Stein Mart going-private deal derailed by coronavirus [MarketWatch]
SmartRent, Inc. Class A (SMRT)
US:NASDAQ Investor Relations:
ir.steinmart.com/investor-relations
Company Research
Source: MarketWatch
Stein Mart, Inc. and Kingswood Capital Management said late Friday they have mutually agreed to end their deal to take the Florida-based retailer private due to the uncertainty brewed by the coronavirus pandemic. The deal was announced on Jan. 31, and an affiliate of Kingswood was to acquire all Stein Mart shares not owned by Jay Stein, Stein Mart's former chief executive and current chairman, and related investors. The Stein Mart board, Jay Stein exempted, acted on the recommendation of a special committee tasked with overseeing the merger, the company said. The termination is in response to "unpredictable economic conditions" resulting from the global health crisis, uncertainty regarding Stein Mart's ability to satisfy the conditions to closing, and "the substantial expense" of soliciting shareholder approval for a transaction unlikely to close, the company said.
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SMRT
Earnings
- 3/5/24 - Beat
SMRT
Sec Filings
- 4/24/24 - Form 4
- 4/24/24 - Form 4
- 4/19/24 - Form 4
- SMRT's page on the SEC website