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ALJ Regional Holdings, Inc. (OTC PINK: ALJJ) has announced a special meeting for stockholders on May 10, 2023, at Shearman & Sterling LLP in Menlo Park, CA. The meeting aims to vote on two proposals: (1) the adoption of a merger agreement with ALJ NewCo, Inc., converting ALJ shares into NewCo shares at a rate of 1:100, or $1.97 in cash for non-accredited investors; (2) approval of the adjournment of the meeting for additional proxy solicitation if necessary. The Board recommends a FOR vote on both proposals. A proxy statement will be mailed to stockholders as of the record date, March 31, 2023, and available online.
ALJ Regional Holdings, Inc. (ALJJ) announced the results of its reverse Dutch auction tender offer, which ended on December 29, 2022. A total of approximately 11.73 million shares were tendered, and the company accepted 10,236,945 shares at $1.99 each, totaling approximately $20.37 million. This buyback represents about 28.2% of the company's outstanding shares prior to the offer, reducing the total shares to approximately 26.1 million post-offer. Payment for the shares will be made shortly, and all non-accepted shares will be returned.
ALJ Regional Holdings, Inc. (OTC PINK: ALJJ) announced a reverse "Dutch auction" tender offer to buy up to 10 million shares of its common stock at prices between $1.84 and $2.00 per share. The offer, which allows shareholders to tender shares within the specified price range, will expire on December 29, 2022. It is expected to be funded with cash on hand and aims to provide liquidity and reduce potential disruptions in share price. The board believes this mechanism benefits shareholders, though no specific recommendations are made regarding participation.
ALJ Regional Holdings, Inc. (OTC PINK: ALJJ) has acquired Ranew's Companies for $20.8 million, a key supplier of industrial coating services based in Georgia. The acquisition covers 100% of the equity interests and allows ALJ to expand its capabilities. Ranew's Companies reported $42 million in revenue for 2021 and $32.5 million for the first half of 2022. Additional investments include shares of A-Mark Precious Metals and a $10 million note from Hallador Energy. ALJ also completed stock repurchases totaling $2.9 million in September 2022.
ALJ Regional Holdings, Inc. (ALJ) announced that its common stock is now trading on the OTC Pink Market under the ticker symbol ALJJ, effective September 12, 2022. Previously, it was listed on the Nasdaq Global Market with the same symbol. As the parent company of Faneuil, Inc., ALJ provides call center services, back office operations, staffing services, and toll collection services for governmental and commercial clients throughout the United States.
ALJ Regional Holdings, Inc. (NASDAQ: ALJJ) announced its decision to voluntarily delist from NASDAQ and deregister its common stock with the SEC. This decision, effective around September 1, 2022, is due to having fewer than 300 shareholders. ALJ plans to trade on the Pink Sheets and anticipates cost savings by bypassing reporting requirements, which will allow the company to redirect resources towards new business opportunities. The last trading day on NASDAQ is expected to be around September 11, 2022.
ALJ Regional Holdings (NASDAQ: ALJJ) reported Q3 results for the period ending June 30, 2022, highlighting a significant recovery with net income from continuing operations of $105.9 million compared to a net loss of $6.8 million in Q3 2021. The company recognized a gain of $112 million from the sale of assets, driving earnings per share to $1.93. Revenue for the quarter was $57.6 million, down 20.8% year-over-year, attributed to contract completions. Adjusted EBITDA reflected a loss of $3.7 million, a decrease mainly due to lower operational volumes.
ALJ Regional Holdings (NASDAQ: ALJJ) reported Q2 2022 results, showing a loss from continuing operations of $8.5 million and a loss per share of $0.20. Revenue declined 18.8% to $68.5 million, primarily due to contract completions at Faneuil. The company completed two significant asset sales, raising $278.7 million and reducing debt significantly. Despite the asset sales, the company recognized an Adjusted EBITDA loss of $1.9 million for the six months ended March 31, 2022, marking a 130.9% decrease from the previous year.
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