DPW Holdings Announces that Its Subsidiary, DPW Financial Group, Inc., Has Terminated the Agreement Providing for the Acquisi...
February 28 2020 - 6:30AM
DPW Holdings, Inc. (NYSE American: DPW), a diversified holding
company (“
DPW,” or the
“
Company”), announced on January 2, 2020 that its
wholly owned subsidiary, DPW Financial Group, Inc.
(“
DPWF”), had entered into an agreement to acquire
two broker-dealers, consisting of Glendale Securities, Inc.
(“
GSI”), a retail broker-dealer, and its
correspondent clearing broker dealer (collectively, the
“
Firms”).
DPW also announced that the closing of the
agreement was subject to customary conditions, including regulatory
clearance, which consisted principally of approval by the Financial
Industry Regulatory Authority, Inc. (“FINRA”). On
January 8, 2020, the Company announced that on January 7, 2020, the
Firms had held a telephonic meeting with representatives of FINRA
and that they were informed that the proposed transaction would not
be approved in its then contemplated form. As a result, the Firms
had withdrawn their respective applications seeking FINRA’s
approval of the agreement.
The Company reviewed the information it was
provided by GSI and, after evaluating its options with respect to
the agreement, decided to terminate the agreement and not pursue
the acquisition of the Firms.
DPW’s CEO and Chairman, Milton “Todd” Ault, III
said, “While we are disappointed that the previously announced
acquisition will not be completed, our recently announced $7.7
million exchange agreement improves our capital structure and
enables management to focus on the many other opportunities we have
to grow our business. We are committed to providing financial
resources to enable our existing businesses to expand.”
For more information on DPW Holdings and its
subsidiaries, the Company recommends that stockholders, investors
and any other interested parties read the Company’s public filings
and press releases available under the Investor Relations section
at www.DPWHoldings.com or available at www.sec.gov.
About DPW Holdings, Inc.
DPW Holdings, Inc. is a diversified holding
company pursuing growth by acquiring undervalued businesses and
disruptive technologies with a global impact. Through its wholly
and majority-owned subsidiaries and strategic investments, the
Company provides mission-critical products that support a diverse
range of industries, including defense/aerospace, industrial,
telecommunications, medical, crypto-mining, and textiles. In
addition, the Company owns a select portfolio of commercial
hospitality properties and extends credit to select entrepreneurial
businesses through a licensed lending subsidiary. DPW’s
headquarters are located at 201 Shipyard Way, Suite E, Newport
Beach, CA 92663; www.DPWHoldings.com.
Forward-Looking Statements
This press release contains “forward looking
statements” within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These
forward-looking statements generally include statements that are
predictive in nature and depend upon or refer to future events or
conditions, and include words such as “believes,” “plans,”
“anticipates,” “projects,” “estimates,” “expects,” “intends,”
“strategy,” “future,” “opportunity,” “may,” “will,” “should,”
“could,” “potential,” or similar expressions. Statements that are
not historical facts are forward-looking statements.
Forward-looking statements are based on current beliefs and
assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update any of them
publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company’s Forms 10-K, 10-Q and
8-K. All filings are available at www.sec.gov and on the
Company’s website at www.DPWHoldings.com.
Contacts:
IR@DPWHoldings.com or 1-888-753-2235
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