Leader in global GPS, new electric golf carts, and electric vehicle market, DSG Global Inc (OTCMKTS:DSGT) on August 25, 2022, announced the firm retaining the ICON Capital Group as financial advisor and broker-dealer on the potential spinout of the wholly owned subsidiary Imperium Motor Corp.
Trading Data
On Thursday, DSGT stock slid 13.92% to $0.1197 with more than 13.19 million shares, compared to its average volume of 1.10 million shares. The stock moved within a range of $0.1190 – 0.2244 after opening trade at $0.1500.
DSG Global Retains Icon Capital Group as Financial Advisor to Pursue Strategic Spinout of the EV Division Imperium Motors Corp from DSG Global
Potential structures may include an IPO, a merger with an existing NASDAQ company, or a SPAC merger. It is expected that DSG will still be a minority shareholder in the new entity and the firm intends to give dividends to the current shareholders. The new entity will comprise a novel and deep shareholder base.
Bob Silzer, CEO of DSG Global Inc said that the company is glad on securing Icon Capital Group as the financial advisor for facilitating the transaction and guiding the firm to the best path for unlocking shareholder value.
Silzer added that DSG’s Imperium Motor Company had significant extra expenses and that the Inflation Reduction Act makes it an ideal time for making a concerted effort on ensuring value for shareholders.
ICON Capital Group President/CEO John Calicchio said that the company is excited about working with Bob and the team for finding an effective way of positioning Imperium Motors in the EV space.
Key Quote
“We are pleased to secure Icon Capital Group as our financial advisors to facilitate the transaction and guide the company to the best path to unlock shareholder value. We believe our story has not been properly digested in the marketplace, being undervalued, and realizing our EV business needs to be appropriately scaled as a stand-alone company therefore enjoying the publicity it deserves. Also, DSG’s Imperium Motor Company had substantial additional expenses incurred by DSG Global that will be off the books and capturing full repayment of all expenses. With the recent legislative tail wind for EVs because of the Inflation Reduction Act just passed in the US, we feel like this is the proper time to make a concerted effort to ensure value for our shareholders and allow DSG management to focus on our core GPS and Golf Cart business, both of which are experiencing tremendous growth.”
DSG Global Inc on August 18, 2022, released Q2 2022 earnings ending June 30, 2022. The firm has $2.75 million in signed orders, inclusive of recurring revenue.
Technical Data
DSGT stock is trading above the 20-Day and 50-Day Moving averages of $0.10 and $0.07 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.11. The company has a total market capitalization of $15.80 million.
