Shares of 1847 Holdings LLC (NYSE: EFSH) are seeing a remarkable surge this Friday morning, following a recent decline of over 23% in the past month.
The company recently announced securing a credit facility of $750,000 for its Wolo Manufacturing Corp. subsidiary.
Wolo Manufacturing Corp. specializes in the production and distribution of vehicle horns, safety products, as well as emergency and safety warning lights for various types of vehicles and industrial equipment.
Elated with this development, Ellery W. Roberts, the CEO of 1847 Holdings, stated, “Furthermore, this facility strengthens Wolo’s liquidity and increases its financial flexibility, enabling it to grow its business without any equity dilution at either the 1847 or subsidiary level. With this enhanced credit capacity, combined with growing customer demand and easing of supply chain pressure, Wolo has the potential to increase its sales by 50% to 70% year-over-year in 2024.”
Highlighting the company’s recent corporate actions, 1847 Holdings LLC had disclosed a 1-for-4 reverse split of its common shares, effective from January 8, 2024.
Evidencing investors’ positive response, EFSH shares are up by 5.35% at $1.591 at the last check on Friday.
