IWSH 10-Q
Wright Investors Service Holdings, Inc. (IWSH)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Mark One)
For the quarterly period ended
or
For the transition period from _____ to _____
Commission File Number:
(Exact Name of Registrant as Specified in its Charter)
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Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or, an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company”, in Rule 12b-2 of the Exchange Act.
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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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
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As of October 30, 2021, there were
WRIGHT INVESTORS’ SERVICE HOLDINGS, INC.
TABLE OF CONTENTS
| Item 2. | 9 | |
| Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 12 |
| Item 4. | Controls and Procedures | 12 |
| Part II. Other Information | ||
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 13 |
| Item 5. | Other Information | 13 |
| Item 6. | Exhibits | 14 |
| SIGNATURES | 15 | |
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
WRIGHT INVESTORS' SERVICE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share amounts)
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Three Months Ended September 30, |
Nine Months Ended September 30, | |||||||||||||||
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2021 |
2020 |
2021 |
2020 | |||||||||||||
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Expenses | ||||||||||||||||
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Compensation and benefits |
$ |
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$ |
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$ |
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$ |
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Other operating |
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Loss from operations |
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Interest and other income, net |
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Loss from operations before income taxes |
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Income tax benefit / (expense) |
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Net loss |
$ |
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$ |
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$ |
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$ |
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Basic and diluted loss per share |
$ |
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$ |
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$ |
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$ |
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See accompanying notes to condensed consolidated financial statements.
WRIGHT INVESTORS' SERVICE HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
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September 30, 2021 |
December 31, 2020 | |||||||
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(unaudited) | ||||||||
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Assets | ||||||||
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Current assets | ||||||||
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Cash and cash equivalents |
$ |
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$ |
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Income tax receivable |
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Prepaid expenses and other current assets |
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Total current assets |
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Other assets |
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Total assets |
$ |
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$ |
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Liabilities and stockholders’ equity | ||||||||
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Current liabilities | ||||||||
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Accounts payable and accrued expenses |
$ |
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$ |
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Loan payable |
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Total current liabilities |
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Stockholders’ equity | ||||||||
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Preferred stock, par value $ |
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Common stock, par value $ |
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Additional paid-in capital |
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Accumulated deficit |
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Treasury stock, at cost ( |
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Total stockholders' equity |
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Total liabilities and stockholders’ equity |
$ |
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$ |
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See accompanying notes to condensed consolidated financial statements.
WRIGHT INVESTORS' SERVICE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
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Nine Months Ended September 30, | ||||||||
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2021 |
2020 | |||||||
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Cash flows from operating activities | ||||||||
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Net loss |
$ |
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$ |
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Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
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Equity based compensation, including vesting of stock to directors |
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Gain on extinguishment of debt |
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Changes in other operating items: | ||||||||
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Deferred tax asset |
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Income taxes receivable |
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Prepaid expenses and other current assets |
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Accounts payable and accrued expenses |
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Net cash used in operating activities |
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Cash flows from investing activities | ||||||||
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Investments in U.S. Treasury Bills |
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Proceeds from redemptions of U.S. Treasury Bills |
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Net cash used in investing activities |
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Cash flows from financing activities | ||||||||
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Proceeds from loan |
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Net cash from financing activities |
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Net decrease in cash and cash equivalents |
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Cash and cash equivalents at the beginning of the period |
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Cash and cash equivalents at the end of the period |
$ |
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$ |
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Supplemental disclosures of cash flow information | ||||||||
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Net cash paid during the period for Income taxes |
$ |
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$ |
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See accompanying notes to condensed consolidated financial statements.
WRIGHT INVESTORS' SERVICE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
THREE AND NINE MONTHS ENDED September 30, 2021 and 2020
(UNAUDITED)
(in thousands, except per share data)
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Total | ||||||||||||||||||||||||
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Additional |
Treasury |
stock- | ||||||||||||||||||||||
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Common stock (Issued) |
paid-in |
Accumulated |
stock, at |
Holders | ||||||||||||||||||||
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shares |
amount |
capital |
deficit |
cost |
Equity | |||||||||||||||||||
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Balance at December 31, 2019 |
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$ |
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$ |
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$ |
( |
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$ |
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$ |
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Net loss |
- |
- |
- |
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- |
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Equity based compensation expense |
- |
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Stock based compensation expense to directors |
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Balance at March 31, 2020 |
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$ |
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$ |
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$ |
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$ |
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$ |
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Net loss |
- |
- |
- |
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Equity based compensation expense |
- |
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Stock based compensation expense to directors |
- |
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- |
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Balance at June 30, 2020 |
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$ |
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$ |
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$ |
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$ |
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$ |
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Net loss |
- |
- |
- |
( |
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- |
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Equity based compensation expense |
- |
- |
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Stock based compensation expense to directors |
- |
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- |
- |
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Balance at September 30, 2020 |
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$ |
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$ |
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$ |
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$ |
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$ |
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Balance at December 31, 2020 |
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$ |
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$ |
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$ |
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$ |
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$ |
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Net loss |
- |
- |
- |
( |
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Equity based compensation expense |
- |
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Stock based compensation expense to directors |
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Balance at March 31, 2021 |
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$ |
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$ |
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$ |
( |
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$ |
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$ |
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Net loss |
- |
- |
- |
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Equity based compensation expense |
- |
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Stock based compensation expense to directors |
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- |
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Balance at June 30, 2021 |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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Net loss |
- |
- |
- |
( |
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- |
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Equity based compensation expense |
- |
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Stock based compensation expense to directors |
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Balance at September 30, 2021 |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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See accompanying notes to condensed consolidated financial statements.
WRIGHT INVESTORS’ SERVICE HOLDINGS, INC.
Notes to Condensed Consolidated Financial Statements
Three months ended September 30, 2021 and 2020
(unaudited)
1. Basis of presentation and description of activities
Basis of presentation
The accompanying interim financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The information and note disclosures normally included in complete financial statements have been condensed or omitted pursuant to such rules and regulations. The Condensed Consolidated Balance Sheet as of December 31, 2020 has been derived from audited financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020 as presented in our Annual Report on Form 10-K. In the opinion of management, this interim information includes all material adjustments, which are of a normal and recurring nature, necessary for a fair presentation. The results for the 2021 interim period are not necessarily indicative of results to be expected for the entire year.
Description of activities
The Company has no or nominal operations. As a result, the Company is a “shell company”, as defined in Rule 405 of the Securities Act of 1933, as amended, or the Securities Act, and Rule 12b-2 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. As a shell company, its stockholders will be unable to utilize Rule 144 of the Securities Act, or Rule 144 to sell “restricted stock” as defined in Rule 144 or otherwise use Rule 144 to sell stock of the Company, and the Company would be ineligible to utilize registration statements on Form S-3 or Form S-8 for so long as the Company remains a shell company and for 12 months thereafter. Among other things, as a consequence, the offering, issuance and sale of its securities is likely to be more expensive and time consuming and may make the Company’s securities less attractive to investors.
The Company is not engaged in the business of investing, reinvesting, or trading in securities, and it does not hold itself out as being engaged in those activities. However, under the Investment Company Act of 1940, as amended (the “Investment Company Act”), a company may fall within the scope of being an “inadvertent investment company” under section 3(a)(1)(C) of such Act if the value of the Company’s investment securities (as defined in the Investment Company Act) is more than 40% of the Company’s total assets (exclusive of government securities and cash and certain cash equivalents).
The Company intends to evaluate and explore all available strategic options. The Company will continue to work to maximize stockholder value. Such strategic options may include acquisition of an investment advisory business, acquisition of a financial services business, creating partnerships or joint ventures for those or other businesses and investing in other businesses that provide attractive opportunities for growth. The directors will also consider alternatives for distributing some or all of the Company’s cash and cash equivalents. Until such time as a decision is made as to how the proceeds from the Sale and other liquid assets of the Company are so deployed, the Company intends to invest the proceeds of the Sale and its other liquid assets in high-grade, short- term investments (such as cash and cash equivalents) consistent with the preservation of principal, maintenance of liquidity and avoidance of speculation.
2. New accounting guidance not yet adopted
In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-13 (ASU 2016-13) "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model which requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. The standard, as amended, is effective for periods beginning after December 15, 2022 for both interim and annual periods. Early adoption is permitted. The Company does not expect the adoption of ASU 2016-13 to have an impact on its condensed consolidated financial statements.
3. Per share data
Loss per share for the three months ended September 30, 2021 and 2020 respectively, is calculated based on
Loss per share for the nine months ended September 30, 2021 and 2020 respectively, is calculated based on
Stock awards for
4.Investment valuation
The Company carries its investments at fair value. Fair value is an estimate of the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (i.e., the exit price at the measurement date). Fair value measurements are not adjusted for transaction costs. A fair value hierarchy provides for prioritizing inputs to valuation techniques used to measure fair value into three levels:
Level 1Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company.
Level 3Unobservable inputs. Unobservable inputs reflect the assumptions that the Company develops based on available information about what market participants would use in valuing the asset or liability.
An asset or liability's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The Company uses judgment in determining fair value of assets and liabilities and Level 3 assets and liabilities involve greater judgment than Level 1 or Level 2 assets or liabilities.
As of September 30, 2021, and December 31, 2020, the Company held $
The following table presents the Company’s financial instruments at fair value (in thousands):
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Fair Value Measurements as of September 30, 2021 | ||||||||||||||||
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9/30/2021 |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) | |||||||||||||
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Cash and cash equivalents |
$ |
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$ |
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$ |
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$ |
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Fair Value Measurements as of December 31, 2020 | ||||||||||||||||
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12/31/2020 |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) | |||||||||||||
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Cash and cash equivalents |
$ |
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$ |
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$ |
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$ |
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5.Income taxes
Income tax expense represents minimum state taxes. No tax benefit has been recorded in relation to the pre-tax loss for the three and nine months ended September 30, 2021 and 2020, due to a full valuation allowance to offset any deferred tax asset related to net operating loss carry forwards attributable to the losses.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. The Act contains several new or changed income tax provisions, including but not limited to the following: increased limitation threshold for determining deductible interest expense; class life changes to qualified improvements and the ability to carry back net operating losses incurred from tax years 2018 through 2020 up to the five preceding tax years. The Company has evaluated the new tax provisions of the CARES Act and determined the impact to be either immaterial or not applicable.
6.Loan Payable
On May 1, 2020, the Company received $
7.Capital Stock
The Company’s Board of Directors, without any vote or action by the holders of common stock, is authorized to issue preferred stock from time to time in one or more series and to determine the number of shares and to fix the powers, designations, preferences and relative, participating, optional or other special rights of any series of preferred stock.
The Board of Directors authorized the Company to repurchase up to
8.Incentive stock plans and stock-based compensation
Stock awards
On February 13, 2019,
The Company recorded compensation expense of approximately $
Capital Stock
During the quarter ended September 30, 2021, a) the Company incurred $
9.Commitments, Contingencies, and Other
a)The extent of the impact and effects of the recent outbreak of the coronavirus (COVID-19) on the operation and financial performance of our Company are unknown. However, the Company does not expect that the outbreak will have a material adverse effect on financial results at this time.
b)In July 2019, the Company entered into a six-month lease for office space in a building located in Mt. Kisco, NY. The lease commenced on September 1, 2019 and expired on February 29, 2020, after which it is being renewed on a monthly basis for $
c)The Company has interests in land and certain flowage rights in undeveloped property (the “properties”) primarily located in Killingly, Connecticut. The properties were fully impaired as of December 31, 2018.
In September 2014, the Connecticut Department of Energy and Environmental Protection (“DEEP”) issued two Consent Orders requiring the investigation and repair of two dams, Acme Pond Dam and Killingly Pond Dan, in which the Company and its subsidiaries have certain ownership interests. Both matters have been fully resolved. In February 2020 and May 2020 DEEP issued to the Company Certificates of Compliance for the Consent Orders relating to Acme Pond Dam and Killingly Pond Dam, respectively.
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| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Cautionary Statement Regarding Forward-Looking Statements
This report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward looking statements. Forward-looking statements are not statements of historical facts, but rather reflect our current expectations concerning future events and results. The words “may,” “will,” “anticipate,” “should,” “would,” “believe,” “contemplate,” “could,” “project,” “predict,” “expect,” “estimate,” “continue,” and “intend,” as well as other similar words and expressions of the future, are intended to identify forward-looking statements.
Factors that may cause actual results to differ from those results expressed or implied, include, but are not limited to, those listed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020 filed by the Company with the Securities and Exchange Commission (the “SEC”) on March 12, 2021.
These forward-looking statements generally relate to our plans, objectives and expectations for future events and include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. These statements are based upon our opinions and estimates as of the date they are made. Although we believe that the expectations reflected in these forward-looking statements are reasonable, such forward-looking statements are subject to known and unknown risks and uncertainties that may be beyond our control, which could cause actual results, performance and achievements to differ materially from results, performance and achievements projected, expected, expressed or implied by the forward-looking statements. While we cannot assess the future impact that any of these differences could have on our business, financial condition, results of operations and cash flows or the market price of shares of our common stock, the differences could be significant. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this report and you are urged to consider all such risks and uncertainties. In light of the uncertainty inherent in such forward-looking statements, you should not consider their inclusion to be a representation that such forward-looking matters will be achieved.
General Overview
The Company is a “shell company”, as defined in Rule 12b-2 of the Exchange Act. Because we are a shell company, our stockholders are unable to utilize Rule 144 to sell “restricted stock” as defined in Rule 144 or to otherwise use Rule 144 to sell our securities, and we are ineligible to utilize registration statements on Form S-3 or Form S-8 for so long as we remain a shell company and for 12 months thereafter. As a consequence, among other things, the offering, issuance and sale of our securities is likely to be more expensive and time consuming and may make our securities less attractive to investors.
The Company’s Board of Directors is considering strategic uses for its funds to develop or acquire interests in one or more operating businesses. While we have focused our development or acquisition efforts on sectors in which our management has expertise, we do not wish to limit ourselves to, or to foreclose any opportunities in, any particular industry or sector. Prior to this use, the Company’s funds have been, and we anticipate will continue to be, invested in high-grade, short-term investments (such as cash and cash equivalents) consistent with the preservation of principal, maintenance of liquidity and avoidance of speculation, until such time as we need to utilize such funds, or any portion thereof, for the purposes described above. The directors will also consider alternatives for distributing some or all of its cash and cash equivalents to stockholders.
Results of operations
Three months ended September 30, 2021 compared to the three months ended September 30, 2020
For the three months ended September 30, 2021, the Company had a loss from operations before income taxes of $298,000 compared to a loss from operations before income taxes of $47,000 for the three months ended September 30, 2020.
The increased loss before income taxes of $251,000 was primarily as a result of a decrease in Interest and other income for the three months ended on September 30, 2021 mainly due to the sale of the Company’s former ticker symbol (WISH) for consideration of $250,000 during the quarter ended September 30, 2020.
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Compensation and benefits
For the three months ended September 30, 2021, Compensation and benefits were $111,000 as compared to $105,000 for the three months ended September 30, 2020.
Other operating expenses
For the three months ended September 30, 2021, Other operating expenses were $187,000 as compared to $193,000 for the three months ended September 30, 2020.
The decreased operating expenses of $6,000 were primarily the result of decreased professional fees of $5,000, decreased other expenses of $4,000, offset by increased insurance expenses of $3,000.
Income taxes
For the three months ended September 30, 2021, the Company recorded income tax expense from operations of approximately $1,000, which represents minimum state taxes. No tax benefit has been recorded in relation to the pre-tax loss for the three and nine months ended September 30, 2021 and 2020, due to a full valuation allowance to offset any deferred tax asset related to net operating loss carry forwards attributable to the losses.
Nine months ended September 30, 2021 compared to the nine months ended September 30, 2020
For the nine months ended September 30, 2021, the Company had a loss from operations before income taxes of $840,000 compared to a loss from operations of $711,000 for the nine months ended September 30, 2020.
The increased loss before income taxes of $129,000 was the result of a decrease in Interest and other income of $258,000, primarily as the result of the sale of the Company’s former ticker symbol (WISH) for consideration of $250,000 in 2020, offset by decreased Compensation and benefits of $29,000, and other operating expenses of $100,000.
Compensation and benefits
For the nine months ended September 30, 2021, Compensation and benefits were $335,000 as compared to $364,000 for the nine months ended September 30, 2020. The decreased Compensation and benefits of $29,000 was primarily the result of a decrease in the health plan expense and salary expense for the nine months ended September 30, 2021 in comparison to the nine months ended September 30, 2020.
Other operating expenses
For the nine months ended September 30, 2021, Other operating expenses were $558,000 as compared to $658,000 for the nine months ended September 30, 2020.
The decreased operating expenses of $100,000 were primarily the result of decreased professional fees of $82,000, decreased insurance expense of $13,500, and decreased other expenses of $4,500.
Income taxes
For the nine months ended September 30, 2021, the Company recorded income tax expense from operations of approximately $2,000, which represents minimum state taxes. No tax benefit has been recorded in relation to the pre-tax loss for the three and nine months ended September 30, 2021 and 2020, due to a full valuation allowance to offset any deferred tax asset related to net operating loss carry forwards attributable to the losses.
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Financial condition
Liquidity and Capital Resources
At September 30, 2021, the Company had cash and cash equivalents totaling $5,634,000, which it intends to use to acquire interests in one or more operating businesses, to fund the Company’s general and administrative expenses, and the directors will also consider alternatives for distributing some or all of its cash and cash equivalents to stockholders. The Company believes that its working capital is sufficient to support its operating requirements through November 2022.
Cash equivalents represent short-term, highly liquid investments, which are readily convertible to cash and have maturities of three months or less at time of purchase. Please refer to note 4 for valuation on Investments.
The decrease in cash and cash equivalents of $835,000 for the quarter ended September 30, 2021 was primarily the result of $835,000 used in operating activities.
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| Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Not required.
| Item 4. | Controls and Procedures |
The Company’s principal executive officer and principal financial officer, with the assistance of other members of the Company’s management, have evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report. Based upon such evaluation, the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures are effective as of the end of the period covered by this quarterly report.
The Company’s principal executive officer and principal financial officer have also concluded that there was no change in the Company’s internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) that occurred during the quarter ended September 30, 2021 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II. OTHER INFORMATION
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
Purchases of Equity Securities
The Board of Directors authorized the Company to repurchase up to 5,000,000 outstanding shares of common stock from time to time either in open market or privately negotiated transactions. At September 30, 2021, the Company had repurchased 2,041,971 shares of its common stock and, a total of 2,958,029 shares remained available for repurchase at September 30, 2021, pursuant to the 5,000,000 shares repurchase plans. The Company did not repurchase shares of common stock during the quarter ended September 30, 2021.
| Item 5. | Other Information |
None
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| Item 6. | Exhibits. |
| Exhibit No. |
Description | |
| 31.1 | * | Certification of principal executive officer of the Company, pursuant to Securities Exchange Act Rule 13a-14(a) |
| 31.2 | * | Certification of principal financial officer of the Company, pursuant to Securities Exchange Act Rule 13a-14(a) |
| 32.1 | * | Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of The Sarbanes-Oxley Act of 2002, signed by the principal executive officer of the Company and the principal financial officer of the Company |
| 101.INS | ** | XBRL Instance Document. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | ** | XBRL tags are embedded within the Inline XBRL document |
| 101.CAL | ** | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | ** | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | ** | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | ** | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | ** | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
*Filed herewith
**Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Act of 1934 and otherwise are not subject to liability.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| WRIGHT INVESTORS’ SERVICE HOLDINGS, INC | ||||
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| Date: November 12, 2021 | By: | /s/ HARVEY P. EISEN | ||
| Name: | Harvey P. Eisen | |||
| Title: |
Chairman, President, and Chief Executive Officer (Principal Executive Officer) |
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| Date: November 12, 2021 | By: | /s/ HAROLD D. KAHN | ||
| Name: | Harold D. Kahn | |||
| Title: |
Acting Chief Financial Officer and Acting Principal (Principal Financial Officer) |
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