Why Is Safeguard Scientifics (SFE) Stock Surging In Pre-Hours Trading?

After announcing the date of the publication of its quarterly results, Safeguard Scientifics Inc. (NASD: SFE) is soaring on the charts today, up 7.04% to trade at $3.80 at the last check in premarket activity.

When will SFE make the financials public?

On Thursday, November 3, 2022, following the close of business, Safeguard Scientifics (SFE) will announce its financial results for the third quarter that ended September 30, 2022. At 5:00 PM ET on the same day, Safeguard Scientifics will also host a conference call and webcast. The conference call will feature a discussion of the financial results for the third quarter of 2022, followed by a Q&A session, with the Chief Executive Officer, Eric C. Salzman, and Senior Vice President and Chief Financial Officer, Mark A. Herndon, in attendance. The replay of that webcast will also be made accessible by SFE on its website.

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SFE transferred to NASDAQ:

Safeguard Scientifics moved to NASDAQ this week after leaving the New York Stock Exchange and switching to the NASDAQ Capital Market (“NASDAQ”). On October 26, 2022, SFE started trading at the market open as a NASDAQ-listed firm. The ticker symbol SFE will still be used to identify Safeguard’s common shares. SFE believes that joining NASDAQ will save shareholders money and provide the company more flexibility as it moves forward with portfolio exits and value-maximizing plans.

SFE sold an asset:

Safeguard Scientifics also this month announced the purchase of Lumesis by SOLVE Advisors, Inc., a market data platform for fixed-income securities. SFE negotiated an asset sale agreement. SFE got an initial cash payment of $5.3 million. The final calculations of net working capital and the settlement of different escrow conditions may result in additional cash flows. For the quarter ending September 30, 2022, Safeguard will record a gain on the sale of the Lumesis ownership interest.

What potential benefits does SFE envisage in the sale?

Safeguard Scientifics (SFE) has moved one step closer to monetizing its portfolio for its shareholders with the sale of Lumesis. Beginning in 2012, SFE invested a total of $5.6 million in Lumesis.

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