NEW YORK, NY / ACCESSWIRE / November 1, 2024 / 1847 Holdings LLC("1847" or the "Company") (NYSE American:EFSH), a holding company specializing in identifying over-looked, deep value investment opportunities in middle market businesses, today announced that it will effect a 1-for-15 reverse split ("reverse split") of its common shares that will become effective on November 11, 2024.
1847's common shares will continue to trade on NYSE American under the symbol "EFSH" and will begin trading on a split-adjusted basis when the market opens on November 11, 2024. The new CUSIP number for the common shares following the reverse split will be 28252B853. The reverse split will reduce the number of outstanding common shares and the number of common shares in the Company's float from approximately 11.4 million shares to approximately 0.76 million shares.
Ellery W. Roberts, CEO of 1847, stated, "We have decided to initiate a reverse stock split as a strategic measure to strengthen our market position and expand access to growth opportunities. This move aligns with our long-term vision, enhancing our profile within the investment community and positioning us to execute our acquisition strategy with greater impact. Our focus remains on acquiring accretive, cash-flow-generating businesses in the lower-middle market at compelling valuations, enabling us to build a strong foundation for future growth."
"Recently, we completed the sale of High Mountain Door & Trim Inc., a division of 1847 Cabinets, to Builders FirstSource, Inc., the largest supplier of building products and prefabricated components in the U.S. This transaction, completed at more than twice our original purchase price, highlights our expertise in acquiring, operating, and optimizing assets to realize substantial value. In addition, we successfully closed an $11.1 million offering, further strengthening our balance sheet. We are also approaching a definitive agreement to acquire a premier millwork, cabinetry, and door manufacturer at a highly favorable EBITDA multiple, which is expected to become our most profitable transaction to date," concluded Mr. Roberts.
About 1847 Holdings LLC
1847 Holdings LLC (NYSE American: EFSH), a publicly traded diversified acquisition holding company, was founded by Ellery W. Roberts, a former partner of Parallel Investment Partners, Saunders Karp & Megrue, and Principal of Lazard Freres Strategic Realty Investors. 1847 Holdings' investment thesis is that capital market inefficiencies have left the founders and/or stakeholders of many small business enterprises or lower-middle market businesses with limited exit options despite the intrinsic value of their business. Given this dynamic, 1847 Holdings can consistently acquire businesses it views as "solid" for reasonable multiples of cash flow and then deploy resources to strengthen the infrastructure and systems of those businesses in order to improve operations. These improvements may lead to a sale or IPO of an operating subsidiary at higher valuations than the purchase price and/or alternatively, an operating subsidiary may be held in perpetuity and contribute to 1847 Holdings' ability to pay regular and special dividends to shareholders. For more information, visit www.1847holdings.com.
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Forward-Looking Statements
This press release may contain information about 1847 Holdings' view of its future expectations, plans and prospects that constitute forward-looking statements. All forward-looking statements are based on our management's beliefs, assumptions and expectations of our future economic performance, taking into account the information currently available to it. These statements are not statements of historical fact. Forward-looking statements are subject to a number of factors, risks and uncertainties, some of which are not currently known to us, that may cause our actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial position. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include but are not limited to the risks set forth in "Risk Factors" included in our SEC filings.
Contact:
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Tel: +1 (212) 671-1020
Email: EFSH@crescendo-ir.com
SOURCE: 1847 Holdings LLC
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