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NEW YORK - Steel Partners Holdings L.P. (NYSE: SPLP), a diversified global holding company with a perfect Piotroski Score of 9 according to InvestingPro, has announced its intention to voluntarily delist its common and preferred units from the New York Stock Exchange (NYSE) and to deregister from the Securities Exchange Act of 1934 reporting requirements. The company, currently trading at $36.64 and showing strong financial health with a P/E ratio of just 3.06, appears undervalued based on InvestingPro's Fair Value analysis. The company plans to initiate the delisting process around April 21, 2025, with the last trading day on the NYSE projected to be on or about May 1, 2025.
Following the delisting, Steel Partners expects to begin quoting its common and Series A preferred units on the OTCQX platform, operated by OTC Markets Group Inc., starting approximately on May 2, 2025. The announcement comes as the stock trades near its 52-week low of $34.55, having declined 8.4% in the past week. However, the company has cautioned that there is no assurance that brokers will continue to make a market in its units or that trading will persist on the OTCQX or any other platform.
The Board of Directors of the General Partner of SPLP has carefully considered the decision to delist and deregister, weighing the financial and administrative costs of maintaining the listings and registrations. Once the company files a Form 15, anticipated on or about May 1, 2025, its obligation to file reports such as Forms 8-K, 10-Q, and 10-K will be immediately suspended or terminated. The deregistration of the units is expected to become effective by July 30, 2025.
Steel Partners Holdings operates in a range of sectors, including industrial products, energy, defense, supply chain management, logistics, banking, and youth sports. The company, which generated revenues of $2.03 billion in the last twelve months with a healthy gross profit margin of 38.4%, emphasizes a culture and core values centered on teamwork, respect, integrity, and commitment. InvestingPro subscribers can access 8 additional key insights about SPLP's financial performance and future prospects.
The forward-looking statements included in the company's announcement reflect current expectations and are subject to risks and uncertainties. The company has indicated that these statements should not be relied upon unduly and that they reserve the right to update or revise them as necessary. The information in this article is based on a press release statement from Steel Partners Holdings L.P.
In other recent news, Steel Partners Holdings L.P. released its annual stakeholder letter, providing insights into the company's performance and strategic direction. The letter, filed with the U.S. Securities and Exchange Commission, emphasizes Steel Partners' commitment to enhancing value for its partners and stakeholders. While specific details of the letter were not disclosed in the SEC filing summary, the communication is intended to offer transparency into the company's operations and future initiatives. Steel Partners, with a diverse portfolio spanning various industries, operates under the leadership of Steel Partners Holdings GP Inc. The company's common units and 6.0% Series A Preferred Units are listed on the New York Stock Exchange. Additionally, the information in the stakeholder letter is not considered "filed" for regulatory purposes and is not subject to certain liabilities unless explicitly stated by the company in future filings. Investors are encouraged to review the full stakeholder letter filed with the SEC for a more detailed understanding of the company's performance and plans.
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