STEEL PARTNERS HOLDINGS L.P. - SPLP STOCK NEWS

Steel Sports is hosting its inaugural Kids First Road Show summer camp at Tropical Park, Miami, from July 18-22, 2022. This initiative promotes sportsmanship among kids aged 7-13, emphasizing core values such as Teamwork, Respect, Integrity, and Commitment. Sponsored by local Steel Partners businesses, the camp includes scholarships funded by ModusLink for inner-city youth. Additionally, the program honors Baseball Hall-of-Famer Tommy Lasorda, aiming to inspire youth to thrive socially and athletically.

Steel Partners Holdings L.P. (NYSE: SPLP) announced the passing of General Richard I. "Butch" Neal, a dedicated board member since July 15, 2009. General Neal contributed significantly as a member of the Audit and Governance Committees, and his leadership and commitment were valued by the company and its stakeholders. Executive Chairman Warren Lichtenstein praised Neal's selflessness and dedication, stating that the company is better due to his service. His legacy includes inspiring leadership and a genuine care for people, which will continue to influence Steel Partners.

Steel Partners (NYSE: SPLP) has signed a definitive merger agreement to acquire Steel Connect, Inc. (NASDAQ: STCN) for $1.35 per share in cash, plus a contingent value right (CVR) linked to potential future proceeds from the sale of Steel Connect’s ModusLink subsidiary. This transaction, approved by both companies’ boards, is expected to close in the second half of 2022, pending stockholder approval. The merger includes a 'go-shop' period until July 12, 2022, allowing Steel Connect to solicit alternative offers. Advisors for the deal include Houlihan Lokey and Imperial Capital.

Steel Partners Holdings (NYSE: SPLP) has signed a merger agreement to acquire Steel Connect (NASDAQ: STCN) for $1.35 per share in cash and a contingent value right (CVR). The CVR allows shareholders to receive part of the net proceeds from a future sale of Steel Connect’s ModusLink subsidiary if it exceeds $80 million. The merger is backed by both companies' Boards and is subject to Steel Connect's stockholder approval and customary conditions, expected to close in the second half of 2022. A 'go-shop' period for alternative proposals ends on July 12, 2022.

Steel Partners and Steel Sports are hosting employee town hall meetings featuring baseball legend Bobby Valentine across 16 locations this spring, engaging around 3,000 employees. The meetings aim to foster discussion on core values of Teamwork, Respect, Integrity, and Commitment, as well as Valentine’s experiences and insights from his career. These town halls align with Steel Sports' mission to inspire youth and promote a positive culture among employees. The initiative emphasizes mentorship and community involvement, highlighting the company’s commitment to developing youth through sports.

Steel Partners Holdings L.P. (NYSE: SPLP) announced the results of its modified Dutch Auction tender offer, where it sought to buy back up to $100 million in common units. The offer, priced between $40.00 and $42.00 per unit, concluded on May 13, 2022. A total of approximately 361,781 common units were tendered at the maximum price of $42.00, leading to a total expenditure of about $15.19 million, excluding related fees.

Payments for the units accepted will be issued by the Depositary as per the offer's terms.

Steel Partners Holdings L.P. (NYSE: SPLP) reported Q1 2022 results with revenue of $405.7 million, a 29.0% increase year-over-year. Net income was $4.5 million, and adjusted EBITDA rose to $64.6 million, yielding a 15.9% margin. Cash flows showed adjusted free cash flow of $33.6 million. Despite positive growth, the company recorded a net loss from associated companies of $4.6 million and total debt of $269.6 million. The board declared a quarterly cash distribution of $0.375 per Series A Preferred Unit, payable June 15, 2022.

Steel Partners Holdings L.P. (NYSE: SPLP) has extended its modified Dutch Auction tender offer to repurchase up to $100 million of its common units. The expiration date is now set for May 13, 2022. Previously scheduled for May 6, 2022, the extension allows unitholders more time to consider the company's upcoming first-quarter results, which will be released on May 5, 2022. As of May 2, 2022, no units have been tendered. The offer terms remain unchanged, and unitholders do not need to take additional action if they have already submitted their units.