VOXX International announced that its Board of Directors is looking into strategies to improve its stockholder value. It said, “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.”
It also said, that it may not take any of these actions.
“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.”
VOXX’s stock price has declined over the past five years from $21 per share to under $5 per share. Prior to the above announcement Monday, the stock price was under $3 per share.
VOXX’s board has established a “strategic transactions committee” that has retained Solomon Partners as financial advisor and Bryan Cave Leighton Paisner LLP as legal advisor.
Earlier this month, VOXX announced it sold assets of VOXX Accessories Corp, including RCA trademarks and intellectual property for $25 million.
VOXX International is made up of two divisions: Automotive and Consumer Electronics. Some of the brands VOXX owns includes Klipsch, Acoustic Research, Audiovox, 808 Audio, Magnat, Heco, Schwaiger, Oehlbach, Viper, Rostra, Vehicle Safety Manufacturing, Autostart, AstroStart, Automate, Avital, Clifford, Directed, and Python.
VOXX purchased Directed in 2020.
Patrick Industries will buy them. I have been predicting this since they bought Rockford.
I agree with this statement.