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Recruiter.com Sold for $1.8 Million, Marking a New Era in Digital Strategy!
Industry Information
11 Jan 2024 04:39:09 PM
Abstract:
Recruiter.com Group Inc. (NASDAQ: RCRT) has taken a major step forward in the domain name market with the sale of its valuable "Recruiter.com" domain name to Job Mobz Inc. for $1.8 million, which closed on 31 March.
Recruiter.com Group Inc. (NASDAQ: RCRT) has taken a major step forward in the domain name market with the sale of its valuable "Recruiter.com" domain name to Job Mobz Inc. for $1.8 million, which closed on 31 March. Recent regulatory filings indicate that this transaction was more than a simple sale, but was a key component of Recruiter.com's comprehensive business transformation.
The transaction, which was originally signed on 16 August 2023, includes the "Recruiter.com" domain name and other assets valued at $1.8 million. The sale clearly demonstrates the continued high value of premium domain names in the marketplace, an aspect of domain valuation and strategic trends that are of interest to Domain Success readers.
However, this is more than just a domain sale. It marks an important point in Recruiter.com's broader strategic alignment. The company plans to acquire GoLogic, a financial technology company, in a deal that involves the transfer of up to 84 per cent of Recruiter.com. In addition, Recruiter.com plans to change its name and spin off its non-GoLogic business into a new entity, with Recruiter.com shareholders receiving a dual stake: maintaining a 16 per cent stake in the current company and acquiring a stake in the newly spun-off company, which is expected to trade on the over-the-counter market.
This strategic shift comes amidst financial changes at Recruiter.com. The latest revenue report showed a decline to $183,722 for the quarter ended 30 September 2023, down from $5.8 million in the same period last year. This decline is largely attributed to the transition of its on-demand recruiting business to Job Mobz.
In addition, Recruiter.com sold its healthcare staffing business to Futuris Co.(OTCMKTS: FTRS) for $500,000 in Futuris stock and a potential gain of up to $2 million. The transaction, coupled with a direct private placement offering of approximately $1 million and a 15-share reverse stock split strategy to comply with Nasdaq listing standards, underscores the company's multi-faceted approach to restructuring.
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