Conn's Names Norm Miller As President And CEO Of The Combined Company
Portfolio Pulse from Benzinga Newsdesk
Conn's has appointed Norm Miller as President and CEO of the combined company following an all-stock deal. Shareholders holding over 40% of Conn's stock have agreed to approve the stock issuance related to the deal. Mitchell Stiles, President and COO of Badcock, will report to Miller. Conn's issued 1,000,000 non-voting senior preferred shares convertible into non-voting common stock, representing 49.99% of the company after conversion.
December 18, 2023 | 10:24 pm
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Conn's has completed an all-stock transaction and appointed Norm Miller as the new President and CEO. Shareholders with over 40% of common stock support the stock issuance. The deal involves issuing 1,000,000 non-voting senior preferred shares, equating to 49.99% of Conn's post-conversion.
The appointment of a new CEO typically signals a strategic direction and potential operational improvements, which can be positive for investor sentiment. The support of shareholders holding a significant portion of the stock suggests confidence in the deal and management, likely leading to a positive short-term impact on the stock price. The issuance of a large number of shares could dilute existing shareholders, but since they are non-voting and the deal has significant backing, the immediate impact is expected to be positive.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100