$Rig's Platinum Stock Alerts

[RIGATONI]

As previously announced,

the Company has implemented significant steps during the first half of 2024 to strengthen its financial position, primarily addressing issues related to the Company’s legacy business. These steps have improved the Company’s shareholder equity by over $23 million through the following:

Repaying restrictive promissory notes and eliminating 5.8 million warrants related to such notes

Cancelling $3.0 million in interest obligations

Converting $1.1 million of interest obligations into 1.4 million shares of the Company’s common stock, of which 87.6% went to the founding members of the Company’s subsidiary, Forever 8 Fund LLC (“Forever 8”)

Cancelling earnout consideration owed to the former members of Forever 8 from the Company’s acquisition of Forever 8, which had a fair value of $6.1 million

Cancelling $5.4 million in other outstanding promissory notes

Cancelling a $6.5 million liability to Vinco Ventures, Inc., the Company’s former parent company

Cancelling a $0.93 million lease liability

The Company currently has approximately 8.8 million shares outstanding, resulting in a market capitalization of approximately $4.0 million based on the closing price of the Company’s common stock on June 28, 2024. Management believes the current market capitalization may not fully reflect the Company's substantial progress in enhancing shareholder equity and operational efficiencies described above.


https://finance.yahoo.com/news/nasdaq-grants-eightco-request-continued-123000894.html