VOXX News & Events

Option delistings effective April 22nd include PAYCOR HCM INC. (PYCR), PACTIV EVERGREEN INC. (PTVE), Nevro Corp (NVRO), American Software, Inc. (LGTY), Intevac, Inc. (IVAC), Intra-Cellular Therapies Inc (ITCI), Gritstone Bio, Inc. (GRTSQ), Enfusion (ENFN), ENDEAVOR GROUP HOLDINGS INC. (EDR), Air Transport Services Group Inc. (ATSG), Altair Engineering Inc (ALTR), ACCOLADE INC (ACCD), and VOXX International Corp (VOXX).

Reports Q2 revenue $92.49M vs. $113.64M last year. "We made significant progress through the first half of the year in executing our plan to unlock value," stated Pat Lavelle, President and CEO of VOXX International Corporation. "We exited Fiscal 2024 coming off losses and had over $73 million in total debt which historically, is very high for us as we have always looked to maintain low leverage and financial flexibility. Thus, we embarked on an internal restructuring plan to right size our business and improve operational efficiencies, while lowering expenses and our working capital needs. We concurrently looked to monetize non-core assets and this past quarter, successfully sold our domestic accessories business and two non-core premium audio brands netting approximately $28 million in the transactions. We also divested our Florida real estate in the Fiscal 2025 third quarter, as we near completion of our OEM manufacturing transition to Mexico, which generated gross proceeds of $20 million. I'm pleased to report that as of today, our total debt is less than $20 million and our net debt stands at under $15 million, which is essentially our normal working capital needs at this time."

On May 31, Gentex (GNTX) submitted a preliminary, non-binding proposal to Voxx (VOXX) that outlined certain terms on which Gentex would consider acquiring all of the outstanding shares of the company not currently owned by Gentex, according to a regulatory filing. The proposal was subject to a number of conditions, including, the negotiation and execution of definitive agreements and the approval of the transaction by shareholders of Voxx and it provided that Gentex CEO Steve Downing would recuse himself from any discussions about the proposal or alternative transactions. The proposal was reviewed by the board without the participation of Downing and Voxx subsequently advised Gentex that the board, without the participation of Downing, determined not to proceed with Gentex on the basis of the proposal at that time, but indicated that it would invite Gentex to participate in any strategic process that the board might initiate. Following Gentex's purchase of shares in August, Gentex and Voxx entered into a customary confidentiality agreement that included, among other things, a standstill provision. Gentex this morning a 31.97% stake, equating to over 6.46M shares. On August 23, Gentex entered into stock purchase agreement with Avalon Park to acquire 3,152,500 shares of class A common stock of Voxx at a price of $5.00 per share. Voxx, which also announced this morning that its board has been conducting an exploration of strategic alternatives in connection with its ongoing effort to maximize shareholder value, is up 84% to $5.24 in early trading.

Voxx announced that its board of directors has been conducting an exploration of strategic alternatives in connection with its ongoing effort to maximize shareholder value. As part of this process, the board will consider a wide range of options for VOXX, including, among other things, a potential sale of the company, a sale of segments, operational improvements, or other strategic transactions. Per its fiduciary responsibilities and to support its evaluation process, the VOXX board has established a strategic transactions committee which has retained Solomon Partners as financial advisor and Bryan Cave Leighton Paisner LLP as legal advisor. There can be no assurance that this process will result in VOXX pursuing a particular transaction or other strategic outcome. VOXX has not set a timetable for completion of this process, and it does not intend to disclose further developments unless and until it determines that further disclosure is appropriate or necessary.