Blackboxstocks Inc. - BLBX STOCK NEWS

Blackboxstocks Inc. (NASDAQ: BLBX) has announced a letter of intent to merge with Evtec Group Limited and its subsidiaries, which focus on the supply of parts for luxury, performance, and EV brands. Post-merger, Blackbox stockholders are expected to retain 8.34% of the combined company's shares. Evtec has secured approximately US$500 million in orders scheduled for delivery from 2024 to 2032, positioning itself to capitalize on the current automotive supply chain challenges. The merger aims to enhance Blackbox's strategic position in the fintech sector while expanding Evtec's operational capabilities in the automotive supply chain, focusing on premium brands, and facilitating vertical supply opportunities.

Blackboxstocks Inc. (NASDAQ: BLBX) reported its financial results for Q4 and the full year ended December 31, 2022. In Q4, total revenue decreased to $1,068,158 from $1,687,236 in Q4 2021, marking a decline for the full year as well, where revenue fell to $4,959,109 from $6,112,324. The company’s average member count also dropped, averaging 4,607 in Q4 2022, down from 5,749 in Q4 2021. Adjusted EBITDA showed losses of $(1,034,565) for Q4 and $(4,140,195) for the year. As of December 31, 2022, cash and marketable securities totaled $3.6 million. Despite these challenges, the CEO expressed optimism for 2023, indicating a shift towards a B2B strategy and the launch of a new app targeted at self-directed investors.

Blackboxstocks Inc. (NASDAQ: BLBX) has filed an amendment for a Reverse Stock Split at a ratio of one-for-four, effective April 10, 2023. This decision was unanimously supported by the Board of Directors and approved by stockholders holding a majority of voting power on March 14, 2023. Following the split, trading will commence on a split-adjusted basis on April 11, 2023. No fractional shares will be issued; shareholders entitled to fractions will receive a whole share instead. This move aims to adjust the number of outstanding shares and enhance the company's stock price. Additionally, adjustments will also be made to the exercise prices for stock options and warrants. The company provides real-time analytics and a social media platform for stock and options traders.