Emerald Holding (NYSE: EEX) begins strategic review, backs 2025 guidance

Rhea-AI Filing Summary

Emerald Holding, Inc. announced that it has begun reviewing potential strategic options after receiving inquiries about a possible acquisition of the company. The board of directors, with Goldman Sachs & Co. LLC as lead financial advisor, is evaluating these options and notes there is no assurance any transaction will occur.

At the same time, Emerald reaffirmed its full-year 2025 outlook, targeting revenue of $460–$465 million and Adjusted EBITDA of $122.5–$127.5 million. The board does not expect to provide further updates on the review until an agreement is reached or the process is otherwise completed.

Insights

M&A and equity strategy analyst

Emerald explores strategic options after acquisition interest while keeping 2025 guidance intact.

Emerald Holding has started a review of potential strategic options after receiving inquiries about a possible acquisition of the company. The board has engaged Goldman Sachs & Co. LLC as lead financial advisor, signaling that any evaluation of alternatives will be handled through a formal process. Management explicitly states there is no assurance that this process will lead to a transaction.

Separately, the company reaffirmed full-year 2025 targets of $460–$465 million in revenue and $122.5–$127.5 million in Adjusted EBITDA. Keeping this guidance unchanged suggests that current operating expectations remain stable even as strategic discussions proceed. The board also indicates it does not plan to provide interim updates on the review, so any concrete outcomes would likely be disclosed only once an agreement is reached or the process concludes.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 16, 2025

Emerald Holding, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware		001-38076		42-1775077
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

100 Broadway, 14th Floor New York, New York		10005
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (949) 226-5700

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		EEX		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01. Regulation FD Disclosure

Emerald Holding, Inc. (NYSE: EEX) (“Emerald” or the “Company”) announced that it has begun a review of potential strategic options following inquiries regarding a possible acquisition of the Company. Goldman Sachs & Co. LLC is acting as lead financial advisor to the Company in connection therewith. Emerald’s Board of Directors, in accordance with their fiduciary duties, is reviewing these options. There is no assurance that any transaction will occur as a result of this review of options, and Emerald’s Board of Directors does not expect to provide updates regarding this review until an agreement is reached, or the review is otherwise completed.

In connection with this announcement, Emerald is reaffirming its Full Year 2025 guidance of $460 - $465 million in Revenue and $122.5–$127.5 million in Adjusted EBITDA.

A copy of the press release is attached to this report as Exhibit 99.1. The information furnished pursuant to Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		Press Release of the Company, dated December 16, 2025
104		Cover Page Interactive Data File (embedded within the inline XBRL document)

Cautionary Statement Concerning Forward-Looking Statements

The information set forth and incorporated by reference in this Current Report on Form 8-K contains certain forward-looking statements regarding Emerald and its subsidiaries. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding any transaction that the Company may pursue as well as Emerald’s guidance with respect to estimated revenues, Adjusted EBITDA and financial pacing for 2026. These statements are based on management’s current expectations as well as estimates and assumptions prepared by management as of the date hereof, and although they are believed to be reasonable, they are inherently uncertain and not guaranteed. These statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of the Company’s control that may cause its business, industry, strategy, financing activities or actual results to differ materially. See “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company undertakes no obligation to update or revise any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise. Past results are not indicative of future performance.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						EMERALD HOLDING, INC.
Date: December 16, 2025				By:		/s/ David Doft
						David Doft
						Chief Financial Officer

FAQ

What strategic action did Emerald Holding (EEX) announce?

Emerald Holding announced that it has begun a review of potential strategic options after receiving inquiries regarding a possible acquisition of the company. Its board of directors is overseeing this review.

Who is advising Emerald Holding (EEX) in its strategic review?

Goldman Sachs & Co. LLC is acting as lead financial advisor to Emerald Holding in connection with the review of potential strategic options.

What 2025 financial guidance did Emerald Holding (EEX) reaffirm?

Emerald reaffirmed its full-year 2025 guidance of $460–$465 million in revenue and $122.5–$127.5 million in Adjusted EBITDA.

Is a sale or other transaction for Emerald Holding guaranteed from this review?

No. Emerald’s board stated there is no assurance that any transaction will occur as a result of the review of potential strategic options.

Will Emerald Holding (EEX) give regular updates on the strategic review process?

Emerald’s board does not expect to provide updates on the review of strategic options until either an agreement is reached or the review is otherwise completed.

Did Emerald Holding provide any information about 2026 in this disclosure?

The company referenced forward-looking statements that include its guidance framework for 2026, but specific 2026 figures are not detailed in this disclosure.