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Star Equity Holdings, Inc. Series A Cumulative Perpetual Preferred Stock - STRRP STOCK NEWS

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Star Equity Holdings, Inc. is a diversified holding company focused on enhancing stockholder value through operational excellence, strategic proficiency, and efficient capital allocation. The company operates through two primary segments: construction and investments.

Under the construction segment, Star Equity Holdings Inc engages in manufacturing modular housing units for commercial and residential uses. This segment comprises modular building manufacturing, structural wall panel and wood foundation manufacturing, and building supply retail operations.

On the other hand, the investments segment oversees the company's corporate-owned real estate assets, including manufacturing facilities in Maine that are leased back to KBS and other businesses. Star Equity Holdings Inc primarily generates revenue from its construction activities.

Additionally, the company's investment division manages real estate assets and investment positions in both private and public companies, contributing to its diversified portfolio.

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Star Equity Holdings, Inc. (Nasdaq: STRR; STRRP) has announced the release of its second quarter 2024 financial results on August 13, 2024, before market opening. A conference call is scheduled for 10:00 a.m. ET on the same day to discuss the results and management's outlook. The call can be accessed via phone or webcast, with details provided on the company's website.

Star Equity Holdings 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 manufacturing. The Investments division manages the company's real estate assets and investment positions in private and public companies.

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Star Equity Holdings (Nasdaq: STRR) has closed two sale-leaseback transactions for its facilities in South Paris, Maine and Big Lake, Minnesota, generating $8.3 million in net proceeds. The South Paris facility, operated by KBS Builders, was sold for $5.6 million with a 20-year lease agreement. The Big Lake facility, operated by Glenbrook Building Supply, was sold for $2.7 million with a 15-year lease agreement.

These transactions align with Star's strategy of strategic capital allocation and focus on EBITDA-generating assets. The proceeds will be used to pursue the company's long-term growth strategy, including potential acquisitions within existing divisions or new business segments. Star's recent acquisition of Timber Technologies in May 2024 exemplifies this strategy, increasing cash flow and diversifying revenue.

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Star Equity Holdings has announced the appointment of three new independent directors to its board: Todd Fruhbeis, Jennifer Palmer, and Louis Parks. These appointments replace former directors John Gildea and Mitch Quain, effective June 30, 2024. The new board members bring extensive expertise in capital markets, finance, and investment management, aligning with Star's growth strategy. Fruhbeis has over 25 years of capital markets experience, Palmer is the Founder and CEO of JPalmer Collective with a background in small-to-mid-size company banking, and Parks has over 35 years in investment management. The changes are aimed at enhancing corporate governance and driving shareholder value through diverse expertise. The new directors will stand for election at the 2024 Annual Meeting of Shareholders.

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Star Equity Holdings (Nasdaq: STRR; STRRP) announced a 1-for-5 reverse stock split, effective post-market on June 14, 2024. The company aims to fulfill Nasdaq's minimum bid price requirement. Trading on a post-split basis will begin on June 17, 2024, under a new CUSIP number (85513Q301). The reverse split will consolidate every five shares into one, reducing the total outstanding shares from 15,848,202 to approximately 3,169,640. The reverse split will also proportionately adjust stock options, warrants, and shares in equity incentive plans. No fractional shares will be issued; holders will receive one full share instead. Equiniti Trust Company, is facilitating the split.

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Star Equity Holdings announced a cash dividend of $0.25 per share for its 10% Series A Cumulative Perpetual Preferred Stock. This decision was approved by the Board of Directors and will affect shareholders on the record date of June 1, 2024, with the payment scheduled for June 11, 2024.

Star Equity Holdings, a diversified holding company, currently operates in two main divisions: Building Solutions and Investments. The Building Solutions division focuses on modular building manufacturing, structural wall panel, wood foundation, and glulam timber manufacturing. The Investments division manages the company's real estate assets and investment positions in various companies. The company recently sold its Healthcare division on May 4, 2023.

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Star Equity Holdings (Nasdaq: STRR; STRRP) reported a significant decline in Q1 2024 financial results. Revenues dropped by 26.1% to $9.1 million from $12.3 million in Q1 2023, and gross profit decreased by 63.1% to $1.6 million. The company posted a net loss of $2.2 million, contrasting with a net income of $16 thousand in the same period last year. Non-GAAP adjusted net loss stood at $1.4 million, and adjusted EBITDA was a loss of $1.1 million. However, cash and cash equivalents rose to $14.7 million from $5.0 million a year ago, and debt increased to $1.9 million from $0.7 million. The acquisition of Timber Technologies marks a step forward in diversification and expansion. CEO Rick Coleman attributed the financial downturn to credit tightening and macroeconomic factors, but remains optimistic about future growth and continued strong demand.

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Star Equity Holdings (Nasdaq: STRR; STRRP) announced its acquisition of Timber Technologies for $23 million on May 17, 2024. The deal includes $16 million upfront cash, $4 million deferred cash, and a $3 million earn-out. Timber Tech, based in Wisconsin, manufactures glue-laminated timber products and will enhance Star’s Building Solutions division. Timber Tech reported $18.8 million in revenue and $5.5 million Adjusted EBITDA in 2023. The acquisition aims to improve Star's profitability and diversify its market reach. Additionally, a $7 million loan from Bridgewater Bank partially financed the acquisition.

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Star Equity Holdings (Nasdaq: STRR; STRRP) will release its first quarter 2024 financial results on May 20, 2024, before market open. The company will host a conference call at 10:00 a.m. ET (7:00 a.m. PT) on the same day to discuss these results and provide management's outlook. Interested parties can access the call via toll-free and international numbers or through a simultaneous webcast available on the company's investor relations webpage. An archived replay of the webcast will be available shortly after the call.

Star Equity Holdings operates through two divisions: Building Solutions and Investments. The Building Solutions division manufactures modular housing units for commercial and residential projects, including structural wall panels and wood foundations. The Investments division manages and finances real estate assets and investment positions in private and public companies.

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Star Equity Holdings announced that its KBS Builders business unit closed a $4 million revolving line of credit with KeyBank. The LOC will be used for working capital and growth initiatives, providing financial flexibility. The credit facility has a maturity date of April 30, 2025, with an interest rate of SOFR plus a 3.00% margin.
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Star Equity Holdings, Inc. reported financial results for Q4 and FY 2023, ending with $18.9 million in cash. Revenues and gross profit decreased in Q4 compared to 2022, while net income improved. The Construction division saw a decline in revenue but improved gross margins. Investments division revenue remained stable. Operating expenses varied, resulting in a net loss for FY 2023. Cash flow from operations turned positive, with a decrease in debt. The Company remains focused on strategic acquisitions and growth opportunities.
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FAQ

What is the current stock price of Star Equity Holdings Series A Cumulative Perpetual Preferred Stock (STRRP)?

The current stock price of Star Equity Holdings Series A Cumulative Perpetual Preferred Stock (STRRP) is $9.36 as of December 23, 2024.

What is Star Equity Holdings, Inc. primary focus?

Star Equity Holdings, Inc. is primarily dedicated to increasing stockholder value through operational excellence, strategic proficiency, and capital allocation.

What are the two main segments of Star Equity Holdings Inc?

Star Equity Holdings Inc operates through two primary segments: construction and investments. The construction segment includes modular housing manufacturing, while the investments segment manages the company's real estate assets and investment positions.

How does Star Equity Holdings Inc generate revenue?

Star Equity Holdings Inc generates most of its revenue through its construction segment, which includes modular building manufacturing, structural wall panel and wood foundation manufacturing, and building supply retail operations.

What does Star Equity Holdings Inc Investments division do?

The Investments division of Star Equity Holdings Inc manages and finances the company's real estate assets and investment positions in private and public companies, ensuring a diversified portfolio.

What is the recent development regarding Star Equity Holdings Inc stock split?

Star Equity Holdings Inc announced a 1-for-5 reverse split scheduled to be effective on June 14, 2024, for trading on June 17, 2024.

Star Equity Holdings, Inc. Series A Cumulative Perpetual Preferred Stock

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