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i’ll have to correct you there
GOED is purely a play on $2.25 warrant converting and churning
- let me do some guzzintas hmmmmmmmm
———- $3.15-$2.25 x 90 million = holy $&@?
I guess pricing the warrants above the offering price would have not been attractive enough for the already ridiculous offering well below the market at the time
what does that mean?
You need to correct an error in the IBOX when you state "Goedekers created the largest pure-play online retailer of household appliances in the US." In other places you correctly state that Goedekers sells appliance AND furniture. You also mention plumbing and fitness equipment.
GOED doesn't seem to be a "pure play" on anything.
anyone know where to get a TA update on GOED?
my trading platform shows a little over 100MM outstanding, but I feel like that not correct.
I think it is more
Thank you in advance
91 million warrants to churn 91 million to churn
you sell 1 million you sell a million later 89 million warrants to churn
89 million warrants to churn 89 million to churn
holy cow investors getting taken for a ride
first the run up to the collapse
offering how many % below the market?
and a “kicker” warrant -
can’t make this stuff up
Yep, red flag. 91 million warrants at $2.25! When GOED was slapped together no one was looking out for common stockholders down the road.
Still waiting for someone to explain GOED's advantage, or moat, over the many current online appliance sellers, some of which are financial powerhouses and trusted brands.
---
As for revenue projections, those are almost always overstated. Where are they going to get merchandise with almost everything in short supply these days? The stated balance sheet inventory is quite low. Even employees are almost unobtainable now. Problems are almost certain to arise.
91 million warrants
The warrants included within the units are exercisable immediately, have an exercise price of $2.25 per share
that’s some nice bank!
anyone know the true current outstanding?
if they all get exercised it will be around 200,000,000 shares
looks like no follow through on the attempt to make people back a few dollars from their crushing losses
what’s another “haircut” to the stock anyway?
it’s like getting something great at a DISCOUNT & not FULL price
I mean who pays retail anymore?
yikes!
that’s the chart!
I didn’t think it was that bad!
oh those poor investors
big rumor out there
they may have made three sales at FULL retail this past weekend! sucker born every day
i’m checking for confirmation - these rumors ya know
time to take the continued memorial day sale banner down yippee!
Historical revenues and reviews are just that... history!
They just raised $191M+ and acquired another company (Appliances Connection) much larger than themselves...
This is effectively an investment in a few combined companies... NOT just 1847 Goedeker!
https://www.appliancesconnection.com/
https://www.appliancesconnection.com/aboutus.html
Every stock is a gamble, but GOED has an excellent risk/reward at $3, IMO!
what’s the big news announcement gonna be here?
earnings were x but because of the thing that happened we had to take a “one-time” write-down
e-commerce space is crowded
valuation here is astronomical based on total revenues and reviews
stock is struggling to break $3
well $300+MM market cap does seem a little pricey?
let’s see 100,000,000 x .01 = $1,000,000
yeah that sounds about right
Where's GOED's moat that would support this inscrutable kludge of an untested appliance stock? There are many regional appliance dealers and most surely offer better customer service judging from BBB reports going back long before CV. Most sell online. Plus there are several national sellers such as Nebraska Furniture Mart owned by Buffett's Berkshire Hathaway which I own stock in. BRK is sitting on >$120 BILLION in cash!
I'm a retired lawyer, and longtime investor, but I can't follow GOED's bazillion pages of SEC filings. That complexity should be taken as a huge red flag. I may plunge into their docs again when I have a few *hours* to kill. I'm certainly not buying this money-losing rubbish. Stocks like GOED can be fun... to follow, but not often to own.
Does anyone here actually understand these restructurings? This respected business writer couldn't:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=164355135
From the plummeting chart, early GOED shareholders likely already have regrets.
such beautiful weather in brooklyn today
would be a waste of my time to go by the stand alone store when within 5 minutes anyone can go to a one stop shopping center and get so much more
not to mention buyer satisfaction knowing the BBB rating is horrifying
wow I hope they can put the last 90 million share offering money to good use
now that they have over 100 million shares outstanding at $300+MM market valuation
they have a lot of sales to make to keep those multiples up
at 13-1 PE that would mean $25MM net profits
good luck with that
"Management assesses going concern uncertainty in the Company’s consolidated financial statements to determine whether there is sufficient cash on hand and working capital, including available borrowings on loans, to operate for a period of at least one year from the date the consolidated financial statements are issued or available to be issued, which is referred to as the “look-forward period”, as defined in GAAP. As part of this assessment, based on conditions that are known and reasonably knowable to management, management will consider various scenarios, forecasts, projections, estimates and will make certain key assumptions, including the timing and nature of projected cash expenditures or programs, its ability to delay or curtail expenditures or programs and its ability to raise additional capital, if necessary, among other factors. Based on this assessment, as necessary or applicable, management makes certain assumptions around implementing curtailments or delays in the nature and timing of programs and expenditures to the extent it deems probable those implementations can be achieved and management has the proper authority to execute them within the look-forward period.
The Company has generated significant losses since its acquisition and has relied on cash on hand, external bank lines of credit, proceeds from the IPO described below, issuance of third party and related party debt and the issuance of a note to support cashflow from operations.
For the year ended December 31, 2020, the Company incurred operating losses of approximately $14.4 million, cash flows from operations of $5.4 million, and negative working capital of $17.5 million.
Management has prepared estimates of operations for fiscal years 2021 and 2022 and believes that sufficient funds will be generated from operations to fund its operations, and to service its debt obligations for one year from the date of the filing of these consolidated financial statements in the Company’s 10-K.
On August 4, 2020, the Company completed an initial public offering of its common stock, pursuant to which the Company sold 1,111,200 shares of its common stock, at a purchase price of $9.00 per share, for total gross proceeds of $10,000,800 (the “IPO”). After deducting the underwriting commission and offering expenses, the Company received net proceeds of $8,602,166. The Company used a portion of the proceeds from the IPO to pay off certain debt as described below.
As described in Note 19 below, the Company received net proceeds of $4,590,000 from the sale of 10% OID senior secured promissory note and warrants on March 19, 2021. These proceeds will supplement the Company’s cash flow from operations and provide additional liquidity.
The impact of COVID-19 on the Company’s business has been considered in these assumptions; however, it is too early to know the full impact of COVID-19 or its timing on a return to more normal operations.
The accompanying consolidated financial statements have been prepared on a going concern basis under which the Company is expected to be able to realize its assets and satisfy its liabilities in the normal course of business.
Management believes that based on relevant conditions and events that are known and reasonably knowable that its forecasts, for one year from the date of the filing of these consolidated financial statements, indicate improved operations and the Company’s ability to continue operations as a going concern. The Company has contingency plans to reduce or defer expenses and cash outlays should operations not improve in the look forward period.
--------------------
/s/ Friedman LLP
We have served as the Company’s auditor since 2020.
Marlton, New Jersey
March 29, 2021
https://sec.report/Document/0001213900-21-018284/
GOED Very good point, SB.
GOED Yes, I would not have wanted to be a former stakeholder but I was buying when the offering was complete.
Go GOED!!
MG
GOED Interesting. Good DD, bar.
"Douglas T. Moore
Independent Director, Lumber Liquidators Holdings, Inc.
Mr. Douglas T. Moore is a Chief Executive Officer & Director at 1847 Goedeker, Inc. and an Independent Director at Lumber Liquidators Holdings, Inc. He is on the Board of Directors at 1847 Goedeker, Inc. and Lumber Liquidators Holdings, Inc. Mr. Moore was previously employed as a Senior Vice President by First Street, Inc., a President & Chief Executive Officer by Med-Air Home Care, a Chief Merchandising & Marketing Officer by hhgregg, Inc., a Principal by First Street Consulting LLC, a Vice President-Operations by Safelite Group, Inc., a Senior Vice President-Hardlines Merchandising by Sears Holdings Corp., and a Chief Merchandising Officer & Executive VP by Circuit City Stores, Inc. He received his undergraduate degree from the University of Virginia and an MBA from the University of Virginia."
https://www.wsj.com/market-data/quotes/LL/company-people/executive-profile/13846016
FWIW, the pandemic coupled with the current shortages of pretty much everything... has wreaked havoc on all retailers of similar products!
Any end product made of many components is having serious supply chain problems.
And let me just state for the record... it is an annoyance at this stage, but before long our country's supply chain problems will be an outright catastrophe!
Imagine taking your car to a mechanic and being told that they can't fix it because no parts are available and it could take months to get one!
Imagine needing a new refrigerator and being told it will be 6 weeks, and you have no choice of model or color!
Very real possibilities in the US in the near future...
Buckle up!
"regulators: Are you paying attention?"
St Louis Business Journal. June 3, 2021
"One way or another, Goedeker’s is going to be a fascinating story. It’s just hard to know which way it will turn out.
It could be an amazing growth story. Goedeker’s just bought a competitor eight times its size, based on first quarter revenue, and claims it is now the largest pure-play online retailer of household appliances.
On the other hand, Goedeker’s also looks like a lesson in how to destroy shareholder value. It needed to sell $205 million worth of stock to finance the acquisition, and its share price plunged 70% when it priced the stock offering last Friday.
Regardless of how its bold plan turns out, one thing is clear: Goedeker’s is no longer the folksy store that St. Louisans remember from ads that used to proclaim, “Give us a chance, any day but Sunday.”
Steve Goedeker, whose father started the business in 1951 as a television repair shop, sold it in 2019 to a New York investment firm. The buyer, 1847 Holdings, took the company public last year, raising a modest $10 million.
The new management wasn’t content to grow gradually. Three months after the initial public offering, Goedeker’s announced a deal that was the corporate equivalent of a minnow swallowing a whale: It would buy Appliances Connection of Hamilton, New Jersey, for $210 million in cash and stock.
"Officials announced May 3 that they would sell stock to finance the purchase, but didn’t price the offering until last week. And last week is when things got wild."
Goedeker’s stock usually trades thinly, with volume in April averaging just 29,000 shares a day. On May 27, 11 million shares changed hands and the price more than tripled at one point before closing at $6.07, up 41% for the day. Goedeker’s, which recently moved its headquarters from Ballwin to a new distribution center in St. Charles, issued a statement saying it was “unaware of the reason behind today’s stock price volatility.”
The next day, Goedeker’s announced the terms of its offering. It would sell 91.1 million shares, along with warrants to buy another 91.1 million shares. That would greatly dilute the 6.1 million shares outstanding, especially at the announced price: One share and one warrant would cost just $2.25.
Existing shares immediately plunged to $1.82. They’ve bounced back a little since, but anybody who bought the shares before Friday still has a big loss.
The extreme roller-coaster ride has stirred up interest on message boards like the ones that propelled GameStop and other “meme” stocks to lofty heights last winter. One site, StockTwits, is filled with comments such as, “These guys are a total beast going forward,” and “This smells like money.”
Reddit poster u/vega255, though, asks an important question: “Does anyone know the source of the pump and dump?”
The company’s business plan hinged on the Appliances Connection deal, which closed Wednesday. Perhaps it tried to sell new shares at something close to the previous market price, but ran into resistance at the last minute and had to discount them dramatically.
"The mystery is why the stock price jumped right before that big negative surprise. If the company can’t explain the pattern, an investigation by the Securities and Exchange Commission or New York Stock Exchange is in order. How about it, regulators: Are you paying attention?"
https://www.stltoday.com/business/columns/david-nicklaus/nicklaus-goedekers-investors-deserve-an-explanation-for-stocks-wild-ride/article_a5acbf95-7538-5e38-987a-9e75b971b73a.html
See the stinko BBB report on Goedekers. 1.13 out of 5. Read the customer reviews which are terrible
https://www.bbb.org/us/mo/ballwin/profile/major-appliance-dealers/goedekers-0734-110208035
must be a lot of “ears” in these cornfields
there goes the break below the figure
let’s see who steps up this glorious Friday
GM Sharky,
Heavy loaded now. The stock need a round or two of ERs to show its true potential. What is in between, will be noise.
Cheers
wonder how long they will keep the $3 stabilizer up there before they pull the rug out for the weekend
not a retail buyer to be found on this one
travel with no luggage on Fridays
I can’t stop laughing about all of those form 4s
“insider” buying - let’s use that term lightly
tons and tons of 1c warrants…… probably cashless too, lol
all amazing just in time for a payday….but hey they “deserve” it hahaha
I mean it’s tough work taking a stock from double digits all the way down to low single digits
wow I need to get me a public entity
wow
from their latest 8k - the stock market is a fun place to pay yourself
On June 3, 2021, the Company entered into an amendment to the employment offer letter for Mr. Douglas T. Moore, the Company’s Chief Financial Officer (the “Amendment”). Pursuant to the Amendment, Mr. Moore’s base salary was increased to $650,000. The Amendment also clarified that Mr. Moore’s annual bonus target will be based on annual EBITDA targets. In addition, on June 3, 2021, the Compensation Committee of the Board of Directors approved a special bonus for Mr. Moore in the amount of $150,000 in recognition of Mr. Moore’s efforts in completing the Company’s recent public offering and acquisition of Appliances Connection.
On June 3, 2021, the Compensation Committee of the Board of Directors also approved the grants of restricted stock under the Company’s 2020 Equity Incentive Plan to several executive officers, including to Mr. Moore and to Messrs. Robert D. Barry, the Company’s Chief Financial Officer, and Thomas S. Harcum, the Company’s Chief Marketing and Technology Officer. Mr. Moore was granted 29,297 shares, Mr. Barry was granted 9,766 shares and Mr. Harcum was granted 3,906 shares, which were valued at $75,000, $25,000 and $10,000, respectively, based on the closing price of the Company’s common stock of $2.56 on June 3, 2021. All shares of restricted stock vested immediately upon grant.
The foregoing summary of the terms and conditions of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment attached hereto as Exhibit 10.2, which is incorporated herein by reference.
buyers beware
multiples do not justify this price
the company needs to do billions to make anywhere near the net to get to this price point
GOED 14 million volume
$GOED
Agreed! Pulling off funding for the acquisition was an amazing thing!
Sure, if I held shares at $15, I'd be upset, too!
But buying at $3 is a no-brainer!
Reward to the patience $$$$$
Adding to the stash, maybe some did not like caller 1 lol. 1 billion company is what the CEO wants here.
$GOED
is down volume good volume?
asking for a friend again ….. never wants to speak up
Will be adding to the stash, plenty of room to run
$GOED
GM all CEO wants 1 billion company
$GOED
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1847 Goedeker Inc.1847 Goedeker Inc. is an industry leading e-commerce destination for appliances, furniture, and home goods. Through its June 2021 acquisition of Appliances Connection, Goedekers created the largest pure-play online retailer of household appliances in the US. With warehouse fulfilment centers in the Northeast and Midwest, as well as showrooms in Brooklyn, New York, and St. Louis, Missouri, Goedekers is a respected nationwide omnichannel retailer that offers one-stop shopping for national and global brands. Goedekers and Appliances Connection carry many household name-brands, including Bosch, Cafe, Frigidaire Pro, Whirlpool, LG, and Samsung, and also carries many major luxury appliance brands such as Miele, Thermador, La Cornue, Dacor, Ilve, Wolf, Jenn-Air, Viking among others and sells furniture, fitness equipment, plumbing fixtures, televisions, outdoor appliances, and patio furniture, as well as commercial appliances for builder and business clients. Learn more at www.Goedekers.com. |
We are offering 91,111,111 units, each unit consisting of one share of our common stock, par value $0.0001 per share, and a warrant to purchase one share of common stock, in connection with our simultaneous acquisition of all of the issued and outstanding capital stock or other equity securities of 1 Stop Electronics Center, Inc., Gold Coast Appliances, Inc., Superior Deals Inc., Joe’s Appliances LLC and YF Logistics LLC (commonly known as Appliances Connection) as described in more detail in this prospectus. The warrants included within the units are exercisable immediately, have an exercise price of $2.25 per share and expire five years from the date of issuance. The shares of common stock and warrants contained in the units are immediately separable and will be issued separately.
Our common stock is listed and traded on NYSE American under the symbol “GOED.” On May 27, 2021, the last reported sale price for our common stock was $6.07 per share. The warrants have been approved for trading on NYSE American under the symbol “GOED WS” and will commence trading on May 28, 2021. In connection with this offering, we have applied for the listing of our common stock and warrants on the New York Stock Exchange, or the NYSE, however, we do not currently meet the minimum share price requirements of the NYSE and will not be able to list our common stock and warrants on the NYSE unless we meet such minimum share price and other listing requirements of the NYSE.
We are an “emerging growth company” as defined in Section 2(a) of the Securities Act of 1933, as amended, and are subject to reduced public company reporting requirements.
Investing in our securities involves risks that are described in the “Risk Factors” section beginning on page 25 of this prospectus.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
Per Unit | Total | |||||
Public offering price | $ | 2.2500 | $ | 205,000,000 | ||
Underwriting discounts and commissions(1) | $ | 0.1575 | $ | 14,350,000 | ||
Proceeds, before expenses, to us | $ | 2.0925 | $ | 190,650,000 |
____________
(1) See “Underwriting” beginning on page 124 for additional information regarding underwriting compensation.
We have granted a 30-day option to the underwriters to purchase up to 2,000,000 additional shares of common stock and/or warrants to purchase up to 2,000,000 additional shares of common stock, in any combination thereof, solely to cover over-allotments, if any.
Certain of our existing stockholders and certain of our officers, directors, employees and related persons, have indicated an interest in purchasing an aggregate of approximately 2,779,600 units in this offering at the public offering price. However, because indications of interest are not binding agreements or commitments to purchase, the underwriters may determine to sell more, fewer or no units in this offering to these persons, and any of these persons may determine to purchase more, fewer or no units in this offering. The underwriters will receive the same underwriting discount on any units purchased by these persons as they will on any other units sold to the public in this offering.
The units will be ready for delivery on or about June 2, 2021.
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