ZEST - ZEST STOCK NEWS

On September 21, 2021, Zest Labs, a subsidiary of Ecoark Holdings (NASDAQ: ZEST), filed a lawsuit against Deloitte Consulting in Nevada for violating the Nevada Uniform Trade Secret Act. The complaint seeks hundreds of millions in damages and claims Deloitte misused proprietary information shared during a previous collaboration. Zest Labs' technology aims to reduce food waste and improve freshness, addressing an $85 billion issue in the fresh food supply chain. CEO Randy May emphasized the company's commitment to protecting its intellectual property for the benefit of shareholders and customers.

Ecoark Holdings (NASDAQ: ZEST) announced the expansion of its cryptocurrency mining subsidiary, Bitstream Mining LLC, securing 12 MW of electric capacity, with plans to upgrade to 50 MW. This development follows an agreement made on September 3, 2021, and aims to operationalize the site within 90 days, generating anticipated monthly revenues of $4.4 million starting January 2022. Bitstream aims to diversify its mining portfolio and contribute to Texas's power grid stability. The full mining site is expected to be completed by December 2022.

Ecoark Holdings plans to spin-off its subsidiary, Trend Discovery, into a stand-alone public company, distributing approximately 80% of Trend's common stock to shareholders. The transaction, expected to close in Q4 2021, requires regulatory compliance and has been authorized by Ecoark’s Board. Trend aims to excel in the FinTech market, reporting a 64% revenue increase in Q1 FY2022. The spin-off may unlock value for shareholders, according to CEO Randy May. Trend is also pursuing growth opportunities, including potential acquisitions in the FinTech sector and launching a cryptocurrency mining operation.

Ecoark Holdings (NASDAQ: ZEST) reported strong first-quarter fiscal 2022 results, achieving revenue of $6.9 million, a three-fold increase year-over-year. Gross profit rose to $2.9 million, with margins at 42%. The company transitioned from a net loss of $21.2 million last year to a net income of $2.6 million due to a non-cash gain of $5.0 million. Cash on hand decreased to $0.84 million. Full-year revenue guidance was raised for its subsidiary Trend Discovery, now expected at $4.1 million, while Banner Midstream revenue remains at $26.3 million.

Ecoark Holdings (NASDAQ: ZEST) has allocated $3 million from a recent $20 million offering to develop a Bitcoin mining operation in Texas. The facility, with an initial capacity of 6 MW and potential expansion to 50 MW, is set to begin operations in 90 days. This initiative, managed by Bitstream Mining LLC, aims to address grid imbalances by temporarily diverting power from mining to the ERCOT grid when needed. The project is aligned with Ecoark's ESG strategy to support local communities and green infrastructure.

Ecoark Holdings, Inc. (NASDAQ: ZEST) has successfully closed a registered direct offering, selling 3,478,261 shares at $5.75 each, generating gross proceeds of approximately $20 million. The offering includes warrants exercisable at the same price, contingent upon increasing authorized capital to 40 million shares. The funds will be allocated as follows: $7 million for new drilling projects, $3 million for a digital asset mining operation, $1 million for potential intellectual property litigation, and the remainder for general corporate purposes.

Ecoark Holdings, Inc. (NASDAQ: ZEST) announced a registered direct offering of approximately 3,478,261 shares of common stock at $5.75 per share, along with warrants for the same number of shares. The offering is expected to generate gross proceeds of about $20 million. The company plans to use these funds for growth capital, working capital, and general corporate purposes. Closing of the offering is anticipated around August 6, 2021, pending customary conditions. H.C. Wainwright & Co. is the exclusive placement agent.

Ecoark Holdings, Inc. (NASDAQ: ZEST) announced its listing on the Nasdaq Capital Market, effective August 4, 2021. This listing is expected to enhance the company's visibility and liquidity while creating greater shareholder value. Randy May, CEO, highlighted that the Nasdaq platform will facilitate Ecoark's growth initiatives. Founded in 2011, Ecoark operates through its subsidiaries, including Zest Labs, which addresses food loss in the U.S. with its Zest Fresh™ solution, and Banner Midstream, involved in oil and gas operations in multiple states.

Ecoark Holdings, Inc. (ZEST) reported significant growth with revenues of $15.6 million in fiscal 2021, up from $0.6 million the previous year, largely due to the acquisition of Banner Midstream. However, it recorded a net loss of $20.9 million, compared to $12.1 million in the prior year. For fiscal 2022, Ecoark anticipates revenues of approximately $28 million, driven by higher oil prices, and aims for positive cash flow from operations. The company is also working to uplist to a national securities exchange.