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In a recent development, Angi Inc. (NASDAQ:ANGI), a company specializing in advertising services with annual revenue of $1.19 billion, has announced a reverse stock split of its shares and is preparing for a spin-off from its controlling shareholder, IAC Inc. According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 2.14, though its stock has experienced significant volatility, declining 38% over the past year. The board of directors of Angi Inc. has approved a reverse stock split of its Class A and Class B common stock at a one-for-ten ratio, set to take effect on March 24, 2025. This decision follows approval by Angi’s board and necessary stockholder consent, as detailed in the Information Statement filed with the SEC on February 18, 2025. InvestingPro data suggests the stock is currently undervalued, with 7 additional exclusive insights available to subscribers through detailed Pro Research Reports.
Additionally, IAC’s board of directors has greenlit the spin-off of Angi, planning to issue a special dividend of all Angi capital stock held by IAC to its stockholders. The distribution is scheduled for March 31, 2025, to IAC common stockholders of record as of March 25, 2025. IAC will convert all its Angi Class B common stock to Class A on a one-for-one basis before the spin-off, after which it will not retain any Angi capital stock.
The anticipated distribution ratio, based on shares held as of March 7, 2025, is approximately 0.5178 shares of Angi Class A common stock for each share of IAC stock, subject to change based on the number of shares outstanding on the record date. Fractional shares will not be distributed; instead, IAC stockholders will receive a cash payment in lieu of fractional shares.
Angi Class A common stock is expected to continue trading on the Nasdaq under the ticker "ANGI," with a "when-issued" market for shares expected to be distributed in the spin-off. Two markets for IAC stock are anticipated: a "regular-way" market with entitlement to the Angi special dividend and an "ex-distribution" market without this entitlement. The company trades at a P/E ratio of 23.5 and maintains a moderate debt level, with detailed valuation metrics available through InvestingPro’s comprehensive financial analysis tools.
This report contains forward-looking statements, subject to various risks, including market trends, Angi’s marketing strategies, industry competition, and economic conditions. The completion of the reverse stock split and the spin-off are contingent upon certain conditions. The information presented is based on a press release statement.
In other recent news, ANGI Homeservices reported impressive fourth-quarter 2024 earnings, with revenue reaching $267.9 million, surpassing the forecast of $254.41 million. The company’s earnings per share met expectations at $0, indicating financial stability. Despite the strong performance, JMP Securities adjusted its price target for ANGI Homeservices from $3.00 to $2.75, while maintaining a Market Outperform rating. This adjustment considers the company’s slightly less robust revenue guidance for the first quarter of 2025, despite confidence in future growth. ANGI Homeservices is also preparing for a spin-off on March 31, 2025, which could impact its operational structure. In executive news, Angi Inc. announced significant changes to its leadership team, with Kulesh Shanmugasundaram stepping down as Chief Technology Officer and Kris Boon taking over as Chief Product Officer. These developments reflect Angi Inc.’s strategic efforts to align its leadership with market demands.
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