Concierge Technologies files for $8M IPO on NYSE; changing name to Marygold Companies

Feb. 22, 2022 4:31 PM ETThe Marygold Companies, Inc. (MGLD)MGLDBy: Val Kennedy, SA News Editor

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  • Concierge Technologies (OTCPK:CNCG), which is changing its name to The Marygold Companies, has filed to uplist its stock to NYSE and raise $8M through a public offering.
  • The company said it plans to offer 2.4M shares at an assumed price of $3.35 per share. Underwriters will be granted at 45-day option to sell up to 360K additional shares at the public price to cover any overallotments.
  • Concierge’s stock currently trades over-the-counter and closed on Friday at $3.20 per share, giving it a market capitalization of approximately $120M. The company has applied to list on NYSE under the symbol MGLD. Maxim is serving as sole bookrunner on the deal.
  • Concierge added that it may effect a reverse stock split in the range of 1-for-1.5 to 1-for-2.75 in order to comply with NYSE’s listing requirements.
  • Concierge operates several wholly owned subsidiaries engaged in a wide variety of businesses, including investment fund group Wainwright Holdings, New Zealand-based food distributor Gourmet Foods, security alarm provider Brigadier Security Systems, and hair and skin products maker Kahnalytics.
  • The company also recently established Marygold & Co., a development stage fintech based in the US. A UK holding company called Marygold UK will focus acquisitions to be made in that country.
  • Concierge Technologies had consolidated revenue of $40M for the year ended June 30, 2021, according to its filing.
  • For a more in-depth look at Marygold, check out SA contributor Donovan Jones’s “Marygold Companies Targets $8M U.S. IPO.”

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