Blackboxstocks Inc. - BLBX STOCK NEWS

Blackboxstocks (NASDAQ: BLBX) and Evtec Aluminium have mutually agreed to terminate their Share Exchange Agreement on January 13, 2025. The agreement, originally executed on December 12, 2023, and amended on July 1, 2024, would have made Evtec a wholly owned subsidiary of Blackbox.

The company will withdraw its registration statement on form S-4 filed with the SEC. According to CEO Gust Kepler, the decision was driven by the protracted timeframe and additional costs due to unforeseen delays. Blackbox is now actively pursuing other strategic merger options to enhance stockholder value.

Blackboxstocks (NASDAQ: BLBX) has closed a $1.25 million private placement priced at $4.00 per share. The company will invest $1.15 million into Evtec Aluminium and retain $100,000 for working capital. As a result, Blackbox's ownership in the combined entity with Evtec Aluminium will increase from 26.2% to 29.4%.

This investment aims to enhance Evtec's manufacturing capabilities and facilitate growth initiatives. Blackbox and Evtec amended their Share Exchange Agreement to reflect these investments. The private placement was led by Quadrofoglio with $1.15 million and a $100,000 investment from Blackbox CEO Gust Kepler.

Blackbox's advanced analytics will support Evtec's manufacturing operations. Evtec Aluminium is a leading manufacturer of advanced aluminium castings for premium automotive brands, focusing on electric vehicle parts and local supply chain expansion in the UK.

Blackboxstocks (NASDAQ: BLBX) filed Form S-4 on May 13, 2024, for its planned acquisition of Evtec Aluminium SEC and Nasdaq approvals are pending. In the first quarter of 2024, Blackbox reported revenues of $649,420, a decrease from $859,004 in Q1 2023. The average member count dropped by 17.2% year-over-year to 2,944. However, operating expenses were cut by 51% to $1,155,428. Subsequently, the operating loss lessened by 56% to $863,966. The company plans to launch a new product, StockNanny, in June 2024. CEO Gust Kepler emphasized stabilization in membership and ongoing strategic initiatives.

Blackboxstocks Inc. (BLBX) reports a 53% increase in revenue for the first half of FY2024, reaching $21.3 million. Total projected revenue for FY 2024 is expected to reach $52 million. Evtec Aluminum, the acquisition target company, has established itself as a leading OEM supplier in the UK, specializing in manufacturing complex aluminum castings for automotive, emobility, marine, and power train sectors. Evtec's proprietary Ultra-Light Aluminum plays a crucial role in producing lightweight parts for EV and Hybrid vehicles, with strong partnerships with major automotive companies like Jaguar Land Rover, Bentley, and Aston Martin.

Blackboxstocks Inc. (BLBX) announces financial results for Q4 and year ended December 31, 2023. Revenue declined in Q4 but increased annually. Operating expenses decreased. Executed LOI and Share Exchange Agreement with Evtec. Adjusted EBITDA improved. Plans to acquire Evtec Automotive and launch StockNanny in Q2. Positive outlook for future growth and shareholder value.

Blackboxstocks Inc. announced the appointment of three new Board Members for its planned acquisition target, Evtec Aluminium Limited. The new members bring vast industry experience and will enhance Evtec's competencies. The merger with Evtec is progressing positively, showcasing commitment to excellence.

Blackboxstocks Inc. (NASDAQ: BLBX) announced that its acquisition target Evtec Aluminium Limited has executed a supply contract with JLR to supply parts for a new line of Jaguar Electric Vehicles. The contract is expected to provide over $67 million in new sales to Evtec. The new line of luxury vehicles by Jaguar is expected to have a range of over 435 miles and be capable of fast charging 200 miles in around 15 minutes.

Blackboxstocks Inc. (BLBX) announces that its planned acquisition target Evtec Aluminium Limited has been awarded a long term supply contract from Jaguar Land Rover to supply parts for a new line of Jaguar electric vehicles. The contract is expected to provide over $67 million in new sales to Evtec over the contract period, excluding aftermarket and model life extensions. This contract adds to Evtec's existing order book of $780 million.

Blackboxstocks Inc. (NASDAQ: BLBX) has executed a definitive agreement to acquire Evtec Aluminium Limited, a supplier of mission-critical parts for the Electric Vehicle, Hybrid, Performance, and Luxury OEM automotive markets. Post-merger, Blackbox stockholders will own 26.7% of the combined company and receive a Contingent Value Right for current Blackbox fintech operations. Evtec's revenue estimates for fiscal 2024 are $52 million, with a record order demand of approximately $778 million. The transaction is expected to close in Q1 2024.