ALJ Regional Holdings, Inc. Announces Approval For Listing On NASDAQ And Block Trade Purchase Of Shares
NEW YORK, May 9, 2016 /PRNewswire/ -- ALJ Regional Holdings, Inc. (ALJJ) ("ALJ") announced today that its common stock has been approved for listing on the NASDAQ Capital Market ("NASDAQ"). Separately, ALJ also announced that it, together with certain directors and other investors, had purchased 2,000,000 shares of ALJ common stock in a block trade.
Approval of Listing on NASDAQ
ALJ announced today that its common stock has been approved for listing on NASDAQ and is expected to commence trading on NASDAQ under the ticker symbol "ALJJ" on May 11, 2016. ALJ's common stock will continue to trade on the Over-the-Counter Bulletin Board until the market close on May 10, 2016.
"Our listing on the NASDAQ Capital Market is a major corporate milestone for us and a testament to the enormous progress we have made," stated Jess Ravich, Executive Chairman of ALJ. "We believe that the listing on NASDAQ will help broaden our shareholder base, increase our appeal to institutional investors, provide us with better liquidity and ultimately contribute to increasing shareholder value. We continue to execute on our strategy of buying undervalued companies, hiring successful and experienced management teams to run each of our operating companies and incentivizing them to achieve higher profits over the long term to maximize shareholder value. This philosophy requires our investing in both personnel and infrastructure to allow us to not only increase revenues in our current product lines but also expand into new product lines for each of our operating companies."
Block Trade Purchase of Shares
ALJ also announced today that it had closed a block trade with a shareholder of the Company. The shareholder notified ALJ that it wished to sell 2,000,000 shares of ALJ common stock (the "Shares") and ALJ agreed to assist in ensuring that the Shares would be sold in an orderly manner. To that end, ALJ located a purchaser, who purchased 950,000 of the Shares. To complete the trade, ALJ purchased 500,000 Shares, Libra Securities Holdings, LLC (c/o Jess Ravich, a director and Executive Chairman of ALJ) purchased 350,000 Shares, Marc Reisch, a director of ALJ, purchased 100,000 Shares, Margarita Paláu Hernández, a director of ALJ, purchased 50,000 Shares and John Scheel, a director of ALJ, purchased 50,000 Shares. The Shares traded at a price of $3.89 per share.
About ALJ Regional Holdings, Inc.
ALJ Regional Holdings, Inc. is the parent company of Faneuil, Inc., a leading provider of outsourcing and co-sourced services to both commercial and government entities in the healthcare, utility, toll and transportation industries, Floors-N-More, LLC, dba Carpets N' More, one of the largest floor covering retailers in Las Vegas and a provider of multiple finishing products for commercial, retail and home builder markets including all types of flooring, countertops, cabinets, window coverings and garage/closet organizers, with 5 retail locations and Phoenix Color Corp., a leading manufacturer of book components, educational materials and related products producing value-added components, heavily illustrated books and specialty commercial products using a broad spectrum of materials and decorative technologies.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements. Such statements include information regarding ALJ Regional Holdings, Inc.'s expectations, goals or intentions regarding the future, including but not limited to statements about ALJ's financial projections, business growth, the business impact of the listing of ALJ's common stock on a national stock exchange, and other statements including the words "will" and "expect" and similar expressions. You should not place undue reliance on these statements, as they involve certain risks and uncertainties, and actual results or performance may differ materially from those discussed in any such statement. Factors that could cause actual results to differ materially are discussed in ALJ's Form 10 and its other periodic reports filed with the Securities and Exchange Commission and available through EDGAR on the SEC's website at www.sec.gov. All forward-looking statements in this release are made as of the date hereof and ALJ assumes no obligation to update any forward-looking statement.