SCHEDULE: Hudson Global Merger Finalized, Eberwein's Stake at 14.6%

Jeffrey E. Eberwein's beneficial ownership in Hudson Global, Inc. increased to 14.6% following the completion of the merger with Star Equity Holdings, Inc.

Summary

• Amendment No. 6 to Schedule 13D reports the completion of the merger between Hudson Global, Inc. and Star Equity Holdings, Inc.
• The merger became effective on August 22, 2025, with Star continuing as the surviving corporation and a wholly-owned subsidiary of Hudson.
• Jeffrey E. Eberwein, the reporting person, received 188,686 shares of Hudson Common Stock, 1,182,414 shares of Hudson Series A Preferred Stock, 49,450 warrants to purchase Hudson Common Stock, 1,415 restricted stock units for Hudson Common Stock, and 1,720 restricted stock units for Hudson Preferred Stock in exchange for his ownership interest in Star.
• His beneficial ownership in Hudson Global, Inc. now stands at 512,514 shares, representing approximately 14.6% of the common stock outstanding.
• This percentage is based on 2,755,335 shares outstanding as of July 25, 2025, plus approximately 744,291 shares issued in the merger.

Sentiment

Score: 7

Explanation: The filing reports the successful completion of a previously announced merger, which is a positive step in corporate strategy. The increase in a significant shareholder's stake also indicates confidence. No negative financial or operational news is present.

Positives

• The successful completion of the merger between Hudson Global and Star Equity Holdings, Inc., which was a previously announced strategic corporate action.
• Jeffrey E. Eberwein's increased beneficial ownership in Hudson Global to 14.6%, demonstrating continued significant investment and alignment with shareholder interests.

Future Outlook

The filing is a factual report on the completion of a merger and changes in beneficial ownership, and does not contain explicit forward-looking statements or guidance regarding future performance or strategic direction beyond the merger's completion.

Industry Context

The completion of the merger between Hudson Global, a staffing and talent solutions company, and Star Equity Holdings, a diversified holding company, represents a strategic consolidation. This could allow Hudson to expand its service offerings or market reach by integrating Star's business segments, potentially enhancing its competitive position in the broader human capital and diversified services sectors.

Related Party Transactions

• Jeffrey E. Eberwein, a significant shareholder and individual providing service to the Issuer, received Hudson common stock, preferred stock, warrants, and restricted stock units in exchange for his ownership interest in Star Equity Holdings, Inc. as part of the merger.

Stakeholder Impact

• Shareholders: Existing Hudson shareholders will experience dilution from the issuance of new common and preferred shares. Former Star shareholders become Hudson shareholders.
• Employees: The merger of Star into Hudson as a wholly-owned subsidiary may lead to integration efforts that could impact employees of both entities, though specific details are not provided.
• Creditors: The merger could alter the financial structure and risk profile of the combined entity, potentially impacting creditors, though no specific details are provided.

Key Dates

Recommendation

The filing reports the completion of a merger and an update to a significant shareholder's beneficial ownership. While the merger's completion is a positive step, this filing alone does not provide sufficient new financial or operational details to warrant a 'buy' or 'sell' recommendation. It confirms an expected corporate action and a change in ownership structure. Investors should 'hold' and await further financial reporting from the combined entity to assess the strategic and financial impact of the merger.

Keywords

Hudson Global, Star Equity Holdings, Merger, Schedule 13D, Beneficial Ownership, Jeffrey E. Eberwein, Common Stock, Preferred Stock, Warrants, Restricted Stock Units, Corporate Action