Dominari Holdings Provides Update on Share Repurchase Program

Rhea-AI Summary

Dominari Holdings Inc. (Nasdaq: DOMH) has initiated a $2 million share repurchase program, with the first purchase of 4,000 shares at $3.1012 each completed on December 27, 2022. CEO Anthony Hayes emphasized that the stock is undervalued, aiming to enhance shareholder value through this program. The company plans to continue repurchasing shares based on market conditions and regulations. Dominari, transitioning to fintech, operates under its subsidiary, Dominari Financial Inc., while still developing its therapeutic portfolio through Aikido Labs, LLC.

Positive

• Share repurchase program of $2 million initiated.
• First purchase successfully completed, indicating commitment to enhance shareholder value.
• Stock considered undervalued by management, potentially signaling future price appreciation.

Negative

• None.

NEW YORK, Dec. 28, 2022 /PRNewswire/ -- Dominari Holdings Inc. (Nasdaq: DOMH) ("Dominari" or the "Company") today provided an update on the $2 million share repurchase program (the "Share Repurchase Program") authorized by the Company's Board of Directors on December 5, 2022.

The Company reported that on December 27, 2022, the Company purchased 4,000 shares of common stock at $3.1012 per share.

Anthony Hayes, CEO of Dominari, stated, "The Company's stock is trading at levels we believe are below its intrinsic value. To enhance shareholder value, we are making purchases as part of our recently approved buyback program." 

Additional shares may be repurchased from time to time in open market transactions, or other means in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule 10b -18 of the Exchange Act. The timing, number of shares repurchased, and prices paid for the stock under this program will depend on general business and market conditions as well as corporate and regulatory limitations, including blackout period restrictions.

About Dominari Holdings Inc.

Dominari Holdings Inc. (f/k/a AIkido Pharma Inc.) until recently was focused primarily on the development of a diverse portfolio of small-molecule anticancer and antiviral therapeutics and related patent technology. In September 2022, the Company agreed to acquire a registered broker-dealer and transition its primary business operations to fintech and financial services.  Upon the final closing of this acquisition, the Company's fintech and financial services business will be operated through its subsidiary, Dominari Financial Inc. The Company continues to develop its therapeutics and related patent technology, as well as other ventures, through its subsidiary, Aikido Labs, LLC. 

Forward-Looking Statements

Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the SEC, not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

Contact:    

Investor Relations:      

     Hayden IR
     Brett Maas, Managing Partner
     Phone: (646) 536-7331
     Email: brett@haydenir.com
     www.haydenir.com

Dominari Holdings Inc. (f/k/a AIkido Pharma Inc):    

     Phone: 212-745-1373
     Email: investorrelations@aikidopharma.com
     www.aikidopharma.com

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SOURCE Dominari Holdings Inc.

FAQ

What is the amount of the Dominari Holdings share repurchase program?

The share repurchase program is authorized for $2 million.

When did Dominari Holdings purchase shares under its repurchase program?

Dominari Holdings purchased shares on December 27, 2022.

How many shares did Dominari Holdings buy back in its initial purchase?

The company bought back 4,000 shares.

What was the purchase price per share for Dominari's repurchase?

The shares were purchased at $3.1012 each.

What is the purpose of Dominari Holdings' share repurchase program?

The program aims to enhance shareholder value by repurchasing potentially undervalued shares.