Star Equity Holdings, Inc. - STRR STOCK NEWS

Star Equity Holdings (Nasdaq: STRR) has announced a cash dividend of $0.25 per share for holders of its 10% Series A Cumulative Perpetual Preferred Stock. The dividend will be paid on December 10, 2024, with a record date of December 1, 2024. The company operates through two main divisions: Building Solutions, which includes modular building manufacturing, structural wall panel and wood foundation manufacturing, and glue-laminated timber manufacturing; and Investments, which manages real estate assets and investment positions in private and public companies.

Star Equity Holdings (NASDAQ: STRR) reported Q3 2024 financial results showing a 30.9% revenue increase to $13.7 million, driven by acquisitions of Timber Technologies and Big Lake Lumber. Despite revenue growth, the company recorded a net loss of $2.0 million ($0.61 per share) compared to $2.4 million loss in Q3 2023. Building Solutions division saw increased commercial activity with recent contract wins totaling $4.6 million. The company diversified its portfolio by investing in Enservco, marking entry into Energy Services and Transportation & Logistics sectors. Gross profit increased 27.9% to $2.8 million, while adjusted EBITDA showed a loss of $0.3 million.

Star Equity Holdings (Nasdaq: STRR) has rescheduled its third quarter 2024 financial results release for November 19, 2024, before market opening. A conference call is scheduled for 10:00 a.m. ET on the same day to discuss results and management outlook. The company operates through two divisions: Building Solutions, which includes modular building manufacturing, structural wall panel and wood foundation manufacturing, and glue-laminated timber manufacturing; and Investments, which manages real estate assets and investment positions in private and public companies.

Star Equity Holdings (Nasdaq: STRR) has announced it will release its third quarter 2024 financial results on November 13, 2024, before market opens. The company will host a conference call at 10:00 a.m. ET to discuss results and management's outlook. Star Equity operates through two divisions: Building Solutions, which includes modular building manufacturing, structural wall panel and wood foundation manufacturing, and glue-laminated timber manufacturing; and Investments, which manages real estate assets and investment positions in private and public companies.

Star Equity Holdings, Inc. (Nasdaq: STRR) announced that its subsidiary, KBS Builders, Inc., has secured two contracts in Maine totaling $4.6 million. The first contract, worth $3.0 million, involves manufacturing 32 modules for 15 cottages in Northeast Harbor. The second contract, valued at $1.6 million, is for 8 modules to construct two buildings with 16 affordable housing units in Newcastle.

Manufacturing for the Northeast Harbor project began in September, while the Newcastle project is set to start in October. Both are expected to be completed by December, with occupancy planned for Spring 2025. CEO Rick Coleman highlighted KBS' strong position in the New England market and expressed optimism about increased demand for new construction projects following recent interest rate cuts.

Star Equity Holdings (Nasdaq: STRR) has adopted a Rights Agreement to protect its $43.2 million in net operating loss carryforwards (NOLs) as of December 31, 2023. The agreement aims to deter transfers of common stock that could result in an 'ownership change' under Section 382 of the Internal Revenue Code, which could limit the company's ability to use its NOLs to offset future taxable income.

The Board has declared a share dividend to stockholders of record as of August 19, 2024, allowing them to purchase one one-thousandth of a share of a new series of participating preferred stock. If any person or group acquires 4.99% or more of outstanding shares without Board approval, it would trigger the Rights Agreement, resulting in significant dilution for the acquiring party.

The Rights Agreement will expire on August 8, 2027, unless certain events occur earlier. Star Equity intends to seek stockholder approval at its 2024 annual meeting, although the agreement is effective immediately.

Star Equity Holdings (Nasdaq: STRR) has declared a cash dividend of $0.25 per share for holders of its 10% Series A Cumulative Perpetual Preferred Stock. The record date is set for September 1, 2024, with the payment date on September 10, 2024. Star Equity is a diversified holding company with two main divisions: Building Solutions and Investments. The Building Solutions division operates in modular building manufacturing, structural wall panel and wood foundation manufacturing, and glue-laminated timber production. The Investments division manages the company's real estate assets and investment positions in private and public companies.

Star Equity Holdings (STRR) reported Q2 2024 financial results, highlighting a 51.6% revenue increase to $13.5 million, primarily due to the Timber Technologies acquisition. However, the company faced challenges with a gross profit decrease of 14.9% to $2.2 million and a net loss of $3.8 million. Key developments include:

1. Timber Technologies acquisition diversifying Building Solutions division
2. Sale-leaseback transactions improving liquidity
3. Announcement of a $1 million stock repurchase program
4. Integration challenges and market headwinds affecting performance
5. Strong sales pipeline despite slower project conversion rates

The company remains focused on its growth strategy, including expansion, acquisitions, and exploring new opportunities in its Investments division.

Star Equity Holdings (Nasdaq: STRR) has announced a strategic investment in Enservco (NYSE American: ENSV), marking its entry into the Energy Services and Transportation & Logistics sectors. The transaction involves:

1. Star issuing 250,000 shares of its 10% Series A Cumulative Perpetual Preferred Stock to Enservco in exchange for 12.5 million ENSV common shares and equivalents, valued at $2.5 million.

2. A $1 million short-term loan from Star to Enservco to facilitate the acquisition of Buckshot Trucking,

3. Star gaining a seat on Enservco's Board of Directors.

This investment aligns with Star's expansion strategy, diversifying its portfolio beyond Building Solutions. Star now holds approximately 20% of ENSV common shares and additional convertible preferred shares.