Scott’s Liquid Gold-Inc. Provides Update on Previously Announced Transaction with Horizon Kinetics LLC and Related Corporate Actions
July 01 2024 - 6:00AM
Business Wire
Scott’s Liquid Gold-Inc. (“Scott’s” or the “Company”) (OTC:
SLGD) today provided an update on its previously announced
transaction with Horizon Kinetics LLC (“Horizon Kinetics”) and its
1-for-20 reverse stock split, reincorporation, name change and
change in ticker symbol (collectively, the “Transactions”). The
Company and Horizon Kinetics have postponed the closing of the
Transactions to ensure a smooth transition in trading of the
Company’s stock, which, immediately after closing, is expected to
trade on a post-reverse split basis under a new name and ticker
symbol. The Company will update the market once it has confirmed
the closing date.
The Company currently expects its legacy shareholders to own
between approximately 3.3% and 3.8% of the pro forma combined
company, which is within the range disclosed in the Company’s
previously filed definitive proxy statement.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
including statements regarding the merger with Horizon Kinetics,
including the expected closing date. All statements other than
statements of historical facts contained herein, including
statements on the anticipated effective date of the merger, reverse
stock split, reincorporation, name change and ticker symbol change,
statements on the anticipated percentage ownership by the Company’s
legacy shareholders, and other statements regarding our, Horizon
Kinetics’ or the combined company’s future financial position and
results of operations, liquidity, business strategy and plans and
objectives of management for future operations, are forward-looking
statements. The words “believe,” “may,” “estimate,” “continue,”
“anticipate,” “intend,” “should,” “plan,” “could,” “target,”
“potential,” “is likely,” “will,” “expect” and similar expressions,
as they relate to us, Horizon Kinetics, or the combined company,
are intended to identify forward-looking statements. We have based
these forward-looking statements largely on our current
expectations and projections about future events and financial
trends that we believe may affect our financial condition, results
of operations, business strategy and financial needs as a combined
company.
Important factors that could cause actual results to differ from
those in the forward-looking statements include: the possibility
that the merger does not close, or does not close in a timely
manner; the possibility that the ultimate ownership percentage of
the legacy shareholders falls outside of the range disclosed
herein, the possibility that anticipated benefits from the merger
will not be realized, or will not be realized within the expected
time period; and disruption from the merger making it more
difficult to maintain business and operational relationships; among
other risks.
Further information on risks we face is contained in our filings
with the SEC, including our Form 10-K for the fiscal year ended
December 31, 2023 and our Form 10-Q for the fiscal quarter ended
March 31, 2024, and the definitive proxy statement dated May 13,
2024. Any forward-looking statement made by us herein speaks only
as of the date on which it is made. Factors or events that could
cause our actual results to differ may emerge from time to time,
and it is not possible for us to predict all of them. We undertake
no obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or
otherwise, except as may be required by law.
About Horizon Kinetics
LLC
Horizon Kinetics LLC, through its subsidiary investment manager,
Horizon Kinetics Asset Management LLC, is an investment advisory
firm with approximately $7.1 billion assets under management as of
March 31, 2024. Horizon Kinetics provides independent proprietary
research and investment advisory services for long-only and
alternative value-based investing strategies. The firm has offices
in New York City, White Plains, New York, and Summit, New Jersey.
For more information, please visit
http://www.horizonkinetics.com.
About Scott’s Liquid
Gold-Inc.
Scott’s Liquid Gold-Inc. exists to positively impact consumers’
lives in the markets it serves while creating shareholder value.
Scott’s develops, markets, and sells high-quality, high-value
household products to mass merchandisers, supermarkets, hardware
stores, and e-commerce retailers. For more information, please
visit http://www.slginc.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240701936591/en/
Investor Relations Contact: David Arndt President &
Chief Financial Officer 303.576.6027