1847 Reports on Ongoing Investigation into Potentially Improper and Illegal Trading Activity in the Company’s Common Stock
- The investigation may uncover market manipulation and potentially illegal trading activities, which could lead to actions and remedies to protect the interests of shareholders.
- The ongoing investigation could create uncertainty and negatively impact the stock price.
NEW YORK, NY / ACCESSWIRE / August 14, 2023 / 1847 Holdings LLC("1847" or the "Company") (NYSE American:EFSH), a unique holding company that combines the attractive attributes of owning private, lower-middle market businesses with the liquidity and transparency of a publicly traded company, today provided a report on its ongoing investigation into potentially improper and/or illegal trading activities, including naked short selling, of the Company's common stock.
On November 3, 2022, the Company engaged Shareholder Intelligence Services, LLC ("ShareIntel") to utilize their patented, proprietary service offerings to obtain share trading analytic metrics designed to help coordinate, monitor and enhance corporate governance, shareholder communication, regulatory compliance and surveillance of trading in the Company's shares in an effort to allow Company to better monitor trading activity, including potential violations of SEC Regulation SHO, which governs stock and option share locate, close out and fail to deliver requirements.
Based on an initial analysis of the Company's historic stock trading activity, the Company believes that it may have been the target of market manipulation and potentially illegal trading activities, including naked short selling of its stock. As such, the Company is exploring all of its potential options and remedies.
Mr. Ellery W. Roberts, CEO of 1847 Holdings, commented, "Due to ShareIntel's investigation, we have become aware of trading imbalances. We will delve deeper into the discrepancies identified in the analysis and contact necessary parties such as brokers, Broadridge, and the SEC to gather more information and ensure adherence to regulatory standards. We remain diligent and committed to taking all necessary actions to protect the interests of our shareholders, and will continue to work with ShareIntel and other partners to combat illegal short selling."
About Shareholder Intelligence Services, LLC
ShareIntel is a compliance driven SAAS retained by public companies to obtain, aggregate, track and analyze shareholder trading and settlement data. This patented process is managed through its "Data Repository Information Link" system DRIL-Down™. The ShareIntel solution empowers public company CEO's, CFO's, IRO's, Corporate Secretaries & General Council with tools and analysis to help better manage investment banking, investor relations, shareholder outreach efforts and more. ShareIntel provides actionable intelligence, which enables public company officers and directors to fulfill fiduciary best practices.
About 1847 Holdings LLC
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, visitwww.1847holdings.com.
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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
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FAQ
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