Dominari Holdings Provides Update on Share Repurchase Program

Rhea-AI Summary

Dominari Holdings Inc. (Nasdaq: DOMH) announced an update on its $2 million share repurchase program initiated on December 5, 2022. As of February 16, 2023, the Company repurchased 5,000 shares at $3.8475 each. The repurchase will continue based on market conditions and regulatory limits. Dominari is transitioning from its focus on therapeutics to fintech and financial services following an acquisition. The subsidiary, Dominari Financial Inc., will manage these new operations, while Aikido Labs, LLC will continue developing therapeutics.

Positive

• The share repurchase program demonstrates management's confidence in the stock's value, potentially enhancing shareholder value.
• Transitioning into fintech and financial services opens new revenue streams for the company.

Negative

• The share repurchase could strain cash reserves, impacting other operational investments.

NEW YORK, Feb. 17, 2023 /PRNewswire/ -- Dominari Holdings Inc. (Nasdaq: DOMH) ("Dominari" or the "Company") today provided an update on the $2 million share repurchase program (the "Share Repurchase Program") authorized by the Company's Board of Directors on December 5, 2022.

The Company reported that on February 16, 2023, the Company purchased 5,000 shares of common stock at $3.8475 per share.

Additional shares may be repurchased from time to time in open market transactions, or other means in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule 10b -18 of the Exchange Act. The timing, number of shares repurchased, and prices paid for the stock under this program will depend on general business and market conditions as well as corporate and regulatory limitations, including blackout period restrictions.

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, 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.

FAQ

What is the purpose of Dominari Holdings' share repurchase program?

The share repurchase program aims to demonstrate confidence in the stock's value and enhance shareholder value.

How many shares did Dominari Holdings repurchase recently?

Dominari Holdings repurchased 5,000 shares at $3.8475 each on February 16, 2023.

What does the transition to fintech mean for Dominari Holdings?

The transition to fintech signals a strategic shift in business operations, aiming to tap into new revenue opportunities in financial services.

When was the share repurchase program authorized?

The share repurchase program was authorized by the Board of Directors on December 5, 2022.