Dominari Holdings Provides Business Update
Dominari Holdings Inc. (Nasdaq: DOMH) announced significant progress in its stock buyback and transition to a financial services model. On March 13, 2023, the company acquired 3,400 shares at an average price of $4.1143. Since initiating the buyback, over 644,000 shares have been retired, reducing outstanding shares to below 4.9 million. CEO Anthony Hayes emphasized that the buyback increases shareholder ownership interest. The company is also advancing its fintech transition, seeking FINRA approval for the acquisition of FieldPoint's broker-dealer business, which promises enhanced technology and investment capabilities.
- Retired over 644,000 shares, reducing outstanding shares to under 4.9 million.
- Stock buyback seen as a strong use of capital, enhancing shareholder ownership.
- Progress towards acquiring FieldPoint's broker-dealer business expected to enhance fintech capabilities.
- None.
Company Reports Substantial Progress on Share Buyback and Progress Towards Transition to Financial Services Model
NEW YORK, March 14, 2023 /PRNewswire/ -- Dominari Holdings Inc. (Nasdaq: DOMH) ("Dominari" or the "Company") today reported a key business update for its shareholders.
The Company reported that on March 13, 2023, the Company purchased 3,400 shares of common stock at an average price of
Anthony Hayes, CEO of Dominari, stated, "Since the inception of our previously announced stock buy-back plan, the Company has retired over 644,000 shares of common stock, bringing the total number of issued and outstanding shares to below 4.9 million shares. With our Company trading below our last reported book value per share, we view the stock buyback as an attractive use of our shareholders' capital. Every share that we buy back and retire increases each of our shareholders' respective ownership interest in the Company's assets."
Mr. Hayes continued, "The transition of our primary business to fintech and financial services continues. We have been working with FieldPoint and FINRA to complete the previously announced purchase of FieldPoint's broker-dealer business, and we hope to get final approval soon. Once this transaction is approved, we believe that our team of investment professionals will have a cutting-edge advantage, with access to top technological products. We believe that the technology platform developed by the Company will provide real time market data and portfolio performance metrics that can help our clients uncover opportunities in a wide array of economic conditions."
"Dominari is investing heavily in technology to create a powerful suite of financial solutions which will offer unparalleled access to premier fintech products. Once the Company receives FINRA approval to complete its pending acquisition, we will continue to expand on our vision to build a leading financial services company focused on delivering value to both our customers and shareholders."
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, which include but are 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.
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