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Mohawk Group Holdings, Inc. (NASDAQ: MWK) plans to report its third quarter 2020 financial results on November 9, 2020, after market close. A conference call for investors will occur at 5:00 p.m. ET, accessible via phone or a live webcast. Mohawk is a technology-driven consumer products company, utilizing AI and data analytics to market and sell products across several online platforms including Amazon and Walmart. Its brands cover a range of categories, including home appliances and beauty products.
Mohawk Group Holdings (NASDAQ: MWK) announced the termination of its Equity Distribution Agreement effective August 24, 2020. This agreement allowed the company to sell up to $30 million in common stock, which was not utilized during its term. CEO Yaniv Sarig stated that the decision to end the ATM program followed the successful acquisition of Truweo and the desire to focus on capital needs without an ATM program. Mohawk utilizes technology in consumer products and operates through platforms like Amazon and Walmart.
Mohawk Group Holdings (NASDAQ: MWK) announced virtual participation in several upcoming investor conferences. The LD Micro LD 500 Conference will take place on September 4, 2020, with a presentation scheduled for 1:40 PM ET. The DA Davidson 19th Annual Software & Internet Conference is set for September 9, 2020, featuring a fireside chat at 11:00 AM ET. Mohawk will also present at the H.C. Wainwright & Co. 22nd Annual Global Investment Conference from September 14-16, with a presentation on September 14 at 3:30 PM ET. Mohawk leverages technology to enhance its ecommerce presence.
Mohawk Group Holdings, Inc. (NASDAQ: MWK) has successfully closed its public offering of 3,357,140 shares at $7.00 each, raising approximately $20.6 million in net proceeds. The financing will support the acquisition of Truweo, a wellness ecommerce brand, utilizing $13.9 million for the transaction. The remaining funds aim to enhance Mohawk's growth through additional acquisitions and general corporate purposes. Led by A.G.P./Alliance Global Partners, the offering is part of Mohawk's strategy to expand its presence in the consumer products market.
Mohawk Group Holdings (NASDAQ: MWK) announced the completion of its public offering, selling 3,357,140 shares at $7.00 each, raising approximately $20.6 million net after expenses. The funds will primarily be allocated for acquiring a consumer products business, pending required approvals. If the acquisition does not finalize, proceeds may support general corporate purposes, including working capital. A.G.P./Alliance Global Partners served as the sole manager for this offering, which is registered with the SEC under Form S-3.
Mohawk Group Holdings (NASDAQ: MWK) has agreed to acquire the assets of Truweo for approximately $16.4 million, which includes $13.9 million in cash and a $2.5 million promissory note. This acquisition, aligned with Mohawk's M&A strategy, is expected to enhance its revenue outlook for 2020, raising projected net revenue to $175 million - $185 million.
Despite past performance, the acquisition's closing is subject to approvals, with projected net losses for Q3 and Q4 2020 anticipated due to interest and compensation expenses.
Mohawk Group Holdings, Inc. (NASDAQ: MWK) has priced a public offering of 3,357,140 shares at $7.00 each, expecting gross proceeds of approximately $23.5 million. The company plans to use the net proceeds to acquire a consumer products business and other complementary assets. Additionally, Mohawk may utilize part of the funds for general corporate purposes if the acquisition does not proceed. An underwriter has a 30-day option for an additional 503,571 shares. The offering is set to close around August 26, 2020, subject to standard conditions.
Mohawk Group Holdings (NASDAQ: MWK) announced plans for an underwritten public offering of its common stock, aiming to raise funds for potential acquisitions, investments, or licensing of compatible consumer products. The offering will include a 30-day option for the underwriter to purchase an additional 15% of shares. Proceeds will primarily support an acquisition of a consumer products business, pending third-party approvals. A.G.P./Alliance Global Partners will serve as the sole underwriter. The offering is subject to market conditions, with no guarantees on its completion.
Mohawk Group Holdings (NASDAQ: MWK) reported a strong second quarter for 2020, achieving a 97% increase in net revenue to $59.8 million, up from $30.4 million in Q2 2019. The company improved its gross margin to 46.2% from 38.7% year-over-year and reported a narrowed net loss of $(2.9) million, significantly less than the $(16.9) million in Q2 2019. Adjusted EBITDA reached $3.4 million, marking the first quarter of profitability. Mohawk maintains a 2020 revenue outlook of $170-$180 million and anticipates positive Adjusted EBITDA for the remainder of the year.
Mohawk Group Holdings has corrected its earlier press release to reflect that it will announce its second quarter 2020 earnings on July 30, 2020, after market close. Management will host a conference call at 5:00 p.m. ET on the same day to discuss the financial results. Interested investors can participate via a phone call or a live webcast. Mohawk operates primarily through online retail channels like Amazon and Walmart, offering various consumer products.
