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Southland Holdings, Inc. (NYSE American:SLND), a heavy construction company with a market capitalization of $173 million, announced the appointment of Rudy Renda as a Class II director, effective March 26, 2025. According to InvestingPro data, the company faces significant financial challenges, with its stock down nearly 38% over the past year. The appointment was made to fill a vacant seat on the board, bringing the total number of directors to seven.
Rudy Renda, who is currently serving as the Executive Vice President and Chief Operating Officer, Strategy and Special Projects at Southland Holdings, brings nearly three decades of construction experience to the board. He has been a key player in the completion of some of the company’s most complex projects in the United States.
The decision to appoint Mr. Renda was recommended by the company’s Nominating and Corporate Governance Committee. He will not participate in the director compensation program and there were no changes to his compensatory arrangements upon his appointment.
Rudy Renda holds a degree from Texas Tech University and is the first cousin of Frank Renda, Southland Holdings’ President and CEO. In December 2024, the company reported that Rudy Renda was issued 2,215,664 shares of common stock in exchange for the full satisfaction of certain promissory notes.
Additionally, in July 2024, Southland Holdings completed a sale and leaseback transaction involving three properties for $42.5 million. Rudy Renda, along with Frank Renda, holds a 25% indirect minority interest in the entity that purchased the real estate. Throughout 2024, the company paid $2.0 million to this related party as per the real estate purchase agreement. With annual revenue of $980 million and a weak financial health score according to InvestingPro, investors seeking deeper insights can access comprehensive analysis and additional ProTips through InvestingPro’s detailed research reports.
The information provided in this article is based on a press release statement from Southland Holdings, Inc.
In other recent news, Southland Holdings Inc. reported a challenging financial year with a notable decline in revenue and gross profit for Q4 2024. The company recorded a net loss of $105 million for the year, which translates to a loss of $2.19 per share. Despite these setbacks, Southland Holdings is optimistic about returning to positive EBITDA by the end of 2025, with plans to focus on high-value infrastructure projects in Texas and Florida. In leadership changes, Cody Gallarda announced his resignation as Executive Vice President, Chief Financial Officer, and Treasurer, effective March 28, 2025, to pursue opportunities elsewhere. Keith Bassano, currently Vice President of Finance, will succeed Gallarda, bringing over 15 years of experience in the engineering and construction industry. Meanwhile, the company is also working on significant projects like the $7 billion Iona Island wastewater treatment plant and the $2 billion Northern Colorado Water Glade Reservoir program, which are expected to drive future growth. Southland Holdings has expressed confidence in its strategic direction and operational excellence, with a focus on maintaining a disciplined approach to project selection.
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