QXO
Qxo, INC
NYSE
DEFA14A: SilverSun Technologies Amends Proxy Statement for Special Meeting, Adjusts Timing of Reverse Stock Split
Sentiment:
Supplement to Proxy Statement
28 May 2024 6:05 AM
SilverSun Technologies has filed a supplement to its proxy statement, adjusting the effective time of the Amended and Restated Certificate of Incorporation, including a reverse stock split, to align with the expected closing date of the investment agreement.
Capital raise
The document references an Amended and Restated Investment Agreement, indicating an equity investment.
Jacobs Private Equity II, LLC is identified as the Principal Investor.
The investment is contingent upon stockholder approvals and other customary closing conditions.
Summary
- SilverSun Technologies has supplemented its definitive proxy statement regarding the special meeting of stockholders scheduled for May 30, 2024.
- The supplement addresses changes to the timing of the effectiveness of the Amended and Restated Certificate of Incorporation, which includes a reverse stock split.
- The effectiveness is now set for 9:00 a.m. on the Closing Date, expected to be June 6, 2024, instead of two days prior to the Closing Date.
- The Investment Agreement has been modified via a letter agreement to reflect this change.
- The cash dividend remains unchanged, with the per-share amount calculated as $17,400,000 divided by the number of outstanding shares on the Cash Dividend Record Date (June 5, 2024).
- The per-share cash dividend is expected to be approximately $3.27, based on an estimated 5,315,581 outstanding shares as of the Cash Dividend Record Date.
- Stockholders who have already submitted a proxy do not need to take any action unless they wish to revoke or change their proxy.
Sentiment
Score: 7
Explanation: The document is primarily informational, detailing procedural changes related to an investment agreement. The sentiment is neutral to slightly positive, as the investment suggests confidence in the company's future.
Highlights
- SilverSun Technologies is amending its proxy statement related to the special meeting on May 30, 2024.
- The key change involves the timing of the reverse stock split, now scheduled for 9:00 a.m. on the expected Closing Date of June 6, 2024.
- The cash dividend remains at $17,400,000, with an estimated per-share dividend of $3.27 based on approximately 5,315,581 outstanding shares.
- Jacobs Private Equity II, LLC is a principal investor in the deal.
Positives
- The cash dividend amount remains unchanged at $17,400,000.
Risks
- The completion of the Equity Investment and related transactions are subject to uncertainties, including potential unexpected costs, liabilities, or delays.
- Forward-looking statements are based on current expectations and are subject to inherent risks and uncertainties that could cause actual results to differ materially.
Future Outlook
The company anticipates the Closing Date to occur on June 6, 2024, subject to stockholder approvals. The company undertakes no obligation to update forward-looking statements except as required by law.
Industry Context
This announcement reflects corporate actions related to securing investment and restructuring capital, which is a common strategy for companies seeking growth or facing financial challenges. The reverse stock split is likely intended to increase the stock price to meet listing requirements or attract a different class of investors.
Comparison to Industry Standards
- Reverse stock splits are often used by companies trading at low share prices to regain compliance with exchange listing requirements, similar to actions taken by other small-cap companies facing delisting risks.
- The investment by Jacobs Private Equity II, LLC is similar to private equity firms investing in publicly traded companies, aiming to improve operations and increase shareholder value, a strategy seen across various industries.
Stakeholder Impact
- Shareholders will be affected by the reverse stock split and the potential increase in stock price.
- The cash dividend provides a return to shareholders.
- The investment by Jacobs Private Equity II, LLC could lead to operational improvements and increased shareholder value.
Next Steps
- Stockholder vote on the Amended and Restated Certificate of Incorporation.
- Filing of the Fifth Amended and Restated Certificate of Incorporation and Certificate of Designation with the Secretary of State of Delaware.
- Closing of the Equity Investment, expected on June 6, 2024.
- Implementation of the reverse stock split.
Key Dates
- October 3, 2002: Original Certificate of Incorporation filed under the name iVoice Acquisition 1, Inc.
- April 24, 2003: Certificate of Amendment filed under the name Trey Industries, Inc.
- May 30, 2003: Amended and Restated Certificate of Incorporation filed under the name Trey Industries, Inc.
- September 5, 2003: Second Amended and Restated Certificate of Incorporation filed.
- February 11, 2004: Third Amended and Restated Certificate of Incorporation filed.
- June 27, 2011: Fourth Amended and Restated Certificate of Incorporation filed under the name SilverSun Technologies, Inc.
- January 29, 2015: Certificate of Amendment to the Fourth Amended and Restated Certificate of Incorporation filed.
- September 9, 2019: Certificate of Elimination with respect to the Corporations previously issued Series B Preferred Stock were filed.
- November 27, 2023: SilverSun's proxy statement for its 2023 Annual Meeting of Stockholders, filed with the SEC.
- November 30, 2023: Certificates of Elimination with respect to the Corporations previously issued Series A Preferred Stock were filed.
- April 14, 2024: Date of the Amended and Restated Investment Agreement.
- April 30, 2024: Definitive Proxy Statement filed with the SEC and mailed to stockholders.
- May 28, 2024: Date of the Supplement to the Proxy Statement and letter agreement modifying the Investment Agreement.
- May 30, 2024: Special Meeting of Stockholders to be held.
- June 5, 2024: Cash Dividend Record Date.
- June 6, 2024: Expected Closing Date and effective time of the Amended and Restated Certificate of Incorporation (including the Reverse Stock Split) at 9:00 a.m. Eastern time.
Keywords
proxy statement, reverse stock split, cash dividend, investment agreement, SilverSun Technologies, stockholders, closing date
QXO
Qxo, INC
NYSE
Sector: TBD
Filings with Classifications
Worse than expected
8 May 2025 4:12 PM
Earnings Release
- The company's revenue decreased compared to the same period last year.
- The adjusted EBITDA was significantly lower than the same period last year.
Capital raise
29 April 2025 5:06 PM
Merger Announcement
- QXO closed its previously announced $830 million equity private placement in conjunction with the acquisition.
Capital raise
24 April 2025 1:12 AM
Debt Offering Announcement
- Queen MergerCo, Inc. priced its offering of $2.25 billion of 6.75% Senior Secured Notes due 2032.
- The size of the offering was increased from the previously announced offering size of $2.0 billion.
- The proceeds from the offering will be used to fund the acquisition of Beacon Roofing Supply, Inc.
Capital raise
21 April 2025 7:33 AM
Capital Raise Announcement
- QXO, through its subsidiary Queen MergerCo, Inc., intends to offer $2 billion in Senior Secured Notes due 2032.
- The notes will be offered privately to qualified institutional buyers and non-U.S. persons.
- The proceeds will be used to fund the acquisition of Beacon Roofing Supply, Inc. and related expenses, along with borrowings under new senior secured credit facilities, proceeds from QXO's previously announced equity offerings, and available balance sheet cash.
Capital raise
21 April 2025 7:16 AM
Capital Raise Announcement
- QXO is offering 37,735,850 shares of common stock at a price of $13.25 per share.
- The underwriters have an option to purchase up to an additional 5,660,377 shares.
- The company expects to receive net proceeds of approximately $490 million, or $564.2 million if the underwriters fully exercise their option.
- The proceeds will be used to partially finance the acquisition of Beacon Roofing Supply, Inc.
Capital raise
16 April 2025 5:14 PM
Capital Raise Announcement
- QXO intends to offer for sale to the public $500,000,000 of shares of its common stock.
- QXO intends to grant the underwriters of the offering an option to purchase up to an additional $75,000,000 of shares of Common Stock at the same price per share as the other shares of our Common Stock purchased by the underwriters in this offering.
- The net proceeds from the Offering to finance a portion of the consideration for the pending acquisition of Beacon Roofing Supply, Inc.
Capital raise
16 April 2025 4:59 PM
Merger Announcement
- QXO plans to finance the acquisition through a combination of debt and equity financing.
- The debt financing includes a new senior secured term facility and senior secured notes totaling \$4.55 billion.
- The equity financing includes a private placement of approximately 67.5 million shares of QXO's common stock at \$12.30 per share, expected to generate approximately \$830.6 million.
- QXO also intends to issue additional shares of common stock in a public offering for gross proceeds of \$600 million.
Better than expected
2 April 2025 4:43 PM
Proxy Statement
- The company delivered an increase of approximately 400% in stockholder value between the announcement of the Equity Investment in December 2023 and the formal grant of equity awards at the end of July 2024.
Capital raise
2 April 2025 4:43 PM
Proxy Statement
- The company issued to the Investors, in the aggregate, (i) 1,000,000 shares of Convertible Preferred Stock that, in aggregate, are convertible into 219,010,074 shares of our common stock at an initial conversion price of $4.566 per share, subject to customary anti-dilution adjustments; and (ii) the Warrants to purchase an additional 219,010,074 shares of our common stock at initial exercise prices of $4.566 per share with respect to 50% of the Warrants, $6.849 per share with respect to 25% of the Warrants, and $13.698 per share with respect to the remaining 25% of the Warrants, in each case subject to customary anti-dilution adjustments.
- On July 25, 2024, the company issued and sold an aggregate of 67,833,699 shares of common stock at a price of $9.14 per share in a private placement.
Capital raise
20 March 2025 8:52 AM
Merger Announcement
- QXO has secured financing commitments covering the full purchase price.
- QXO has entered into purchase agreements with certain institutional investors for an $830 million private placement financing, subject to the completion of the Beacon acquisition.
Capital raise
17 March 2025 5:25 PM
Capital Raising Announcement
- QXO, Inc. is raising $830 million through a private placement of approximately 67.5 million shares at $12.30 per share.
- The funds are earmarked for the acquisition of Beacon Roofing Supply, Inc.
- The closing of the private placement is contingent upon the concurrent consummation of QXO's all-cash tender offer to acquire all outstanding shares of Beacon Roofing Supply, Inc.
Capital raise
4 March 2025 8:19 AM
Annual Report
- The company issued and sold 1,000,000 shares of Convertible Perpetual Preferred Stock for $1.0 billion.
- The company issued warrants exercisable for 219,010,074 shares of common stock.
- The company issued 340,932,212 shares of common stock and pre-funded warrants to purchase 42,000,000 shares in a private placement for approximately $3.5 billion.
- The company issued an additional 67,833,699 shares of common stock in a private placement for approximately $620 million.
Worse than expected
4 March 2025 8:09 AM
Earnings Release
- Adjusted EBITDA decreased year-over-year, from a gain of $0.7 million to a loss of $(7.7) million.
- The company reported a loss of $(0.11) per basic and diluted shares attributable to common shareholders for the full year 2024.
Delay expected
27 January 2025 7:15 AM
Tender Offer Announcement
- QXO's attempts to engage with Beacon have been met with delays and cancellations, leading to a hostile tender offer.
- Beacon has imposed unreasonable preconditions for discussions, including a long-term standstill agreement.
Better than expected
27 January 2025 7:15 AM
Tender Offer Announcement
- The offer price of $124.25 per share represents a significant premium over Beacon's unaffected share price and historical trading multiples, indicating a better than expected outcome for shareholders.
Delay expected
27 January 2025 7:14 AM
Tender Offer Statement
- QXO's attempts to engage with Beacon's management have been met with delays, cancellations, and unreasonable preconditions.
Better than expected
27 January 2025 7:14 AM
Tender Offer Statement
- The offer price represents a significant premium over Beacon's unaffected share price and historical trading multiples.
Delay expected
15 January 2025 8:35 AM
Merger Announcement
- QXO's attempts to engage with Beacon have been met by delays, cancellations, and unreasonable preconditions.
- Beacon conditioned a meeting on QXO agreeing to a months-long delay before they could present their proposal to shareholders.
Better than expected
15 January 2025 8:35 AM
Merger Announcement
- QXO's offer of $124.25 per share represents a 37% premium over Beacon's 90-day unaffected share price, which is significantly better than the current market valuation.
- QXO highlights that Beacon's operating environment and capital markets have weakened since their initial proposal in November, making their offer more attractive.
Capital raise
6 January 2025 7:39 PM
Current Report
- The document mentions risks associated with raising additional equity or debt capital from public or private markets.
- It also notes the possibility of one or more additional private placements of common stock.
Better than expected
13 November 2024 8:03 AM
Quarterly Report
- The company's net income for the quarter and nine-month period was significantly better than the same periods last year, which had net losses.
- The company's cash position improved dramatically due to the capital raises.
- The company extinguished all long-term debt obligations.
Capital raise
13 November 2024 8:03 AM
Quarterly Report
- The company completed a $1 billion cash investment from Jacobs Private Equity II, LLC and certain minority co-investors.
- The company issued and sold 1,000,000 shares of Convertible Perpetual Preferred Stock and warrants exercisable for 219,010,074 shares of common stock.
- The company completed private placements of common stock and pre-funded warrants, generating approximately $4.12 billion in gross proceeds.
Worse than expected
13 November 2024 7:02 AM
Quarterly Report
- The company's Adjusted EBITDA was significantly worse than the same period last year, moving from a positive $665,000 to a negative $11.47 million.
Capital raise
13 November 2024 7:02 AM
Quarterly Report
- The company completed two private placements during the quarter, raising approximately $4.1 billion.
- The capital raise increased the number of common shares outstanding to 409.4 million.
Capital raise
5 November 2024 6:22 AM
Proxy Statement
- On June 6, 2024, the company issued 1,000,000 shares of Convertible Preferred Stock and warrants to purchase common stock to investors for $1,000,000,000 in cash.
- On July 25, 2024, the company issued and sold an aggregate of 67,833,699 shares of common stock at a price of $9.14 per share in a private placement.
Worse than expected
14 August 2024 8:47 AM
Quarterly Report
- The company reported a net loss for the quarter, compared to a net income in the same period last year, indicating worse than expected results.
Capital raise
14 August 2024 8:47 AM
Quarterly Report
- The company completed a $1 billion cash investment from Jacobs Private Equity II, LLC and minority co-investors.
- The company issued 1,000,000 shares of Convertible Perpetual Preferred Stock and warrants exercisable for 219,010,074 shares of common stock.
- The company completed private placements of common stock and pre-funded warrants, generating approximately $4.12 billion in gross proceeds.
Capital raise
14 August 2024 8:34 AM
Quarterly Report
- The company completed two private placements in July 2024, increasing its cash position to approximately $5 billion.
- The document mentions the risk of raising additional equity or debt capital from public or private markets to pursue the company's business plan, including potentially one or more additional private placements of common stock.
Worse than expected
14 August 2024 8:34 AM
Quarterly Report
- The company's net income decreased to a net loss, and adjusted EBITDA also declined to a loss, indicating worse financial performance compared to the same period last year.
Capital raise
29 July 2024 5:15 PM
Prospectus Supplement
- The company is registering the potential issuance of up to 261,010,074 shares of common stock upon the exercise of warrants.
- This includes 219,010,074 warrants and 42,000,000 pre-funded warrants.
Capital raise
22 July 2024 8:11 AM
Capital Raise Announcement
- QXO has raised $620 million through a new private placement of 67,833,699 shares at $9.14 per share.
- The company also closed a previously announced $3.5 billion private placement.
- The company may raise additional capital in the future to pursue its business plan.
Worse than expected
5 July 2024 4:05 PM
8-K Filing
- The company received a delisting notice from Nasdaq for not meeting the minimum publicly held shares requirement, which is a negative development.
Capital raise
5 July 2024 4:05 PM
8-K Filing
- QXO plans to issue 340,932,212 shares of its common stock through a private placement.
- The private placement is intended to bring the company back into compliance with Nasdaq listing rules.
Capital raise
27 June 2024 6:03 AM
Information Statement
- QXO Inc. is undertaking a private placement to raise approximately $3.5 billion.
- The private placement involves the issuance of 340,932,212 shares of common stock at $9.14 per share.
- The company is also issuing warrants to purchase 42,000,000 shares of common stock at $9.13999 per warrant, exercisable at $0.00001 per share.
Capital raise
14 June 2024 6:01 AM
Private Placement Announcement
- QXO has entered into purchase agreements for a $3.5 billion private placement.
- The company is selling 340,932,212 shares of common stock at $9.14 per share.
- The company is also selling 42,000,000 pre-funded warrants at $9.13999 per warrant.
- The private placement is expected to close early in the third quarter of 2024.
Capital raise
6 June 2024 4:46 PM
Merger Announcement
- The document mentions the possibility of raising additional equity or debt capital from public or private markets to pursue the Companys business plan following the closing of the equity investment.
- The document states that the amount of additional capital raised may significantly exceed the amount of the equity investment.
Better than expected
6 June 2024 4:46 PM
Merger Announcement
- The company completed a $1 billion equity investment, which is a significant positive development.
- The appointment of Brad Jacobs as CEO and Chairman is a strong signal of the company's commitment to growth.
- The company has a clear strategy for growth through acquisitions and organic expansion.
Capital raise
30 May 2024 11:59 AM
Special Meeting Results
- The document details a $1 billion equity investment from JPE and minority co-investors.
- The document mentions the possibility of raising additional equity or debt capital in the future.
Capital raise
28 May 2024 8:37 AM
Definitive Additional Materials
- The announcement is related to the equity investment contemplated by the Amended and Restated Investment Agreement by and among SilverSun Technologies, Inc. (to be renamed QXO, Inc.), JPE and other investors.
Capital raise
28 May 2024 6:05 AM
Supplement to Proxy Statement
- The document references an Amended and Restated Investment Agreement, indicating an equity investment.
- Jacobs Private Equity II, LLC is identified as the Principal Investor.
- The investment is contingent upon stockholder approvals and other customary closing conditions.
Capital raise
28 May 2024 6:02 AM
Current Report
- The document details a $1 billion equity investment from Jacobs Private Equity II, LLC and other investors.
- The document also mentions the possibility of raising additional equity or debt capital in the future.
Capital raise
24 May 2024 8:00 AM
Current Report
- The document mentions the possibility of raising additional equity or debt capital from public or private markets after the closing of the Equity Investment.
- The company may need to raise capital in an amount that may significantly exceed the amount of the Equity Investment.
Capital raise
7 May 2024 4:21 PM
Quarterly Report
- The company entered into an Amended and Restated Investment Agreement with JPE for an aggregate investment of $1,000,000,000 in cash.
- The company's stockholders will receive an aggregate cash dividend of $17,400,000 from the proceeds of the Equity Investment.
- The transactions are subject to approval by the company's stockholders at a special meeting to be held May 30, 2024.
Worse than expected
7 May 2024 4:21 PM
Quarterly Report
- Although revenue increased, net income from operations decreased, indicating that the company's profitability declined compared to the same period last year.
Capital raise
30 April 2024 9:42 AM
Proxy Statement
- The Company also intends to pursue capital-raising transactions, including through issuances of Common Stock, other equity securities and/or debt securities, which may be substantial in amount, and at prices which may be less than the trading price of the Common Stock, and otherwise on such terms as may be agreed by the Company.
Capital raise
17 April 2024 5:30 PM
Proxy Statement
- The document discusses an equity investment in SilverSun Technologies.
- Brad Jacobs has raised $30 billion of debt and equity capital in his career.
- The company anticipates raising additional equity or debt capital from public or private markets to pursue its business plan following the closing of the Equity Investment.
Worse than expected
15 April 2024 8:47 AM
Merger Announcement
- The spin-off of the existing business will no longer occur, which may be viewed negatively by some investors who were anticipating the separation.
Worse than expected
15 April 2024 8:46 AM
Merger Announcement
- The original plan for a spin-off of the company's existing business has been scrapped, which may be viewed negatively by some investors who were anticipating the spin-off.
Capital raise
15 March 2024 8:00 AM
Annual Results
- The company has entered into an investment agreement with Jacobs Private Equity II, LLC (JPE) and minority co-investors, resulting in a $1 billion cash investment.
- The investment agreement also includes a $2.5 million aggregate cash dividend to stockholders.
Better than expected
15 March 2024 8:00 AM
Annual Results
- The company reported record revenue and a significant increase in EBITDA plus share-based compensation, indicating better than expected financial performance.
Delay expected
15 March 2024 8:00 AM
Annual Results
- The merger with Rhodium Enterprises was terminated after a year of failing to clear regulatory hurdles.
Capital raise
15 March 2024 7:30 AM
Merger Announcement
- The document details a $1 billion equity investment from JPE and minority co-investors.
- It also mentions the possibility of raising additional equity or debt capital in the future to pursue acquisitions.
Capital raise
14 March 2024 3:31 PM
Annual Results
- SilverSun entered into an Investment Agreement with Jacobs Private Equity II, LLC, providing for an aggregate investment of $1,000,000,000 in cash in SilverSun.
- The Investors will receive 1,000,000 shares of Convertible Perpetual Preferred Stock and warrants to purchase approximately 219 million shares of SilverSun common stock.
- Following the Closing, the Investors will own approximately 99.85% of SilverSun common stock on an as-converted, as-exercised basis.
Worse than expected
14 March 2024 3:31 PM
Annual Results
- The company reported a net loss of $1,070,095 for the year ended December 31, 2023, which is worse than the net loss of $282,219 for the year ended December 31, 2022.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.