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was that
the vaseline?
GOED makes me
1847 Goedeker Issues Letter to Stockholders Regarding Leadership Team’s Vision and Strategy
September 21 2021
1847 Goedeker Inc. (NYSE American: GOED) ("Goedeker" or the "Company"), one of the largest specialty ecommerce players in the U.S. household appliances market, today issued the below letter, signed by recently-appointed Chief Executive Officer Albert Fouerti, to the Company’s stockholders. As a reminder, Goedeker’s inaugural Annual Meeting of Stockholders (the “Annual Meeting”) is scheduled to be held on Wednesday, November 10, 2021. Further information regarding the Annual Meeting will be set forth in the Company's notice of the Annual Meeting, proxy statement and other proxy materials. Stockholders are not being asked to take action at this time.
Fellow Stockholder,
I recently accepted the Chief Executive Officer role at 1847 Goedeker Inc. (“Goedeker” or the “Company”) for a simple reason: the Company has a unique opportunity to become the pure play ecommerce leader in the $32 billion U.S. home appliances category. My goal is to build a world-class business that ultimately holds a double-digit share of the category. That is why I am devoting all of my energy and time to implementing the type of strategy that produced years of growth for Appliances Connection, Inc. (“Appliances Connection”) prior to the combination with Goedeker.
With this context in mind, I want to stress that Goedeker is only beginning its pursuit of scale and market leadership. We just closed the Appliances Connection transaction in June and initiated a management transition in August. We are still integrating the two businesses and putting the pieces in place to offer customers unrivaled selection, the most competitive pricing, faster shipping and a differentiated ecommerce experience that allows them to conceptualize appliances in their homes. Our mission is to make it as easy as possible for customers to execute orders through a click of the mouse or a phone call.
Fortunately, we have the right people and the right plan to accelerate the integration and speed up our foundation-building phase. I am confident enough in our prospects that I recently added to my sizable stockholdings by purchasing 330,000 shares on the open market. My interests remain squarely aligned with yours.
In an effort to lay the groundwork for sustainable and profitable growth, our leadership is seeking to replicate the playbook that underpinned Appliances Connection’s success. This includes:
Ensuring expansive product selection. Due to our specialization in home appliances and strong relationships with suppliers, we are providing customers expanded access to core, premium and luxury brands. This includes upgraded and environmentally-friendly products as well as more private label offerings. We believe this is a distinct value proposition that will continue to set Goedeker apart from brick-and-mortar retailers and larger ecommerce companies that treat home appliances like one component of a massive product catalog. Although there are near-term inventory headwinds due to supply chain disruptions, we are leveraging our new economies of scale and purchasing power to obtain as much inventory as possible. We expect demand for our products to remain strong for the foreseeable future due to the thriving housing economy.
Prioritizing competitive pricing. Thanks to our economies of scale and technology capabilities, we are now offering the minimum advertised price approximately 88%-92% of the time. We believe our consumer-friendly pricing can become even more enticing once supply chain constraints ease and suppliers increase promotions that Goedeker can pass along to customers. We will continue to invest in best-in-class pricing algorithms and the latest insights to adjust pricing in as close to real-time as possible.
Providing fast and reliable shipping via a growing fulfillment network. We are in the process of expanding our fulfillment network to provide cost-effective, quicker and more dependable shipping. Given our expanding customer bases in the southeast and southwest, we are identifying well-positioned fulfillment centers in Florida, Texas and California. Our thorough cost-benefit analysis leads us to believe that establishing facilities in these geographies will limit the number of delivery transfers and touches on orders, thereby reducing shipping expenses and minimizing the likelihood of product damage that spurs customer dissatisfaction.
Strengthening customer service. We are replicating the Appliances Connection customer care model at Goedeker. This means building a customer care team that is instinctively accommodative and exceptionally well-versed when it comes to our products. Our team is already cutting down on call wait times and improving online response times. We are doing everything in our power to drive lifetime customer loyalty.
Maintaining a best-in-class technology stack and digital marketing presence. Since joining the Company, I have been working with our teams to ensure that the integrated Appliances Connection and Goedeker fulfillment network has the very best warehouse management and logistics systems. This will allow us to better track our existing inventory and emerging needs, ultimately helping mitigate margin erosion. We are also optimizing the Company’s front-end technology, including our web properties and pay-per-click marketing programs.
Initiating a rebrand that will result in Appliances Connection and Goedeker operating under one brand. We have retained a top marketing agency to help us establish an inviting, memorable brand that can maintain lifetime customer loyalty. Taking this step will allow us to have one website, one marketing strategy and one set of customer analytics. We expect this rebrand to be a strong tailwind for us once it is finalized in early 2022.
Although we guided significant revenue growth for fiscal year 2021 in our August 12th earnings release, our opportunity is long-term in nature. I firmly believe that executing on the aforementioned initiatives in the coming quarters will give us the opportunity to grow sustainably and profitably for years to come. The Board of Directors (the “Board”) and I are committed to seizing meaningful market share – not being a niche player.
I also want to take this opportunity to note that we have been working to strengthen our corporate governance over the past quarter, including by:
Appointing Ellery W. Roberts, who is a meaningful stockholder, as Executive Chairman. Ellery, who possesses significant capital markets acumen and strategic planning experience, is the ideal partner for our management team. He is actively involved in our capital allocation decisions and efforts to unlock post-transaction business efficiencies. His willingness to assume a larger role as Executive Chairman allows the management team to devote more of its time to accretive, revenue-generating actions.
Adding Alan P. Shor as a director. Alan, who has significant specialty retail experience, previously drove an impressive turnaround at Zales Corporation. He subsequently co-founded the Retail Connection, which is a specialized banking and advisory firm for retailers. He has been a tremendous asset to the management team since joining the Board this past summer.
Carrying out an ongoing refresh of the Board. The Board’s Nominating and Governance Committee has been working to identify new directors with experience in ecommerce, home appliances, fulfillment and the capital markets. We are working to appoint individuals with skillsets aligned to our greatest needs and opportunities. The search process is well underway and includes input from our stockholders, and we expect to add new directors in the near-term.
We look forward to receiving continued feedback from stockholders – both large and small – on our strategy and efforts to strengthen the Company’s corporate governance. What we do not welcome, however, is the costly, disruptive and unwarranted activist campaign recently initiated by Kanen Wealth Management (“Kanen”). You may be aware that Kanen has publicly nominated five director candidates and is seeking to obtain control of the Board and, in turn, your Company. It is disappointing that Kanen insists on running this type of potentially destabilizing campaign after claiming to support my appointment as Chief Executive Officer and while the Company is running a publicly-disclosed Board refreshment process that has taken into account stockholder input.
I look forward to engaging with you in the weeks leading up to the Company’s Annual Meeting of Stockholders about our Board, the business and the significant opportunities ahead of us under my leadership.
Thank you for your investment in Goedeker and for your consideration and support.
Sincerely,
Albert Fouerti
Chief Executive Officer and Director
1847 Goedeker Inc.
About Goedeker
Goedeker is an industry leading e-commerce destination for appliances, furniture, and home goods. Through its June 2021 acquisition of Appliances Connection, Goedeker created one of the largest pure-play online retailers of household appliances in the United States. With warehouse fulfillment centers in the Northeast and Midwest, as well as showrooms in Brooklyn, New York, and St. Louis, Missouri, Goedeker offers one-stop shopping for national and global brands. We carry many household name-brands, including Bosch, Cafe, Frigidaire Pro, Whirlpool, LG, and Samsung, and also carry many major luxury appliance brands such as Miele, Thermador, La Cornue, Dacor, Ilve, Jenn-Air and Viking among others. We also sell 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.
Important Additional Information
The Company, its directors and certain of its executive officers will be deemed to be participants in the solicitation of proxies from the Company’s stockholders in connection with the Annual Meeting of Stockholders (the “Annual Meeting”). Information regarding the names of the Company’s directors and executive officers and their respective interests in the Company by security holdings or otherwise is set forth in the Company’s Form 1 Registration Statement, as amended (collectively, the “S-1”), initially filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 3, 2021, and amended on each of May 13, 2021, May 24, 2021 and May 25, 2021. To the extent holdings of the Company’s securities have changed since the amounts set forth in the Company’s S-1, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 or Annual Statement of Changes in Beneficial Ownership of Securities on Form 5 filed with the SEC. These documents are available free of charge at the SEC’s website at www.sec.gov. Information can also be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 on file with the SEC. The Company intends to file a definitive proxy statement and a BLUE proxy card with the SEC in connection with any such solicitation of proxies from the Company’s stockholders. STOCKHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT, ACCOMPANYING BLUE PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION. The Company’s definitive proxy statement for the Annual Meeting will contain information regarding the direct and indirect interest, by securities holding or otherwise, of the Company’s directors and executive officers in the Company’s securities. If the holdings of the Company’s securities change from the amounts provided in the Company’s definitive proxy statement, then such changes will be set forth in SEC filings on Form 3, 4, and 5. Updated information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the definitive proxy statement and other materials to be filed with the SEC in connection with the Annual Meeting. Stockholders will be able to obtain the definitive proxy statement, any amendments or supplements to the proxy statement and other documents filed by the Company with the SEC at no charge on the SEC’s website at www.sec.gov. Copies will also be available at no charge on the Company’s website at www.goedekers.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210921005584/en/
For Stockholders:
Goedeker Investor Relations
ir@goedekers.com
or
Morrow Sodali
Mike Verrechia, 800-662-5200
m.verrechia@morrowsodali.com
For Media:
MKA
Greg Marose / Charlotte Kiaie, 646-386-0091
GOED@mkacomms.com
"Keep their eye on the prize!" "Long and Strong." "Stay the Course."
GOED Exactly. Rather than distracting GOED with his criticism, Fund Manager Kanen should be spending five years on a site like ihub honing his trading skills. The average price for his GOED hold @ $3.85 is too high. He did something wrong along the way.
MG
Thirteen Years At ihub University And No Sign Of Graduation
do you have inside information?
what reason do you have that GOED will have a good Monday?
today is Sunday, right!
the best thing is
after these exorbitant GOED rent increases annihilate the bottom line…..
the tax portion gonna increase when they have to report to NYC the windfall of rent annually
higher rent = higher property valuation
and the cycle of the financial death circle continues ….
hopefully next hurricane season comes early for better margins!
GOED newbies pain ..ouch!
All in the Family
can someone tell me if these are
triple net? bajillion
Leases
On April 5, 2019, the Company entered into a lease agreement with S.H.J., L.L.C for its prior principal office in Ballwin, Missouri. The lease is for a term five (5) years and provides for a base rent of $45,000 per month. In addition, the Company is responsible for all taxes and insurance premiums during the lease term. The lease contains customary events of default.
On January 13, 2021, the Company entered into a lease agreement with Westgate 200, LLC, which was amended on March 31, 2021, for its new principal office and showroom in St. Charles, Missouri. The lease terminates on April 30, 2027, with two (2) options to renew for additional five (5) year periods. The base rent is $20,977 per month until September 30, 2021, and increases to $31,465 per month until April 30, 2022, after which time the base rent increases at approximately 2.5% per month every year. The Company must also pay its 43.4% pro rata portion of the property taxes, operating expenses and insurance costs and is also responsible to pay for the utilities used on the premises. The lease contains customary events of default.
On June 2, 2021, 1 Stop entered into a new lease agreement with 1870 Bath Ave. LLC, a related party, for the premises located at 1870 Bath Avenue, Brooklyn, NY. The lease is for a term of ten (10) years and provides for a base rent of $74,263 per month during the first year with annual increases to $96,896.37 during the last year of the term. 1 Stop is also responsible for all property taxes, insurance costs and the utilities used on the premises. The lease contains customary events of default.
On June 2, 2021, Joe’s Appliances entered into a new lease agreement with 812 5th Ave Realty LLC, a related party, for the premises located at 7812 5th Avenue, Brooklyn, NY. The lease is for a term of ten (10) years and provides for a base rent of $6,365.40 per month during the first year with annual increases to $8,305.40 during the last year of the term. Joe’s Appliances is also responsible for all property taxes, insurance costs and the utilities used on the premises. The lease contains customary events of default.
On May 31, 2019, YF Logistics entered into a sublease agreement with Dynamic Marketing, Inc. (“DMI”) for its warehouse space in Hamilton, NJ. The initial term of the sublease was for a period commencing on June 1, 2019 and terminating on April 30, 2020, with automatic renewals for successive one year terms until the earlier of (i) termination by either upon thirty (30) days’ prior written notice or (ii) April 30, 2024. The sublease provides for a base rent equal to 71.43% of the base rent paid by DMI under its lease for the premises, plus 71.43% of any taxes, operating expenses, additional charges or any other amounts due by DMI, for a total of $56,250 per month.
All in the Family
GOED Kanen's pedigree doesn't impress much. But he's allowed to voice his opinion, as I am and any shareholder. The company can absorb anything good we point out and quickly disregard the rest.
The big thing is the company should not allow themselves to be distracted.
Keep their eye on the prize!
MG
working on my guzintas
2.5% GOED rent increase per month x 12 x lifetime???
=
———- a bajillion percent increase!!!!
thankfully those flood margins will help offset the added expenses - NOT!
those poor GOED newbies!!!!!
did
anyone notice the abnormal rent acceleration agreement on the GOED books
+2.5% increase per MONTH?
please be a “typo”
GOED newbies on the hook here for a ton
All in the Family
is
the new CEO buying all that stock with the overpriced GOED rent they receive through the family triangle?
and what is his new cost basis —.001 or is it higher?
asking for a friend
Something rarely seen: A hedge fund CEO with only a bachelors degree in marketing, and from a lackluster school... University of Jacksonville. His background... a stock broker.
I'm very familiar with Build-A-Bear, too. Kanen's gripes are on the mark. But I wouldn't touch its stock. Smart people have tried to right BBW for decades.
Clearly sour grapes from investing in GOED at a higher share price!
Boohoo...
Average down... that's how it is done!
"KANEN WEALTH MANAGEMENT LLC" owns 4,792,742 GOED shares, about 4.5% of GOED's shares. Value was $18 million on last 13-F filing.
"Kanen Wealth Management is based out of Coral Springs. Kanen Wealth Management is a hedge fund with 111 clients and discretionary assets under management (AUM) of $191,823,428 (Form ADV from 2021-03-31). Their last reported 13F filing for Q2 2021 included $438,128,500 in managed 13F securities and a top 10 holdings concentration of 87.34%."
https://whalewisdom.com/filer/kanen-wealth-management-llc#tabholdings_tab_link
[part 2] "The problem, Kanen says, is leadership. The company [GOED] recently replaced CEO Doug Moore, who oversaw the decline, with Fouerti, who Kanen supports. But the board members that hired Moore remain.
Those same board members were also on duty when leadership made the decision in May to sell shares — well below market value — to raise money for the acquisition, sending the share prices tumbling. A few days later, the company gave Moore a raise and $150,000 bonus.
“They’ve demonstrated the ability to consistently make bad decisions,” Kanen said. He proposed replacements from CarParts.com and other successful companies.
Build-A-Bear is in better shape. Surging consumer spending driven by government stimulus fueled some of the best quarters in company history in the first half of 2021. The share price has more than tripled since Jan. 1.
But it’s still about half as high as it was in its mid-aughts heyday, when the company could rely on its shopping mall storefronts. It posted a net loss for the past decade. And while executives talk about parlaying the pandemic bump into more permanent growth, Kanen is skeptical. He said in his letter that despite making $20 million since John took the top job in June 2013, revenue for the past 12 months was 10% lower than it was in her first full year.
"Kanen wants the company to partner with chains like AMC Theatres and Chuck E. Cheese to set up stores within stores and multiply its reach with little cost. He also wants a pet toy line to sell at PetSmart and Petco, which he thinks could add $50 million a year in revenue — a 10% bump from 2019’s haul. And he wants leadership to try something like NFTs, the digital collectible items that exploded in popularity among cryptocurrency enthusiasts earlier this year.
John told Kanen in an earnings call last month that the company is working on a pet toy plan and is in the process of upgrading its online ordering experience, another thing he wants to see.
Kanen hopes it’s true. If John follows through, he thinks the company could see big gains.
But if she doesn’t, within about a year, he’ll be calling for a new CEO."
https://www.stltoday.com/business/local/the-status-quo-is-unacceptable-activist-investor-targets-build-a-bear-goedekers/
Sounds like a guy that is pretty full of himself!
'Status quo unacceptable': Activist investor targets Build-A-Bear, Goedeker's"
"ST. LOUIS — David Kanen sent two letters to St. Louis companies on a recent Thursday, and neither was very friendly.
The Florida-based investor told appliance retailer Goedeker’s that more than half its board needs to go.
The other letter hammered Build-A-Bear for lackluster revenues, declared its CEO overpaid, and suggested board members were asleep at the wheel.
Kanen also listed a number of opportunities he said Build-A-Bear had missed that executives needed to seize.
“The status quo is unacceptable,” Kanen told the teddy bear seller.
And just like that, the two companies were put on notice. Kanen, a former A.G. Edwards broker, is an activist investor, one of a special class known for writing frankly worded missives laying out struggling companies’ problems and demanding improvement in a hurry.
His firm, Kanen Wealth Management, managed $197 million in assets as of Dec. 31. By his own account, he’s gotten what he wants about a half-dozen times in as many years and secured favorable results for clients and companies. But it’s not easy: Executives can shun the advice, returns can be slow, and sometimes, he has to call for new leaders to right the ship.
In response, Goedeker’s CEO Albert Fouerti called Kanen’s complaint a “disturbing” distraction, and said Kanen and the rest of his nominees to take control of the board lack the skills to run an e-commerce company.
Build-A-Bear CEO Sharon Price John indicated the company is already doing several things Kanen wants as it looks to ride a pandemic-related boom back to long-term prosperity.
“The people at Build-A-Bear aren’t stupid,” said Jason Long, founder of local consulting firm Eye on Retail.
Kanen, 55, was born in Queens, New York, and grew up on Long Island. He went to college at Jacksonville University in Florida, where he majored in marketing. He then worked stints at two smaller firms before joining St. Louis-based A.G. Edwards, then the largest brokerage outside New York, in 1992.
He worked there for 12 years and it left an impression: Kanen still cites advice he received from the late CEO Benjamin Edwards III on the importance of building a reputation based on results, not rhetoric. Kanen spent the next dozen years at four other firms and gradually moved from selling investments to clients to advising clients on what to buy. He started Kanen Wealth Management in 2016 and called his fund Philotimo, after a Greek word that generally describes righteous or honorable behavior.
The activist bug bit later that year. Kanen had invested in a company called MagicJack, which made a namesake device allowing users to make phone calls through their internet connection, and he didn’t like what he saw.
“They had a poor management team that just really didn’t care, the stock was very cheap, and they were adding little value,” he said. “I was very frustrated.”
Then it dawned on him: He didn’t need their permission to speak his mind. He sent an open letter excoriating the board and outlined a six-point turnaround plan in August 2016. He got a man on the board six months later, and within a year, the company was bought out at a nice premium."
https://www.stltoday.com/business/local/the-status-quo-is-unacceptable-activist-investor-targets-build-a-bear-goedekers/
Insiders sell for many reasons...
BUT THEY ONLY BUY FOR ONE REASON!
GOED Well, I'm just taking a WAG here that he wants to see the PPS a lot higher, going forward.
MG
GOED CEO buys 330k shares at $2.95!
GOED Tropical Storm Nicholas is brewing off of Texas. Heavy flooding is expected. Could mean even more appliance replacement business for GOED!
For further reports, follow "FLOOD UPDATES" by pzot.
Note: he is having computer issues, such as the F key crossing with the B key. His FLOOD UPDATES require some patience to wade through.
MG
I just heard
he may have brought the old credit card reader. didn’t know that it’s 2021 and they use chips to take credit card payments. no more swiping
no Sunday mass full geriatric margin retail sales for GOED
swiper no swiping - oh mannnnnn
any tropical storms brewing? someone needs something newsworthy to post
I can’t confirm but I heard
they may have broke out a credit card reader in the vestibule, too.
that’s where the bathroom is. mass is long when you gotta tinkle every 1/2 hour
full sticker price at that age too. GOED margins!!!!!!!!
Cool... sales via word of mouth!
someone overheard a conversation this morning
in mass
hey you geriatric lady. I saw you in the 3rd pew. do you need a new washer dryer?
go to this website. here I have a pen for you.
and jot down this stock symbol big things happening
G …..O …..E…..D yes D for the last letter, that’s right
GOED That 27 of my closed 28 positions in 2021 are green comes from selecting stocks with great potential like GOED, not a 42 year, not one product originated, thoroughly failed penny stock*.
It's about the shot selection as much as trading skill.
MG
pzottkpz Friday, 09/10/21 04:44:10 PM
Re: Stock_Barber post# 602 0
Post # 603 of 606
I have been learning from the best trader and poster on all of these boards who says
that’s what pump and dumps do
I don't remember mentioning the S&P...
How did other similar retailers do again today?
S&P declined 0.77% today. Two of my blue chips hit record highs today (Cintas and Danaher). Market was hardly clobbered.
In a weak market one doesn't want to be in a tiny untested stock like GOED.
LOL!
Well, I smiled at that!
I have been learning from the best trader and poster on all of these boards who says
that’s what pump and dumps do
so yes that’s what I said
he would be so proud of me standing up like this
cue to - tear running down my left eye like the fake indian in the commercial
Uhh... the whole market got clobbered!
To suggest that this decline is GOED specific is not even remotely plausible!
looks like
there was a lot of pain trying to just hold the figure before the weekend
no hurricanes or disasters on the horizon so what possibly can be so exciting to attract any new GOED bagholders ?
those poor newbies- down almost 10% from just last night.
ouch!
disregard
my last request. phewwww
my computer just came back up
GOED $3.08 I think that’s down over 7% from that posting
more newbies getting torched and tortured
pain and suffering seems to be the theme
too bad Hurricane Larry looks like a miss. No extra FEMA checks. darn!!!
still could be a “nice day”
can you
please provide the current GOED summary
my computer is on the blink again
TIA
kraken kracker jack krackle who dat? hahahahaha
GOED After Hours Summary:
Consolidated Last Sale $3.32 +0.18 (+5.73%)
After-Hours Volume 202,883
After-Hours High $3.35 (07:50:23 PM)
After-Hours Low $3.11 (06:11:13 PM)
GOED That would be awesome! Click over to "weekly" to see that beautiful rise!
https://stockcharts.com/h-sc/ui?s=PRTS
Up in AH trading...
Kanen Wealth management I misspelled the last post
Looks like we have a fight on our hands. kraken has 4.7 mil shares avg @$3.84. They now own 5% and want seats on the board. Gonna get interesting. Holding 5300 shares and Jan 2021 $5 calls. Could be another PRTS
Hurricane Larry meandering in the Atlantic
GOED investors salavating for more devastation!
as if Hurricane Ida wasn’t enough …..more more more
mods mods hello hello hello hello hello mods mods hello hello hello
although I do agree anyone that wishes death so they can gain sales is ….well ….
Hurricane IDA death toll rises as it nears 100 over the 1500 miles of devastation
Happy GOED investors dancing on graves!
the damage is just the “price” of doing business!!
oh wait no … those people weren’t doing business they were minding their own business
but don’t worry about them ……higher margins !!!!!!
who needs a 4 burner stove when you can have 6!
goooooooo GOED!!!!!
BLOOD MONEY UPDATE
Hurricane IDA death toll rises. Happy GOED investors dancing on graves!
the damage is just the “price” of doing business!!
oh wait no … those people weren’t doing business they were minding their own business
but don’t worry about them.
goooooooo GOED!!!!!
BLOOD MONEY UPDATE
Hurricane IDA death toll rises. Happy GOED investors dancing on graves!
GOED ANOTHER nice day!!
Will we get tired of winning, like some with buyer's regret now did with fmr. President Trump?
I looked at my GOED position at lunch, saw the continued nice rise in the PPS and exclaimed, " winner, winner, chicken dinner!"
I upgraded from the chicken sandwich to the entire chicken for lunch. Threw away the skin and the breading.
I believe we have a winner.
Added today.
MG
BLOOD MONEY UPDATE
more collateral damage from Hurricane Ida
someone just got shot and killed at gas station in Louisiana cutting the line for fuel shortage
10 dead in Louisiana alone
over 60 people dead so far in New York, New Jersey Pennsylvania,Connecticut, Louisiana and the other states over the 1500 miles of devastation, but it’s okay because we are being informed that Hurricane Ida is a good thing because FEMA and insurance companies will be writing checks to buy much needed new appliances from GOED!! and we were also told MARGINS WILL GROW THIS PERIOD TOO! Insurance companies pay sticker price BABY!!!!!!!! GET THOSE TOP OF THE LINE APPLIANCES! wooooohooooo!
I wouldn’t use that as the guideline
even though it’s probably the only true thing that ….
jim and tammy faye bakker would say anything to get people to join
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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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