$6.4 million of outstanding debt and liabilities have been eliminated over the past week; further strengthening the Company's balance sheet
NEW YORK, NY / ACCESSWIRE / February 23, 2024 / 1847 Holdings LLC ("1847" or the "Company") (NYSE American:EFSH), a unique holding company that combines the attributes of owning private, lower-middle market businesses with the liquidity and transparency of a publicly traded company, today announced that it has successfully paid off $1.95 million in debt, following its recent public offering.
Mr. Ellery W. Roberts, CEO of 1847, commented, "We are pleased to announce the successful repayment of $1.95 million of convertible notes. By eliminating these convertible notes, we are enhancing our balance sheet and removing potential equity overhang. As part of our strategic balance sheet optimization initiative, over the past week, we have been able to eliminate $6.4 million of outstanding debt and liabilities. This transformative initiative reflects our commitment to transparency, clarity, and creating shareholder value. By restructuring our balance sheet, we are fortifying our financial foundation and better positioning our platform for growth and success. Through this enhanced structure, we can optimize capital allocation and unlock new opportunities for growth and value creation in 2024."
About 1847 Holdings LLC
1847 Holdings LLC (NYSE American:EFSH), a publicly traded diversified acquisition holding company, was founded by Ellery W. Roberts, a former partner of Parallel Investment Partners, Saunders Karp & Megrue, and former Principal of Lazard Freres Strategic Realty Investors. 1847 Holdings' investment thesis is that capital market inefficiencies have left the founders and/or stakeholders of many small business enterprises or lower-middle market businesses with limited exit options despite the intrinsic value of their business. Given this dynamic, 1847 Holdings can consistently acquire businesses it views as "solid" for reasonable multiples of cash flow and then deploy resources to strengthen the infrastructure and systems of those businesses in order to improve operations. These improvements may lead to a sale or IPO of an operating subsidiary at higher valuations than the purchase price and/or alternatively, an operating subsidiary may be held in perpetuity and contribute to 1847 Holdings' ability to pay regular and special dividends to shareholders. For more information, visit www.1847holdings.com.
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Forward-Looking Statements
This press release may contain information about 1847 Holdings' view of its future expectations, plans and prospects that constitute forward-looking statements. All forward-looking statements are based on our management's beliefs, assumptions, and expectations of our future economic performance, taking into account the information currently available to it. These statements are not statements of historical fact. Forward-looking statements are subject to a number of factors, risks and uncertainties, some of which are not currently known to us, that may cause our actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial position. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include but are not limited to the risks set forth in "Risk Factors" included in our SEC filings.
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SOURCE: 1847 Holdings LLC