Continued listing is subject to meeting certain conditions by
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
- 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 8Fund 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
About Eightco
Eightco (NASDAQ: OCTO) is committed to growth of its subsidiaries, made up of Forever 8
For additional information, please visit www.8co.holdings
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical fact could be deemed forward looking. Words such as “plans,” “expects,” “will,” “anticipates,” “continue,” “expand,” “advance,” “develop” “believes,” “guidance,” “target,” “may,” “remain,” “project,” “outlook,” “intend,” “estimate,” “could,” “should,” and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based on management’s current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: Eightco’s ability to regain and maintain compliance with the Nasdaq’s continued listing requirements; unexpected costs, charges or expenses that reduce Eightco’s capital resources; Eightco’s inability to raise adequate capital to fund its business; the inability to innovate and attract users for Eightco’s and its subsidiaries’ products; future legislation and rulemaking negatively impacting digital assets; and shifting public and governmental positions on digital asset mining activity. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Eightco’s actual results to differ from those contained in forward-looking statements, see Eightco’s filings with the
For further information, please contact:
Investor Relations
investors@8co.holdings
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