Star Equity proposes acquiring GEE Group for $0.3 per share in preferred stock

Star Equity Holdings, Inc. 10 % Cum Perp Pfd Registered Series -A-
Star Equity Holdings, Inc.

Star Equity Holdings, Inc. 10 % Cum Perp Pfd Registered Series -A-

STRRP

0.00

Star Equity Holdings, Inc.

STRR

0.00
  • Star Equity Holdings proposed acquiring GEE Group for USD 0.3 per share in a stock-for-stock deal using its publicly listed 10% Series A Cumulative Perpetual Preferred Stock (STRRP), valued at its USD 10 liquidation preference.
  • Exchange ratio set at 0.03 STRRP shares for each GEE Group common share.
  • Star said it owns about 5.4% of GEE Group and pitched the combination as a way to cut public-company and corporate overhead while supporting GEE Group’s staffing operations.
  • Proposal seeks changes to change-in-control severance for CEO Derek Dewan, CFO Kim Thorpe, and COO Alex Stuckey, replacing existing benefits with one year of base salary plus target cash bonus paid in STRRP within 30 days of closing.
  • Offer described as preliminary and non-binding, with Star seeking to begin due diligence and negotiate definitive documentation.


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