NEW YORK, Feb. 02, 2021 (GLOBE NEWSWIRE) -- 1847 Holdings LLC ( EFSH) (the Company or 1847 Holdings), a publicly traded, diversified acquisition holding company that leverages its management expertise to acquire lower-middle market businesses at attractive valuations in industries with unique characteristics and defensible market positions, today announced that its Board of Directors authorized the Companys first dividend on its 14.0% Series A Senior Convertible Preferred Shares. The Series A dividend, totaling $176,000, was paid in cash on January 29, 2021 to Series A shareholders of record as of January 27, 2021.
Sharing our successes with our shareholders is a foundational principle of 1847 Holdings, stated Ellery W. Roberts, CEO of 1847 Holdings. After successfully spinning off 1847 Goedeker Inc. onto the last summer, we paid our first share dividend to our common shareholders in the fourth quarter of 2020, distributing 2.66 million shares of GOED that are today valued at nearly $32 million. Now we are following through with our first quarterly dividend on our Series A preferred shares. Sharing similar economic benefits with our common shareholders is our ultimate goal as we seek to further strengthen our financial condition and operations through the expansion and growth of our portfolio holdings.
About 1847 Holdings LLC
1847 Holdings LLC ( 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 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 deploys resources to strengthen the infrastructure and systems 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.
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, considering 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.
Dave Gentry, CEO
Office: 1.800.RED.CHIP (733.2447)
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