Nogin Initiates Strategic Financial Restructuring; Operations to Continue Uninterrupted
06 Diciembre 2023 - 4:00PM
Nogin (Nasdaq: NOGN, NOGNW), a
pioneer in Commerce-as-a-Service (CaaS) ecommerce technology and
services, today announced it has entered Chapter 11 bankruptcy
proceedings in combination with a stalking horse bid and Debtor in
Possession (DIP) financing provided by B. Riley Financial, Inc.
This support provides for Nogin's sustained operations through the
restructuring and its emergence from the Chapter 11 process. B.
Riley is a noted investor in the technology, consumer products and
retail industries and has been exposed to Nogin and the value
provided to their customers through its investments in Hurley,
Bebe, Brookstone, Scotch & Soda and Justice brands. This move
is part of a restructuring plan aimed at reinforcing the company's
financial stability and fostering future growth and innovation.
Amidst this restructuring, Nogin
underscores its robust business performance. Year-to-date, the
company has secured over $27 million in bookings, with more than a
dozen new accounts added to its portfolio. These milestones not
only demonstrate Nogin's strong market position but also highlight
the continuous trust and reliance placed in its services by a
growing number of clients.
Jonathan Huberman, CEO of Nogin,
commented on the company's direction: “Going forward, our financial
structure will be aligned to properly support our growing business.
We want to reassure our clients and partners that there will be no
disruption in our services. Backed by B. Riley's support and the
potential they bring for fostering new partnerships, we are set to
navigate this period successfully. Our impressive bookings this
year are a testament to the strength of our solutions and people.
We are confident that Nogin will emerge from this process as a more
focused and robust company, better equipped to meet our clients'
diverse ecommerce needs.”
“We appreciate the significant value
of Nogin’s e-commerce platform and look forward to partnering with
Nogin to accelerate their current growth trajectory and return to
profitability,” said Dan Shribman, Chief Investment Officer at B.
Riley.
The process will include an open
bidding procedure, ensuring a transparent and optimal approach to
determining the best future ownership for clients, creditors and
the overall health of the organization.
Nogin has partnered with Portage Point
Partners to assist the company during the restructuring phase and
will be appointing Vlad Kasparov and Robin Chiu as Chief
Restructuring Officer (“CRO”) and Deputy CRO, respectively. Portage
Point will also provide an additional support team to the company
during the transition period.
During this restructuring phase,
Nogin's operations will continue as usual, without any interruption
in service. The company looks forward to a strong future and a
return to profitability in the next fiscal year. This outlook is
bolstered by Nogin's solid client base, continued growth and the
increasing demand for its specialized ecommerce
services .
About Nogin:Nogin (Nasdaq: NOGN, NOGNW), the
Intelligent Commerce company, provides the world’s leading
enterprise-class ecommerce technology and services for brand
leaders that need to deliver superior growth with predictable costs
and an exceptional online experience. The Nogin Intelligent
Commerce technology is a cloud-based ecommerce environment
purpose-built for brands selling direct-to-consumer (D2C) and
business-to-business (B2B). Nogin frees its customers to focus on
their business while running as much or as little of the digital
commerce infrastructure as they choose. Founded in 2010, Nogin
optimizes the entire ecommerce lifecycle for a variety of brands,
such as Justice, bebe, Brookstone, Hurley, and Kenneth Cole, as
well as several B2B brands and marketplaces. To learn more, visit
www.nogin.com or follow us on LinkedIn and on Twitter at
@Nogincommerce.
About Portage Point Partners:Portage Point is a
business advisory, interim management and investment banking firm
intensely focused on the middle market. Committed to excellence,
Portage Point delivers integrated capabilities and solutions that
identify value capture, mitigate risk and positively impact
outcomes at every stage of the ever-changing business and
investment lifecycle. Learn more about Portage Point at
www.portagepointpartners.com.
Contact:
investors@nogin.com
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