8-K
Envela Corp (ELA)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 4, 2022(May 3, 2022)
| ENVELA CORPORATION | ||
|---|---|---|
| (Exact name of Registrant as specified in its charter) | ||
| Nevada | 1-11048 | 88-0097334 |
| --- | --- | --- |
| (State or other jurisdiction of<br><br>incorporation or organization) | (Commission<br><br>File Number) | (I.R.S. Employer<br><br>Identification No.) |
1901 GATEWAY DR., STE 100
Irving, Texas 75038
(Address of principal executive offices) (Zip Code)
Registrant’s Telephone Number, including area code: (972) 587-4049
______________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
|---|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
| Title of each class | Trading Symbol | Name of exchange on which registered |
| --- | --- | --- |
| Common Stock, $0.01 par value | ELA | NYSE American |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On May 3, 2022, Envela Corporation (the “Registrant”) issued a press release disclosing its financial results for the quarter ended March 31, 2022 (the “Press Release”). The Press Release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits.
The following exhibit is furnished as part of this report:
| Exhibit | |
|---|---|
| Number | Description of Exhibit |
| 99.1 | Press Release, dated May 3, 2022. |
| 2 | |
| --- |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| By: | /s/ BRET A. PEDERSEN |
|---|---|
| Bret A. Pedersen | |
| Chief Financial Officer | |
| (Principal Accounting Officer) |
Date: May 4, 2022
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ela_ex991.htm Exhibit 99.1
ENVELA RETAIL SUBSIDIARY EXPECTS TO REPORT RECORD RESULTS AND IS SET TO ACCELERATE EXPANSION PLANS
DALLAS, Texas / ACCESSWIRE / May 3, 2022 / DGSE, LLC (“DGSE”), a subsidiary of Envela Corporation (NYSE American:ELA) (“Envela” or the “Company”), announced today that after a record first quarter it plans to accelerate expansion plans.
With extraordinary gains in its retail business during the first quarter, DGSE expects to post a record quarter. Based on these strong results the company intends to accelerate the pace of new stores, building on its success of recent openings.
“In the first quarter we enjoyed solid increases in sales and profits, as consumers responded to our new stores better than anticipated. We want to continue executing on our profitable growth strategy while strengthening our brand,” said Allison DeStefano, President of DGSE. “We believe with our disciplined approach to site selection, relatively low investment costs and strong new store opening performance, we can profitably expand our store count nationally,” added DeStefano.
The contemplated store openings are subject to finding suitable locations, negotiate suitable purchase or lease terms, and hiring operating personnel in our target markets and there is no guarantee that we will be able to for our planned expansion in any future period.
About DGSE
DGSE focuses on sustainable, authenticated re-commerce of luxury brands and diamonds. Its retail strategy is anchored in being an information resource for clients, bringing transparency to purchase and sale transactions, and offering value and liquidity to those seeking to buy, sell or trade jewelry, watches, diamonds, or coins. DGSE strives to deliver an unrivaled customer experience. It features a broad selection of high-quality vintage and new jewelry, precious-metal bullion, rare coins, fine timepieces, and diamonds, together with value pricing and a customer-friendly sales process.
DGSE wholesales and retails jewelry, diamonds, fine watches, and precious metal bullion and rare-coin products through its Charleston Gold & Diamond Exchange and Dallas Gold & Silver Exchange operations. DGSE has specialized in buying and selling jewelry for over 40 years, making our expert staff among the best in the business.
About Envela
Envela is the North American re-commerce leader, enabling a better world via the circular economy. It empowers buyers and sellers to extend the useful life of specialty and durable goods, and to seize retail, recycling, and reverse-logistics supply-chain opportunities. This financially benefits consumers and manufacturers alike. Envela operates primarily via two re-commerce business segments, DGSE and ECHG. DGSE (Envela’s B2C portfolio) operates retail stores and online sites offering luxury hard assets and precious metals, including gold, silver, and diamonds. ECHG (Envela’s B2B portfolio) re-commercializes consumer electronics and IT equipment, and also provides end-of-life recycling services for products in a variety of industries. Envela conducts its re-commerce operations at retail and wholesale levels, through distributors, resellers, dedicated stores, and online. Holdings in all of Envela’s business units have recognized multiple years of growth.
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Additional information about Envela is available at its investor-relations site, Envela.com.
Forward-Looking Statements
This press release includes statements that may constitute “forward-looking” statements, including statements regarding future events and developments, potential purchases, acquisitions, expansion, and the potential future success of business lines and strategies. As well as management’s expectations, beliefs, plans, estimates or projections relating to the future. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, market conditions and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. By making these statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release except as required by law.
Investor Relations Contact:
Investor Relations
1901 Gateway Drive | Irving, TX 75038
investorrelations@envela.com
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