Ecoark Holdings Plans Trend Subsidiary Spin-Off

Ecoark Holdings Plans Trend Subsidiary Spin-Off
  • Ecoark Holdings Inc ZEST plans to spin off its subsidiary, Trend Discovery Holdings LLC (Trend), into a new independent publicly-traded company.
  • Ecoark plans to distribute approximately 80% of the common stock of Trend to its shareholders.
  • Ecoark plans to debut the new stand-alone company on a National Securities Exchange.
  • Through its holding company model, the company plans to retain the remaining 20% ownership in Trend on its balance sheet.
  • Ecoark CFO Brad Hoagland will assume the role of Chief Investment Officer of Trend while retaining the CFO role until a long-term successor has been named.
  • The transaction is expected to close in the calendar Q4 of 2021.
  • Trend's current asset portfolio includes Trend Discovery Capital Management LLC, an investment management business, and Barrier Crest LLC, a fund administration and consulting business.
  • Ecoark held $0.84 million in cash and equivalents as of June 30, 2021.
  • Price Action: ZEST shares traded higher by 4.63% at $4.29 on the last check Thursday.

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