Hooker Furnishings Corporation Issues Press Release Regarding Acquisition; Stock Rises

On December 3, 2024, Hooker Furnishings Corporation (NASDAQ: HOFT) filed a Form 8-K with the Securities and Exchange Commission, detailing a recent event.

The filing stated that on December 3, 2024, the company issued a press release announcing that it had entered into definitive agreements for the acquisition of TW & EW Services Inc., a California-based labor and logistics service provider. The acquisition is expected to close on or about December 4, 2024.

According to the press release, the total cost of the acquisition includes a cash payment of $200,000 and a share consideration involving the issuance of Hooker Furnishings Corporation’s unregistered Class A common stock valued at $800,000, with a per-share price of $1.704. Following the acquisition, TW & EW Services Inc. will become a wholly owned subsidiary of Hooker Furnishings Corporation.

The Chairman and CEO of Hooker Furnishings Corporation, Tony Liu, expressed optimism about the acquisition, stating that it would strengthen the company’s position in the logistics sector by incorporating TW & EW’s expertise in general labor and logistics support services. He emphasized that the move would enable the company to streamline operations and deliver enhanced services to both current and future customers.

The market reacted positively to the news, with Hooker Furnishings Corporation’s stock experiencing a rise following the announcement of the acquisition.

For further information, investors are encouraged to contact Hooker Furnishings Corporation’s Investor Relations team at the provided contact information in the press release.

This article is based on the details provided in the Form 8-K filing by Hooker Furnishings Corporation and the attached press release regarding the acquisition of TW & EW Services Inc.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Hooker Furnishings’s 8K filing here.

Hooker Furnishings Company Profile

Hooker Furnishings Corporation designs, manufactures, imports, and markets residential household, hospitality, and contract furniture. It operates in three segments: Hooker Branded, Home Meridian, and Domestic Upholstery. The Hooker Branded segment offers design categories, including home entertainment, home office, accent, dining, and bedroom furniture under the Hooker Furniture brand; and imported upholstered furniture under the Hooker Upholstery brand.