Zagg Stock Buy Or Sell
ZAGG Inc, together with its subsidiaries, designs, manufactures, and distributes mobile tech accessories for smartphones, tablets, smartwatches, and other mobile technology in the United States, Europe, and internationally. The company offers screen protection products; protective cases to protect device-specific mobile devices and tablets; power management products for tablets, smartphones, smartwatches, cameras, and other electronic mobile devices; power stations, wireless chargers, car and wall chargers, portable power products, power wallets, etc.; earbuds, headphones, and speakers; and device-specific keyboards and device-agnostic keyboards under the ZAGG, InvisibleShield, mophie, IFROGZ, BRAVEN, Gear4, and HALO brands. It sells its products through indirect channels, including big box retailers, wireless retailers, domestic and international distributors, independent Apple retailers, university bookstores, and small independently owned consumer electronics stores, as well as directly to retailers or through distributors; and directly to consumers on its Website at ZAGG.com. The company also sells its products to franchisees that operate cellphone repair locations, kiosks, and ZAGG-branded stores in shopping malls and retail centers. ZAGG Inc is headquartered in Midvale, Utah.
zagg stock buy or sell
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ZAGG (NASDAQ:ZAGG) is a microcap stock that has been extensively covered on Seeking Alpha. Back in August, fund manager Jim Roumell made the bull case for Zagg stock. At the time, shares were changing hands around $5.49/share. In 2018, shares traded as high as $20/share. But due to worsening quarterly results, investors bailed on ZAGG stock:
But throughout Fall 2019, shares made a rebound thanks to multiple factors. Takeover rumors, the emergence of an activist, and an earnings beat moved the needle for ZAGG stock. Shares have since appreciated from $5.50/share in mid-August to $8.10 at the close of November 25, a more than 47% gain.
1 Zagg, Inc. appeals from the district court's interlocutory order denying its request for an injunction to prevent Lorence A. Harmer from selling shares of Zagg stock under the terms of a settlement agreement between the parties. We reverse that order and remand the matter to the district court for further proceedings.
2 Harmer is a former director of Zagg. Upon resigning from the board of directors, he and Zagg entered into a settlement agreement to resolve a dispute between them.1 Under the terms of this agreement, Harmer agreed to execute a promissory note in favor of Zagg. The agreement also provided that Harmer could not sell approximately 80,000 of his shares of Zagg stock (the Encumbered Shares) until two months after the promissory note was paid in full.
That is leverage. Obviously, the holder of a defaulted note is in a stronger position vis-a-vis the maker of the note if, by reason of the default, he is empowered to prevent distributions of earnings to the owners of the firm, whether they are stockholders or partners. Such a power can be of material commercial advantage. When it is bargained for, as it was in connection with the issuance and placement of the [subject notes], it cannot fairly be ignored by a court.
13 We conclude that the contractual provision at issue here confers on Zagg essentially the same type of leverage as was at issue in Boesky. By virtue of Harmer's default on the promissory note, Zagg is empowered to prevent Harmer from selling the Encumbered Shares and receiving their cash value. And while Zagg may ultimately be able to obtain a judgment against Harmer for the value of the note, to deny injunctive relief on that basis would be to ignore the leverage conferred by this provision of the settlement agreement. We also conclude that no award of money damages could be reliably calculated to compensate Zagg for the loss of this leverage if Harmer were allowed to sell the Encumbered Shares.4 Accordingly, we conclude that the district court erred in determining that Zagg would not be irreparably harmed if the court did not enjoin Harmer from selling the Encumbered Shares and that the district court exceeded its discretion in denying the injunction on this basis. Water & Energy Sys. Tech., Inc. v. Keil, 1999 UT 16, 6, 974 P.2d 821. We therefore reverse the district court's order denying Zagg's request for an injunction.5
14 The district court erred in concluding that Zagg would not be irreparably harmed if Harmer were allowed to sell the Encumbered Shares. We therefore conclude that the district court abused it's discretion in denying Zagg's request for a preliminary injunction on this basis, and we reverse the district court's order. We remand the matter to the district court to consider the remaining factors enumerated in rule 65A and determine if an injunction should issue.
Even with a series of targeted acquisitions over the last few years and a growing portfolio of brands that include Mophie, IFROGS, Gear4 and Halo, ZAGG stock had been on a mostly downward trend since 2018. The company announced last year it was actively seeking a buyer.
On Friday, Evercel Inc. announced it was leading a group of investors in purchasing ZAGG in a cash deal for up to $4.45 per share of issued and outstanding stock. ZAGG stock was trading at $4 per share at the end of regular trading on Thursday.
On Thursday, ZAGG Inc., which sells accessories for phones and tablets, and its Board of Directors were sued in a class-action complaint by a stockholder for purported securities violations based on alleged misleading statements, as well as an unfair and undervalued acquisition of ZAGG.
The SEC alleges that after purchasing Fair Finance Company, chief executive officer Timothy S. Durham, chairman James F. Cochran, and chief financial officer Rick D. Snow deceived investors while selling them interest-bearing certificates. Fair Finance had previously operated for decades as a privately-held consumer finance company. But under the guise of loans, Durham and Cochran schemed to divert investor proceeds to themselves and others as well as struggling and unprofitable entities that they controlled. Durham and Cochran further misused investor funds to buy classic cars and other luxury items to enhance their own lavish lifestyles.
On its Web site, Apple is selling the Lightning to 30-pin adapter for $29, and a Lightning to SD Card Camera Reader for $29, which lets you transfer photos and videos from your digital camera to your iPad mini. That one is currently in stock, according to the site; the Lightning to 30-pin adapter should ship in about a week. The Lightning to VGA adapter, which works with VGA TVs, costs $49, and has an expected ship time of two weeks to three weeks. 041b061a72