1847 Holdings Announces Board Approval of Exchange Offer for Common Stock in Exchange for Newly Issued Series G Preferred Shares
1847 Holdings (NYSE:EFSH) has announced a board-approved exchange offer where holders of common shares can exchange their stock for newly issued Series G preferred shares. The offer allows exchanging up to 26,008,978 common shares at a 1:1 ratio.
The Series G preferred shares will have a stated value of $0.15 and carry a 15% annual cumulative cash dividend. The company maintains the option to redeem these preferred shares at 110% of their stated value. The preferred shares are convertible into common shares at $2.40 per share, subject to certain restrictions.
Key conditions include maintaining at least 300 public holders and 500,000 common shares outstanding post-offer. The exchange will only proceed if the minimum threshold of 26,008,978 common shares is met.
1847 Holdings (NYSE:EFSH) ha annunciato un'offerta di scambio approvata dal consiglio, in cui i detentori di azioni ordinarie possono scambiare le loro azioni per nuove azioni privilegiate di Serie G. L'offerta consente di scambiare fino a 26.008.978 azioni ordinarie con un rapporto di 1:1.
Le azioni privilegiate di Serie G avranno un valore nominale di $0,15 e porteranno un dividendo annuale cumulativo in contante del 15%. L'azienda mantiene l'opzione di riscattare queste azioni privilegiate al 110% del loro valore nominale. Le azioni privilegiate sono convertibili in azioni ordinarie a $2,40 per azione, soggetto a determinate restrizioni.
Le condizioni chiave includono il mantenimento di almeno 300 detentori pubblici e 500.000 azioni ordinarie in circolazione dopo l'offerta. Lo scambio procederà solo se verrà raggiunta la soglia minima di 26.008.978 azioni ordinarie.
1847 Holdings (NYSE:EFSH) ha anunciado una oferta de intercambio aprobada por la junta, donde los tenedores de acciones comunes pueden intercambiar sus acciones por nuevas acciones preferentes de la Serie G. La oferta permite el intercambio de hasta 26,008,978 acciones comunes en una proporción de 1:1.
Las acciones preferentes de la Serie G tendrán un valor nominal de $0.15 y llevarán un dividendo en efectivo acumulativo anual del 15%. La empresa mantiene la opción de redimir estas acciones preferentes al 110% de su valor nominal. Las acciones preferentes son convertibles en acciones comunes a $2.40 por acción, sujeto a ciertas restricciones.
Las condiciones clave incluyen mantener al menos 300 tenedores públicos y 500,000 acciones comunes en circulación después de la oferta. El intercambio solo procederá si se alcanza el umbral mínimo de 26,008,978 acciones comunes.
1847 Holdings (NYSE:EFSH)는 이사회에서 승인한 교환 제안을 발표했습니다. 보통주를 보유한 주주들은 자신의 주식을 새로 발행된 G 시리즈 우선주로 교환할 수 있습니다. 이 제안은 26,008,978 보통주를 1:1 비율로 교환할 수 있도록 허용합니다.
G 시리즈 우선주는 $0.15의 명목 가치를 가지며 15%의 연간 누적 현금 배당금을 지급합니다. 회사는 이 우선주를 명목 가치의 110%로 상환할 수 있는 옵션을 유지합니다. 우선주는 $2.40 per 주로 보통주로 전환될 수 있으며, 특정 제한 사항이 적용됩니다.
주요 조건에는 제안 후 최소 300명의 공적 보유자와 500,000주의 보통주가 남아 있어야 한다는 조건이 포함됩니다. 최소 기준인 26,008,978 보통주가 충족되어야만 교환이 진행됩니다.
1847 Holdings (NYSE:EFSH) a annoncé une offre d'échange approuvée par le conseil d'administration, où les détenteurs d'actions ordinaires peuvent échanger leurs actions contre de nouvelles actions privilégiées de Série G. L'offre permet d'échanger jusqu'à 26 008 978 actions ordinaires à un ratio de 1:1.
Les actions privilégiées de Série G auront une valeur nominale de 0,15 $ et porteront un dividende en espèces cumulatif annuel de 15%. L'entreprise se réserve le droit de racheter ces actions privilégiées à 110 % de leur valeur nominale. Les actions privilégiées sont convertibles en actions ordinaires à 2,40 $ par action, sous réserve de certaines restrictions.
Les conditions clés incluent le maintien d'au moins 300 détenteurs publics et de 500 000 actions ordinaires en circulation après l'offre. L'échange ne se poursuivra que si le seuil minimal de 26 008 978 actions ordinaires est atteint.
1847 Holdings (NYSE:EFSH) hat ein von der Vorstand genehmigtes Austauschangebot angekündigt, bei dem Inhaber von Stammaktien ihre Aktien gegen neu ausgegebene Vorzugsaktien der Serie G eintauschen können. Das Angebot erlaubt den Austausch von bis zu 26.008.978 Stammaktien im Verhältnis 1:1.
Die Vorzugsaktien der Serie G haben einen Nennwert von $0,15 und bieten eine jährliche kumulierte Barausschüttung von 15%. Das Unternehmen behält sich das Recht vor, diese Vorzugsaktien zu 110% ihres Nennwerts zurückzukaufen. Die Vorzugsaktien sind zu einem Preis von $2,40 pro Aktie in Stammaktien umwandelbar, wobei bestimmte Einschränkungen gelten.
Wichtige Bedingungen sind, dass nach dem Angebot mindestens 300 öffentliche Inhaber und 500.000 Stammaktien im Umlauf bleiben müssen. Der Austausch erfolgt nur, wenn die Mindestschwelle von 26.008.978 Stammaktien erreicht wird.
- 15% annual cumulative cash dividend on preferred shares
- Company can redeem preferred shares at 110% of stated value
- Fixed conversion price of $2.40 per share with no variable rate
- Stated value of preferred shares at $0.15 indicates significant discount to common shares
- Exchange offer could reduce market liquidity for remaining common shareholders
- Minimum exchange requirement of 26,008,978 shares suggests significant restructuring
Insights
1847 Holdings has announced a significant capital structure change through an exchange offer where common shareholders can swap their shares for new Series G preferred shares on a 1:1 basis. This offering includes several notable features that warrant investor attention.
The proposed preferred shares carry a
Several key constraints exist: shareholders must exchange all their common shares (no partial exchanges), the deal requires at least 26,008,978 shares to be exchanged, and the company will maintain minimum thresholds of 300 common shareholders and 500,000 outstanding common shares post-transaction.
The convertibility feature at
This maneuver could potentially benefit participating shareholders through the stated value premium and dividend income. However, the sustainability of the
NEW YORK CITY, NY / ACCESS Newswire / April 2, 2025 / 1847 Holdings LLC (NYSE American:EFSH) ("1847 Holdings" or the "Company") today announced that its board of directors has approved an exchange offer (the "Offer") to holders of its common shares ("Common Shares"), to exchange 26,008,978 of its Common Shares for an equal number of newly issued Series G preferred shares ("Preferred Shares"). Each exchanged Common Share in this Offer may be exchanged for one (1) Preferred Share.
The Offer will be made on the terms and subject to the conditions set forth in the Company's Offer to Exchange (as amended or supplemented from time to time, this "Offer to Exchange") and the related exchange offer materials (collectively, the "Offer Documents"). As soon as the Exchange Offer commences, the Company will file a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission, which will include an Exchange Offer and related letter of transmittal. A shareholder who desires to exchange Common Shares must exchange all of his, her, or its Common Shares. The Company will not accept any Common Shares if doing so would result in there being fewer than 300 public holders of the Company's Common Shares upon the closing of the Offer or if it would result in there being less than 500,000 common shares outstanding following the Offer. The closing of the Offer will be conditioned on the exchange of at least 26,008,978 Common Shares sought in this Offer.
Preferred Shares are expected to have a stated value of
Mr. Ellery W. Roberts, CEO of 1847, commented, "By exchanging their common shares for newly issued Series G Preferred Shares, we believe that holders will receive a security that has a stated value that is priced at a premium over the current share price, along with a
This press release is for informational purposes only and does not constitute an offer to purchase, a solicitation of an offer to sell, or a recommendation regarding any securities. Any such offer, solicitation, or recommendation will be made solely by means a Schedule TO and related Offer Documents filed with the Securities and Exchange Commission ("SEC"). COMMON SHAREHOLDERS ARE URGED TO READ THE SCHEDULE TO AND OFFER DOCUMENTS AND ANY SOLICITATION/RECOMMENDATION STATEMENT REGARDING THE EXCHANGE OFFER, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF COMMON SHARES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING EXCHANGING THEIR SHARES. When filed, Common shareholders may obtain a free copy of any of these statements and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to the Company or obtaining the same from the Company's website at www.1847holdings.com.
About 1847 Holdings
1847 Holdings LLC (NYSE American:EFSH), a publicly traded diversified acquisition holding company, was founded by Ellery W. Roberts, a former partner of Parallel Investment Partners, Saunders Karp & Megrue, and Principal of Lazard Freres Strategic Realty Investors. 1847 Holdings' investment thesis is that capital market inefficiencies have left the founders and/or stakeholders of many small business enterprises or lower-middle market businesses with limited exit options despite the intrinsic value of their business. Given this dynamic, 1847 Holdings can consistently acquire businesses it views as "solid" for reasonable multiples of cash flow and then deploy resources to strengthen the infrastructure and systems of those businesses in order to improve operations. These improvements may lead to a sale or IPO of an operating subsidiary at higher valuations than the purchase price and/or alternatively, an operating subsidiary may be held in perpetuity and contribute to 1847 Holdings' ability to pay regular and special dividends to shareholders. For more information, visit www.1847holdings.com.
For the latest insights, follow 1847 on Twitter.
Forward Looking Statements
This press release may contain information about 1847 Holdings' view of its future expectations, plans and prospects that constitute forward-looking statements. All forward-looking statements are based on our management's beliefs, assumptions and expectations of our future economic performance, taking into account the information currently available to it. These statements are not statements of historical fact. Forward-looking statements are subject to a number of factors, risks and uncertainties, some of which are not currently known to us, that may cause our actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial position. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include but are not limited to the risks set forth in "Risk Factors" included in our SEC filings.
Contact:
Crescendo Communications, LLC
Tel: +1 (212) 671-1020
Email: EFSH@crescendo-ir.com
SOURCE: 1847 Holdings LLC
View the original press release on ACCESS Newswire
FAQ
What are the key terms of EFSH's Series G preferred shares exchange offer?
How many common shares is EFSH seeking to exchange in this offer?
What is the minimum requirement for EFSH's exchange offer to proceed?
What dividend rate do EFSH's new Series G preferred shares offer?
