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Finjan Holdings, Inc. (NASDAQ: FNJN) has been acquired by Fortress Investment Group LLC at $1.55 per share in an all-cash tender offer. The merger allows Finjan to retain its brand and operational model while licensing its robust patent portfolio, which has seen strong judicial support. Following the acquisition, Finjan's stock will cease trading on the Nasdaq. Fortress, managing around $41.7 billion in assets, aims to leverage Finjan's cybersecurity innovations and expertise in threat detection.
Finjan Holdings (NASDAQ: FNJN) announced a definitive agreement for Fortress Investment Group to acquire all outstanding shares for $1.55 each, totaling approximately $43.9 million. The tender offer will initiate soon, requiring a majority of shares for completion. Finjan's Board unanimously recommends shareholders tender their shares, with 28% already committed. This transaction aims to strengthen Finjan's operations amid a challenging environment, allowing continued pursuit of licensing opportunities.
Finjan Holdings (NASDAQ: FNJN) announced a postponement of its jury trial against Cisco, initially set for June 22, 2020, now rescheduled for October 19, 2020, due to COVID-19 court restrictions. The trial, overseen by Judge Beth Labson Freeman in San Jose, involves five U.S. patents. Finjan also has ongoing patent infringement lawsuits against multiple cybersecurity firms, collectively involving over 15 patents. This delay is primarily attributed to the backlog of criminal cases in the court system as a result of the pandemic, impacting civil jury trials.
Finjan Holdings, Inc. (NASDAQ: FNJN) reported a financial update for Q1 2020, highlighting revenues of $3.8 million, compared to no revenue in the previous year. Their net loss decreased to $4.2 million ($0.15 per share) from $6.0 million ($0.22 per share) in Q1 2019. The company holds approximately $32.0 million in cash. Due to the COVID-19 pandemic, the trial against ESET ended in a mistrial, but the trial against Cisco is rescheduled for June 22, 2020. The company is also pursuing patents against multiple firms, expanding its portfolio amidst ongoing uncertainties.
EAST PALO ALTO, Calif., May 7, 2020 - Finjan Holdings (NASDAQ:FNJN) will host a conference call on May 13, 2020, at 1:30 PM PT to discuss its Q1 2020 financial results and provide a shareholder update. Interested analysts and investors can dial 1-855-327-6837 in the U.S. or 1-631-891-4304 internationally to participate. An archived replay will be available for two weeks post-call, accessible at 1-844-512-2921 in the U.S. or 1-412-317-6671 internationally, using access code 10009574. For more information, visit Finjan's investor relations website.
Finjan Holdings (NASDAQ: FNJN) announces a delay in its trial against Cisco Systems from June 1 to June 22, 2020, due to COVID-19 court adjustments. The trial will take place in the U.S. District Court for Northern California, with jury selection beginning on June 19. Finjan seeks to assert five patents against Cisco, amidst ongoing infringement lawsuits against other major cybersecurity firms. Finjan's Chief IP Officer expresses eagerness for the trial, marking it as significant in the context of reopening courts post-pandemic.
