Overname of omhoog lullen van het aandeel ?
https://www.globenewswire.com/en/news-r ... ctors.html
Ladies and Gentlemen:
Infinitum Asset Management LLC, together with its affiliates (“we” or “Infinitum”) owns 1.25 million shares (approximately 1.3%) of Katapult Holdings Inc. (“Katapult” or the “Company”).
Het is bijna Verdi,
DOOM en Onweer,
Since going public through a merger with FinServ Acquisition Corp. (the “SPAC”) in June 2021 at an almost $1 billion valuation, roughly 80% of Katapult’s equity value has been destroyed under its current management and board of directors (the “Board”).
Straaltje zon tussen wolken,
Katapult’s dismal performance of late starkly contrasts with its previous track record as a private company, when its growth was outstanding by any metric (139% Revenue CAGR from 2018 to 2020).
Veel onweer en storm,
Despite concerning financial numbers, including growing bad debt expenses, the Company announced “targeted growth investment” initiatives in Q3 2021, including added headcount despite no meaningful increase in originations and without justifying a clear projection for growth. By the time of the Q3 2021 earnings call, management blamed these growth expenses, in addition to costs associated with being a public Company, for increasing operational costs and lackluster results. By the end of Q4 2021, SG&A had ballooned from $1mm to $4mm per the quarter. When its debt expense grew further to 13% – a level significantly out of line with the Katapult’s competitors – the Company announced that, unlike its competitors, it would no longer report bad debt expense going forward. While originations had declined 25% YTD through end of February 2022, the Company continued to try and hire its way to scale, with no growth to show for it. Management blamed this on reasons ranging from the government stimulus program and seasonality, to inventory limitations and the general credit environment.
Amidst the dramatic deterioration during 2021, the Board seems to have remained out of touch
En daar is de zon,
and would still be better off as a private company today and for the foreseeable future. Therefore, we urge the Board to immediately engage with financial and legal advisors to commence a full strategic review. Based on current market comps, we believe that the[glow] Company could be worth $8-10 per share to a strategic buyer or a banking institution.[/glow]
Koers: $2.52 E/P: $0.26 SI: +/- 9%
