
Positive
- Completed sale of substantially all operating assets to Progress Software, providing strategic flexibility and separating the prior software business from the remaining public company.
- Approximately $221.0 million in cash at closing and repayment of all amounts under the credit facility leave the company with a debt-free balance sheet.
- More than $900 million in net operating loss carryforwards and an active tax benefits preservation plan provide significant potential tax assets for future value creation.
Negative
- None.
Filing Explained
The company’s name change is effective, and its Class B common stock will begin trading under “HUCK” on September 24, 2026, but the filing states that the CUSIP and security-holder rights are unchanged. Existing share certificates and book-entry positions remain valid, so the rebranding does not itself require holders to exchange their shares.
8-K Event Classification
6 items: 1.02, 2.01, 5.03, 7.01, 8.01, 9.01
6 items
Item 1.02
Termination of a Material Definitive Agreement
Business
A significant contract was terminated, which may affect business operations or revenue.
Item 2.01
Completion of Acquisition or Disposition of Assets
Financial
The company completed a significant acquisition or sale of business assets.
Item 5.03
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Governance
The company amended its charter documents, bylaws, or changed its fiscal year.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Cash received at closing: $221.0 million
Warrant repurchase amount: $10.0 million
Net operating loss carryforwards: More than $900 million
+3 more
6 metrics
Cash received at closing
$221.0 million
Cash received on September 22, 2026 after purchase price and other adjustments
Warrant repurchase amount
$10.0 million
Aggregate consideration to repurchase warrants issued in February and August 2024
Net operating loss carryforwards
More than $900 million
NOLs retained by the company after the asset sale to Progress
Cash per share at start of Huckleberry
$4.46 per share
Approximate cash per share after the transaction and related payments
Trading symbol change effective date
September 24, 2026
Date Class B common stock begins trading under the symbol HUCK
Asset Purchase Agreement date
July 22, 2026
Date of the Asset Purchase Agreement with Progress Software Corporation
Key Terms
Asset Purchase Agreement, net operating loss carryforwards, tax benefits preservation plan, Section 382 of the Internal Revenue Code, +2 more
6 terms
Asset Purchase Agreement regulatory
"pursuant to that certain Asset Purchase Agreement, dated July 22, 2026,"
An asset purchase agreement is a legal contract in which a buyer agrees to buy specific assets and contracts of a business rather than buying the company’s stock or ownership. It matters to investors because it determines exactly what is being bought and what liabilities stay behind — like buying the furniture and equipment from a store but not the building or past debts — which affects the deal’s value, taxes and future risk exposure.
net operating loss carryforwards financial
"excluding the Company’s net operating loss carryforwards, and the assumption"
Net operating loss carryforwards are tax rules that let a company apply past operating losses against future taxable profits, reducing the amount of tax it must pay when it returns to profitability. Think of it like a negative balance in a tax ledger that can be used to lower future tax bills, improving after-tax cash flow and earnings; investors track the size, expiration rules and any limits because they affect valuation and future cash available to the business.
tax benefits preservation plan financial
"The Company’s tax benefits preservation plan remains in effect."
A tax benefits preservation plan is a company’s set of policies and actions designed to protect valuable tax attributes—like net operating losses, credits, or favorable tax statuses—when the business changes ownership, reorganizes, or conducts large transactions. Investors care because preserving these tax benefits can reduce future tax bills and improve cash flow, much like keeping a valuable coupon valid so future purchases cost less, which can affect earnings and valuation.
Section 382 of the Internal Revenue Code regulatory
"an ownership change under Section 382 of the Internal Revenue Code"
Regulation FD regulatory
"for complying with the disclosure obligations under Regulation FD."
Regulation FD is a rule that prevents company insiders, like executives, from sharing important information with some people before others get it. It matters because it helps ensure all investors have equal access to key news, making the stock market fairer and reducing chances of insider trading.
Certificate of Ownership and Merger regulatory
"upon the filing of a Certificate of Ownership and Merger"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What major transaction did DOMO (now HUCK) announce in this 8-K?
The company completed the sale of substantially all of its assets and employees to Progress Software Corporation on September 22, 2026, under a previously announced Asset Purchase Agreement, transferring its AI and data platform and related software business to Progress.
How much cash did DOMO/Huckleberry receive from the sale to Progress?
At closing, the company received approximately $221.0 million in cash, after purchase price adjustments, the warrant repurchase and certain adjustments for excluded liabilities, providing significant liquidity to the remaining public company.
What happens to DOMO’s stock symbol and name after the transaction?
Following the name change to Huckleberry.ai, Inc., the company’s Class B common stock will begin trading under the symbol “HUCK” on the Nasdaq Global Market effective September 24, 2026. The transaction does not affect CUSIP or stockholder rights.
Did DOMO/Huckleberry repay its debt and terminate its loan agreement?
Yes. At the transaction closing, the company repaid all outstanding borrowings and obligations under its Amended and Restated Loan and Security Agreement, terminated all commitments, and had all related liens and guarantees released.
What happened to the warrants issued by DOMO in 2024?
On September 22, 2026, at the election of the holders, the company repurchased all outstanding warrants issued in February and August 2024 for approximately $10.0 million in aggregate, in accordance with their terms.
What tax assets does Huckleberry retain after the Progress transaction?
The company retains more than $900 million in net operating loss carryforwards and continues to maintain its tax benefits preservation plan, which is intended to reduce the likelihood of an ownership change under Section 382 that could limit use of these tax attributes.
What are DOMO/Huckleberry’s plans for its cash and tax assets?
The board is evaluating opportunities to put the company’s capital and tax assets to work and is also considering potential ways to return capital to stockholders. Additional information will be shared when the company determines it is appropriate.
AI-generated analysis. How Rhea-AI works. Not financial advice.
