BCOR - BCOR STOCK NEWS

Avantax, Inc. (NASDAQ: AVTA) will announce its fourth quarter 2022 financial results after market close on February 15, 2023. A conference call is scheduled for February 16, 2023, at 8:30 a.m. ET to discuss these results and the company’s outlook. Avantax provides tax-focused wealth management services through its dual business models: Avantax Wealth Management® and Avantax Planning Partners℠. As of September 30, 2022, Avantax had $73 billion in total client assets, supporting its mission to minimize tax burdens through comprehensive financial planning.

Avantax, Inc. (NASDAQ: AVTA) has initiated a modified "Dutch auction" tender offer to repurchase up to $250 million of its common stock, with purchase prices set between $27.00 and $31.00 per share. The offer, funded through proceeds from the sale of its tax software business and credit facility borrowings, is open until February 24, 2023. If fully subscribed, it could reduce outstanding shares by approximately 16.75% to 19.23%. Stockholders can choose the number of shares and price within the specified range. The Tender Offer does not require a minimum number of shares tendered and includes certain conditions to be disclosed in the Offer to Purchase.

DALLAS, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Avantax, Inc. (NASDAQ: AVTA), previously known as Blucora, Inc. (NASDAQ: BCOR), announced the appointment of Tabitha Bailey as Chief Legal Officer and Corporate Secretary. She succeeds Ann J. Bruder, who steps down after nearly six years but will assist in a consulting role until June. Bailey, a member of Avantax since November 2020, brings experience in SEC compliance and corporate governance. CEO Chris Walters highlighted Bailey's expertise as vital for future growth in the wealth management sector. Avantax reported $73 billion in total client assets as of September 30, 2022.

Blucora is changing its name to Avantax and its ticker symbol to AVTA, effective January 26, 2023, at 12:01 a.m. Eastern Time. The CUSIP number will remain the same. The CEO, Chris Walters, stated that this change reflects the company's transformation and aims to enhance awareness of Avantax as a tax-focused wealth management business. The company reported managing $73 billion in total client assets as of September 30, 2022, and operates through models supporting independent financial professionals and CPA firms, providing comprehensive tax-focused financial planning.

Blucora, Inc. (NASDAQ: BCOR) has announced the completion of an Amended and Restated Credit Agreement, which includes a delayed draw term loan facility of up to $270 million and a revolving credit facility of $50 million. This financing aims to support shareholder repurchases and general corporate purposes. No amounts were drawn as of January 24, 2023, with the maturity date set for January 24, 2028. CEO Chris Walters emphasized that this refinancing will reduce interest costs and provide greater flexibility in capital structure, enhancing growth potential. Blucora manages $73 billion in total client assets as of September 30, 2022.

Blucora (NASDAQ: BCOR) announced significant strategic moves following the sale of its tax software business, TaxAct, for $720 million on December 19, 2022. The company is focused on becoming a pure-play wealth management firm and plans to return $400 to $450 million to shareholders, including a $250 million modified Dutch Auction tender offer in Q1 2023. Following these developments, Blucora's stock has risen by 70% over the past year, outperforming 97% of companies in the Russell 3000. The board faced disruption from Engine Capital's nomination of a candidate for election, which they did not support.

Blucora (NASDAQ: BCOR) completed the sale of its tax software business, TaxAct, for $720 million, yielding approximately $620 million in after-tax proceeds. The company plans to return $400 - $450 million to shareholders through a $250 million Dutch Auction tender offer and an additional $200 million in stock repurchases. Blucora is transitioning to a pure-play wealth management firm, rebranding to Avantax, set for January 2023. The company also announced a reduction in board size from 11 to 9 members as part of its strategic focus.

Blucora, a provider of tax-focused financial solutions, reported its Q3 2022 results, with total revenue of $171.7 million, a 1% decline from the previous year. Avantax added $214 million in newly recruited assets, totaling $1.3 billion year-to-date. The company ended the quarter with $91.1 million in cash after paying down $35 million in debt. Blucora announced its sale of TaxAct to Cinven for $720 million, aimed at reducing debt and enhancing shareholder value. The firm plans to rebrand to Avantax, focusing on sustainable growth in its wealth management segment.

Blucora (NASDAQ: BCOR) announced a definitive agreement to sell its TaxAct business for $720 million in cash, expected to close by the end of 2022. The company plans to use proceeds from the sale to reduce debt and return capital to shareholders. After the transaction, Blucora will rebrand as Avantax and focus on tax-focused wealth management services. The company anticipates an 8.5% to 11% organic revenue CAGR and aims for adjusted EBITDA margins of 16-18%. A conference call discussing the transaction is scheduled for today at 8:30 a.m. ET.