Recruiter.com Group, Inc. Announces Completion of Sale of Website to Job Mobz and Repayment of Senior Debt
Recruiter.com Group, Inc. (NASDAQ:RCRT) has completed the sale of its website and associated intellectual property to Job Mobz, Inc. This move is part of the company's efforts to streamline operations and enhance shareholder equity. Simultaneously, the company has fully repaid its outstanding senior debt under the Loan and Security Agreement, originally issued by Montage Capital II, L.P.
As part of the debt settlement, the company has issued 720,000 shares of common stock to a private investor. CEO Granger Whitelaw stated that this transaction strengthens the company's balance sheet and provides greater flexibility for future initiatives. Miles Jennings, CFO and incoming CEO of the planned CognoGroup spinout, expressed satisfaction with the continued relationship with Job Mobz.
The company also announced a 30-day transition period for investor relations and communications. Investors are advised to monitor filings and press releases, as the www.recruiter.com website will now reflect Job Mobz's operations.
Recruiter.com Group, Inc. (NASDAQ:RCRT) ha completato la vendita del suo sito web e della proprietà intellettuale associata a Job Mobz, Inc. Questa mossa fa parte degli sforzi dell'azienda per snellire le operazioni e migliorare il patrimonio degli azionisti. Allo stesso tempo, l'azienda ha interamente rimborsato il proprio debito senior non pagato ai sensi del Contratto di Prestito e Garanzia, originariamente emesso da Montage Capital II, L.P.
Come parte della risoluzione del debito, l'azienda ha emesso 720.000 azioni di azioni ordinarie a un investitore privato. Il CEO Granger Whitelaw ha dichiarato che questa transazione rafforza il bilancio dell'azienda e fornisce maggiore flessibilità per future iniziative. Miles Jennings, CFO e futuro CEO della prevista spinout CognoGroup, ha espresso soddisfazione per la continua relazione con Job Mobz.
L'azienda ha anche annunciato un periodo di transizione di 30 giorni per le relazioni con gli investitori e le comunicazioni. Gli investitori sono invitati a monitorare le registrazioni e i comunicati stampa, poiché il sito www.recruiter.com rifletterà ora le operazioni di Job Mobz.
Recruiter.com Group, Inc. (NASDAQ:RCRT) ha completado la venta de su sitio web y de la propiedad intelectual asociada a Job Mobz, Inc. Este movimiento es parte de los esfuerzos de la empresa para optimizar operaciones y mejorar el patrimonio de los accionistas. Al mismo tiempo, la empresa ha restituido completamente su deuda senior vencida bajo el Acuerdo de Préstamo y Garantía, emitido originalmente por Montage Capital II, L.P.
Como parte de la liquidación de la deuda, la empresa ha emitido 720.000 acciones comunes a un inversor privado. El CEO Granger Whitelaw declaró que esta transacción refuerza el balance de la empresa y proporciona mayor flexibilidad para iniciativas futuras. Miles Jennings, CFO y futuro CEO de la proyectada escisión CognoGroup, expresó satisfacción por la relación continua con Job Mobz.
La empresa también anunció un período de transición de 30 días para las relaciones con los inversores y las comunicaciones. Se aconseja a los inversores que supervisen los documentos y comunicados de prensa, ya que el sitio web www.recruiter.com ahora reflejará las operaciones de Job Mobz.
Recruiter.com Group, Inc. (NASDAQ:RCRT)는 Job Mobz, Inc.에 자신의 웹사이트와 관련된 지적 재산권을 판매 완료했습니다. 이 조치는 회사가 운영을 간소화하고 주주 자산을 증대하기 위한 노력의 일환입니다. 동시에 회사는 Montage Capital II, L.P.가 원래 발행한 대출 및 보안 계약에 따라 미지급된 고정 채무를 완전 상환했습니다.
부채 정산의 일환으로 회사는 개인 투자자에게 720,000주의 보통주식을 발행했습니다. CEO Granger Whitelaw는 이 거래가 회사의 재무상태를 강화하고 향후 계획에 대한 유연성을 제공한다고 전했습니다. Miles Jennings, CFO이자 예정된 CognoGroup 분사에서의 CEO는 Job Mobz와의 지속적인 관계에 대해 만족감을 표명했습니다.
회사는 또한 투자자 관계 및 커뮤니케이션을 위한 30일 전환 기간을 발표했습니다. 투자자들은 www.recruiter.com 웹사이트가 이제 Job Mobz의 운영을 반영할 것이므로 등록 및 보도 자료를 모니터링할 것을 권장받습니다.
Recruiter.com Group, Inc. (NASDAQ:RCRT) a achevé la vente de son site web et de la propriété intellectuelle associée à Job Mobz, Inc. Ce mouvement fait partie des efforts de l'entreprise pour rationaliser les opérations et améliorer l'équité des actionnaires. En parallèle, l'entreprise a entièrement remboursé sa dette senior due en vertu de l'Accord de Prêt et de Sécurité, initialement émis par Montage Capital II, L.P.
Dans le cadre du règlement de la dette, l'entreprise a émis 720 000 actions ordinaires à un investisseur privé. Le PDG Granger Whitelaw a déclaré que cette transaction renforce le bilan de l'entreprise et offre une plus grande flexibilité pour les initiatives futures. Miles Jennings, directeur financier et futur PDG de la société CognoGroup prévue, a exprimé sa satisfaction quant à la relation continue avec Job Mobz.
L'entreprise a également annoncé une période de transition de 30 jours pour les relations avec les investisseurs et les communications. Les investisseurs sont invités à surveiller les dépôts et les communiqués de presse, car le site www.recruiter.com reflétera désormais les opérations de Job Mobz.
Recruiter.com Group, Inc. (NASDAQ:RCRT) hat die Veräußerung seiner Website und des zugehörigen geistigen Eigentums an Job Mobz, Inc. vollzogen. Dieser Schritt ist Teil der Bemühungen des Unternehmens, die Betriebsabläufe zu optimieren und das Eigenkapital der Aktionäre zu steigern. Gleichzeitig hat das Unternehmen seine ausstehende vorrangige Verschuldung vollständig zurückgezahlt, die ursprünglich von Montage Capital II, L.P. gewährt wurde.
Im Rahmen der Schuldenregelung hat das Unternehmen 720.000 Stammaktien an einen privaten Investor ausgegeben. CEO Granger Whitelaw erklärte, dass diese Transaktion die Bilanz des Unternehmens stärkt und größere Flexibilität für zukünftige Initiativen bietet. Miles Jennings, CFO und künftiger CEO der geplanten CognoGroup-Ableger, äußerte sich zufrieden über die fortdauernde Zusammenarbeit mit Job Mobz.
Das Unternehmen gab zudem einen 30-tägigen Übergangszeitraum für die Investorenbeziehungen und die Kommunikation bekannt. Investoren werden gebeten, die Einreichungen und Pressemitteilungen zu verfolgen, da die Website www.recruiter.com nun die Aktivitäten von Job Mobz widerspiegeln wird.
- Sale of website and intellectual property completed, potentially improving financial position
- Full repayment of outstanding senior debt, reducing financial obligations
- Issuance of 720,000 shares of common stock for debt settlement, potentially improving debt-to-equity ratio
- Strengthened balance sheet and increased flexibility for future initiatives
- Ongoing collaboration with Job Mobz, maintaining strategic partnerships
- Divestment of key asset (website and intellectual property) may impact future revenue streams
- Issuance of 720,000 new shares may lead to dilution of existing shareholders' stakes
- Transition in investor relations and communications may temporarily affect information flow to shareholders
Insights
The sale of Recruiter.com's website and associated IP to Job Mobz marks a significant shift in the company's strategy. This move, coupled with the full repayment of senior debt, substantially improves RCRT's balance sheet. The debt settlement through the issuance of 720,000 common shares, while dilutive, eliminates a major financial obligation.
For investors, this restructuring presents a mixed picture:
- Positive: Reduced debt burden and improved financial flexibility
- Negative: Loss of a key asset (website) and potential revenue stream
- Uncertain: Future business direction and revenue generation capabilities
The planned spinout of CognoGroup adds another layer of complexity. Investors should closely monitor upcoming announcements for clarity on the company's new business model and growth strategy. With a market cap of just
The sale of Recruiter.com's website to Job Mobz represents a significant pivot in the company's digital strategy. While this move divests RCRT of a valuable online asset, it may allow for a more focused approach on developing new technologies or services.
Key considerations for tech-oriented investors:
- The partnership with Job Mobz could lead to potential collaborations in the HR tech space
- The planned CognoGroup spinout suggests a possible shift towards AI or cognitive technologies in recruitment
- Loss of the Recruiter.com domain may impact brand visibility and organic traffic
The transition of investor relations channels indicates a complete overhaul of the company's digital presence. This could either signal a fresh start or pose challenges in maintaining investor engagement. The tech landscape in recruitment is highly competitive and RCRT will need to clearly articulate its new value proposition to stand out in the market.
BRISTOL, CT / ACCESSWIRE / September 24, 2024 / Recruiter.com Group, Inc. (NASDAQ:RCRT) (the "Company") today announced the completion of the sale of its website and certain associated intellectual property, www.recruiter.com, to Job Mobz, Inc. The sale is part of the Company's ongoing efforts to streamline operations and enhance shareholder equity.
In conjunction with this transaction, the Company has fully repaid its outstanding senior debt under the terms of the Loan and Security Agreement, originally issued by Montage Capital II, L.P. As part of this repayment, the Company has also reached a debt settlement agreement with a private investor to whom the debt was transferred. This settlement involves the issuance of 720,000 shares of common stock in exchange for the full settlement of the loan and all associated obligations.
"We are pleased to have completed this key step in our restructuring process," said Granger Whitelaw, CEO of the Company. "The sale of our website and the full repayment of senior debt gives the Company a stronger balance sheet and greater flexibility for future initiatives. We are excited about the path ahead and expect to announce new developments in the near future as we continue to refine our business and explore opportunities."
Miles Jennings, CFO of the Company and incoming CEO of the planned CognoGroup spinout said, "I'm pleased to continue our strong relationship with Job Mobz as they assume control of the Recruiter.com platform. While we prepare for the planned spinout of CognoGroup, I look forward to continuing our collaboration. This partnership is an important step as we both focus on our core strengths and look toward future growth."
The Company also announced that investor relations and communications will be transitioning over the next 30 days. While investors are encouraged to continue monitoring filings and press releases from Recruiter.com Group, Inc., the www.recruiter.com website will reflect Job Mobz's operations going forward. Until a new investor communications channel is launched, filings and official updates will remain accessible through https://investors.recruiter.com.
The Company will provide further updates regarding its ongoing transition as appropriate.
About Recruiter.com Group, Inc.
Recruiter.com Group, Inc. (NASDAQ:RCRT) is a publicly traded company dedicated to providing innovative technology-enabled solutions and services. As part of an ongoing restructuring, the Company is focused on optimizing its operations to better serve its stakeholders. Through its continued efforts to streamline and enhance its offerings, Recruiter.com Group, Inc. aims to deliver value-driven results for businesses and investors alike. Visit https://investors.recruiter.com for more information and filings.
About Job Mobz
Founded in 2012, Job Mobz is one of the premier RPO firms worldwide, specializing in Recruitment Process Outsourcing (RPO) and Employer of Record (EOR) services. The company excels in sourcing, screening, identifying, and hiring world-class candidates in any geography, function, and timeframe. Job Mobz serves early-stage startups to Fortune 500 clients, delivering high-quality recruiting services tailored to their unique needs. In 2024, HRO Today recognized Job Mobz/Recruiter.com as a Bakers Dozen Top RPO provider.
To stay up-to-date with the latest news, follow Job Mobz on social media:
LinkedIn: https://www.linkedin.com/company/job-mobz
Twitter: https://twitter.com/JobMobz
Contact:
Recruiter.com Group, Inc.
123 Farmington Avenue, Suite 252
Bristol, CT 06010
Phone: (855) 931-1500
Email: investors@recruiter.com
Forward-Looking Statements
This press release may contain "forward-looking statements" as defined under applicable securities laws, including, without limitation, statements regarding the completion of the planned CognoGroup spinout, ongoing restructuring efforts, expected future operations, and anticipated partnerships or collaborations. These forward-looking statements reflect the Company's current views about future events and are subject to certain risks, uncertainties, and assumptions. Actual results, performance, or achievements may differ materially from those described or implied by these statements. Factors that could cause actual results to differ include but are not limited to, general economic conditions, changes in market conditions, the Company's ability to execute its restructuring plan, legal or regulatory changes, and other risks and uncertainties as described in the Company's filings with the Securities and Exchange Commission (SEC), including the latest Annual Report on Form 10-K and subsequent filings. The Company undertakes no obligation to update or revise any forward-looking statements, except as required by law.
Risks and Uncertainties
We advise readers that these forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to differ significantly from those expressed or implied. Such risks include, but are not limited to, market conditions, competition, and regulatory changes, as well as those items mentioned in our latest filings with the SEC, including our annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K.
Third-Party Information
We do not endorse or accept any responsibility for third-party projections or data referenced in this press release. Any reliance on such information is at the user's own risk.
Disclaimer
This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company. Any offers, solicitations, or recommendations to purchase or sell securities will be made only through appropriate legal documentation and only in jurisdictions where such offers, solicitations, or recommendations are legally permitted. The Company makes no representations or warranties about the accuracy or completeness of the information contained in this press release, and any reliance on this information is strictly at your own risk.
SOURCE: Recruiter.com Group, Inc.
View the original press release on accesswire.com
FAQ
What assets did Recruiter.com Group (RCRT) sell to Job Mobz?
How did Recruiter.com Group (RCRT) settle its outstanding senior debt?
What changes in investor communications were announced by Recruiter.com Group (RCRT)?
Who is the incoming CEO of the planned CognoGroup spinout from Recruiter.com Group (RCRT)?
