1847 Holdings LLC - EFSH STOCK NEWS

1847 Holdings (NYSE American: EFSH) has provided an update on the proposed sale of a division of 1847 Cabinets Inc. The financing contingency from the Letter of Intent has been removed, and the transaction is expected to close by mid-September 2024. This strategic move aims to improve 1847's financial position and allow for resource reallocation.

CEO Ellery W. Roberts highlighted that this sale demonstrates the company's ability to acquire, operate, and enhance asset value before selling. Additionally, 1847 is close to finalizing a definitive agreement to acquire a leading millwork, cabinetry, and door manufacturer that generated $28.6 million in revenue in 2023. The company is also in discussions to sell another business line, reflecting its broader strategy to optimize asset allocation and enhance shareholder returns.

1847 Holdings announced a 1-for-13 reverse stock split of its common shares, effective July 8, 2024. The company's shares will continue trading on NYSE American under the symbol 'EFSH'. The reverse split will reduce the number of outstanding shares from around 7.1 million to approximately 0.54 million, and the float from about 6.8 million to 0.53 million. CEO Ellery W. Roberts emphasized that this move aims to better position 1847 Holdings for future acquisitions and improve stock attractiveness to institutional investors. The new CUSIP number post-split will be 28252B861.

1847 Holdings is encouraging its shareholders to vote in the upcoming Annual Shareholder Meeting on June 25, 2024, at 2:00 p.m. Eastern Time. The meeting will be held virtually and shareholders of record as of April 26, 2024, are invited to participate. Key proposals include the election of seven directors, ratification of the company's accounting firm, and amendments to the 2023 Equity Incentive Plan. Shareholders can vote online, via telephone, or by mail before 9 a.m. Eastern Time on June 24, 2024. Detailed information is available in the proxy statement online.

1847 Holdings (NYSE American: EFSH) has provided an update on its strategic initiatives. The company is close to finalizing a deal to acquire a millwork, cabinetry, and door manufacturer with 2023 revenues of $28.6 million for $16.75 million, which is approximately 3.2x the target's EBITDA. The company is also in advanced discussions to sell one of its business lines and is restructuring its debt to extend repayment duration and remove equity-linked repayment aspects. These actions aim to create a favorable capital structure and long-term value for shareholders. Further updates will follow as these transactions progress.

1847 Holdings (NYSE American:EFSH) has provided a business update on pending strategic transactions aimed at improving cash flow, strengthening their balance sheet, and enhancing their capital structure. CEO Ellery W. Roberts reported strong first-quarter revenue growth and the successful divestiture of Asien's Appliance. The company is finalizing an agreement to acquire a significant millwork, cabinetry, and door manufacturer, which reported substantial EBITDA in 2023. These initiatives are expected to lower their leverage ratio and accelerate debt repayment. The overall goal is to position 1847 in a stronger financial state, generating more cash flow and improving balance sheet and capital structure. Further updates are anticipated as these transactions progress.

1847 Holdings reported a 15% year-over-year increase in revenue for Q1 2024, reaching $14.9 million. Gross profit also rose by 13.3% to $5.6 million. The company executed a Letter of Intent to sell 1847 Cabinets for $27.6 million and another non-binding LOI to acquire a Las Vegas-based cabinetry manufacturer for $16.75 million. Notable subsidiary developments include ICU Eyewear's diversification in manufacturing and partnership expansion, and Wolo Manufacturing's supply chain diversification into India. The company restructured promissory notes and divested Asien's Appliance, improving the balance sheet. Despite these positives, 1847 Holdings reported a significant net loss of $11.2 million for Q1 2024, primarily due to increased operating expenses and amortization of debt discounts.

1847 Holdings has re-engaged ShareIntel to investigate potentially improper and illegal trading activity in the company's common stock. The company aims to enhance corporate governance, monitor trading activity, and ensure regulatory compliance. Despite positive fundamentals and a recent $27.6 million deal, the CEO suspects market manipulation and illegal trading, including naked short selling.

1847 Holdings , a company focusing on identifying undervalued investment opportunities, provided an update on the sale of its subsidiary, 1847 Cabinets Inc. The prospective buyer proposed an enterprise value of $27.6 million, including earn-out payments, representing a 5.91x multiple of 2023 EBITDA. The transaction is progressing through due diligence, with the closing expected within 90 days. The CEO, Mr. Ellery W. Roberts, highlighted plans to utilize proceeds for debt repayment, working capital, acquisitions, and potentially share repurchases, aiming to maximize shareholder value.

1847 Holdings announces the execution of a Letter of Intent to sell 1847 Cabinets Inc. for $27.6 million, representing a 5.91x multiple of 2023 EBITDA. The sale aims to maximize shareholder value and reallocate resources for growth opportunities, with the proceeds to strengthen financial position and pursue acquisitions for value creation. The transaction highlights the company's undervaluation and potential, signaling an attractive investment opportunity for shareholders.