Hudson Global and Star Equity Holdings Announce Closing of Merger
Hudson Global (NASDAQ: HSON) and Star Equity Holdings have successfully completed their previously announced merger, creating a larger, diversified holding company. The merged entity will maintain Hudson Global's HSON ticker initially, with plans to change to STRR in the coming weeks.
Under the merger terms, Star's common stockholders received 0.23 shares of Hudson Global common stock per share, while preferred stockholders received one-for-one shares of Hudson Global's new 10% Series A Cumulative Perpetual Preferred Stock. The combined company boasts pro-forma annualized revenues of $210 million and will operate across four segments: Building Solutions, Business Services (Hudson RPO), Energy Services, and Investments.
The merger enables utilization of Hudson Global's substantial $240 million U.S. federal net operating losses (NOL) and positions the company for potential inclusion in the Russell 2000 index. Jeff Eberwein will serve as CEO, with Rick Coleman as COO, overseeing a seven-member board.
Hudson Global (NASDAQ: HSON) e Star Equity Holdings hanno completato con successo la fusione annunciata in precedenza, dando vita a una holding pi霉 ampia e diversificata. L'entit脿 risultante manterr脿 inizialmente il ticker HSON di Hudson Global, con l'intenzione di passare a STRR nelle prossime settimane.
Secondo i termini della fusione, gli azionisti ordinari di Star hanno ricevuto 0,23 azioni di Hudson Global per ogni azione posseduta, mentre gli azionisti privilegiati hanno ottenuto azioni, in rapporto uno a uno, della nuova 10% Series A Cumulative Perpetual Preferred Stock di Hudson Global. La societ脿 combinata presenta ricavi pro-forma annualizzati per 210 milioni di dollari e operer脿 in quattro segmenti: Building Solutions, Business Services (Hudson RPO), Energy Services e Investments.
La fusione permette di sfruttare i significativi 240 milioni di dollari di perdite fiscali nette (NOL) federali USA di Hudson Global e posiziona la societ脿 per una possibile inclusione nell'indice Russell 2000. Jeff Eberwein ricoprir脿 il ruolo di CEO, con Rick Coleman come COO, e un consiglio di amministrazione composto da sette membri.
Hudson Global (NASDAQ: HSON) y Star Equity Holdings han completado con 茅xito la fusi贸n anunciada anteriormente, creando una compa帽铆a holding m谩s grande y diversificada. La entidad fusionada mantendr谩 inicialmente el ticker HSON de Hudson Global, con planes de cambiar a STRR en las pr贸ximas semanas.
Bajo los t茅rminos de la fusi贸n, los accionistas ordinarios de Star recibieron 0,23 acciones de Hudson Global por cada acci贸n, mientras que los accionistas preferentes recibieron acciones a raz贸n de una por una de la nueva 10% Series A Cumulative Perpetual Preferred Stock de Hudson Global. La compa帽铆a combinada presenta ingresos proforma anualizados de 210 millones de d贸lares y operar谩 en cuatro segmentos: Building Solutions, Business Services (Hudson RPO), Energy Services e Investments.
La fusi贸n permite aprovechar las considerables p茅rdidas netas operativas federales (NOL) de EE.听UU. por 240 millones de d贸lares de Hudson Global y sit煤a a la compa帽铆a en posici贸n para una posible inclusi贸n en el 铆ndice Russell 2000. Jeff Eberwein actuar谩 como CEO, con Rick Coleman como COO, supervisando una junta directiva de siete miembros.
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鞚措矆 頃╇硲鞙茧 Hudson Global鞚� 毵夒寑頃� 氙戈淡 鞐半癌 靾滌榿鞐呾啇鞁�(NOL) 2鞏� 4,000毵� 雼煬鞚� 頇滌毄頃� 靾� 鞛堦矊 霅橃棃瓿�, 霟厐 2000 歆�靾� 韼胳瀰 臧�電レ劚霃� 雴掛晞臁岇姷雼堧嫟. Jeff Eberwein鞚� CEO毳�, Rick Coleman鞚� COO毳� 毵￡碃 7鞚� 鞚挫偓須岅皜 鞖挫榿鞚� 臧愲弲頃╇媹雼�.
Hudson Global (NASDAQ: HSON) et Star Equity Holdings ont finalis茅 avec succ猫s la fusion annonc茅e pr茅c茅demment, cr茅ant une soci茅t茅 holding plus grande et diversifi茅e. L'entit茅 fusionn茅e conservera initialement le ticker HSON de Hudson Global, avec l'intention de le changer en STRR dans les prochaines semaines.
Selon les termes de la fusion, les actionnaires ordinaires de Star ont re莽u 0,23 action Hudson Global par action d茅tenue, tandis que les actionnaires privil茅gi茅s ont re莽u, 脿 raison d'une pour une, des actions de la nouvelle 10% Series A Cumulative Perpetual Preferred Stock de Hudson Global. La soci茅t茅 combin茅e affiche un chiffre d'affaires pro forma annualis茅 de 210 millions de dollars et op茅rera dans quatre segments : Building Solutions, Business Services (Hudson RPO), Energy Services et Investments.
La fusion permet d'exploiter les importantes pertes fiscales nettes d'exploitation f茅d茅rales (NOL) am茅ricaines de 240 millions de dollars de Hudson Global et positionne la soci茅t茅 pour une 茅ventuelle inclusion dans l'indice Russell 2000. Jeff Eberwein sera CEO, avec Rick Coleman comme COO, supervisant un conseil d'administration de sept membres.
Hudson Global (NASDAQ: HSON) und Star Equity Holdings haben ihre zuvor angek眉ndigte Fusion erfolgreich abgeschlossen und damit eine gr枚脽ere, diversifizierte Holdinggesellschaft geschaffen. Das fusionierte Unternehmen wird zun盲chst Hudson Globals Ticker HSON beibehalten, mit der Absicht, in den kommenden Wochen zu STRR zu wechseln.
Nach den Fusionsbedingungen erhielten Star-Stammaktion盲re 0,23 Hudson Global-Stammaktien pro Aktie, w盲hrend Vorzugsaktion盲re eins zu eins Aktien der neuen 10% Series A Cumulative Perpetual Preferred Stock von Hudson Global erhielten. Das kombinierte Unternehmen weist pro-forma annualisierte Erl枚se von 210 Millionen US-Dollar auf und wird in vier Segmenten t盲tig sein: Building Solutions, Business Services (Hudson RPO), Energy Services und Investments.
Die Fusion erm枚glicht die Nutzung von Hudson Globals betr盲chtlichen 240 Millionen US-Dollar an US-Bundes-Nettobetriebsverlusten (NOL) und bringt das Unternehmen in eine Position f眉r eine m枚gliche Aufnahme in den Russell 2000 Index. Jeff Eberwein wird als CEO fungieren, Rick Coleman als COO, und ein siebenk枚pfiger Vorstand wird die Aufsicht 眉bernehmen.
- Pro-forma annualized revenues of $210 million with increased revenue diversity
- Potential utilization of substantial $240 million U.S. federal net operating losses
- Enhanced market position with improved stock trading liquidity and increased market capitalization
- Potential future inclusion in the Russell 2000 index
- No material impact expected on existing clients, employees, or brand names
- Dilution for existing shareholders through issuance of approximately 744,291 new common shares
- Additional dilution from 2,690,637 new preferred shares issued
- Integration risks associated with combining multiple business segments
Insights
Hudson-Star merger creates diversified holding company with $210M revenue, better NOL utilization potential, and improved scale/diversification benefits.
The completed merger between Hudson Global and Star Equity Holdings represents a strategic corporate restructuring that transforms Hudson into a more diversified holding company with four distinct business segments. The transaction mechanics involved Star common shareholders receiving 0.23 shares of Hudson common stock per Star share, while Star preferred shareholders received a one-for-one exchange into Hudson's new 10% Series A Cumulative Perpetual Preferred Stock.
From a financial perspective, the combined entity now has
The transaction's strategic rationale centers on three key value drivers: increased scale (enhancing potential Russell 2000 index inclusion), greater revenue diversification across multiple sectors, and improved overall profitability profile. The new corporate structure organizes operations into Building Solutions, Business Services (Hudson RPO), Energy Services, and Investments segments, preserving the underlying business operations while gaining holding company efficiencies.
The management continuity with Jeff Eberwein as CEO and Rick Coleman as COO, combined with a board composed predominantly of independent directors (six of seven members), suggests strong governance foundations for the new entity as it pursues its diversified holding company strategy. The planned name change to Star Equity Holdings indicates the company is embracing a new corporate identity aligned with its expanded business portfolio.
鈥� Combined Company Well Positioned to Leverage its Increased Size, Diversified Revenue Streams, and Improved Profitability 鈥�
OLD GREENWICH, Conn., Aug. 22, 2025 (GLOBE NEWSWIRE) -- Hudson Global, Inc.听(Nasdaq: HSON) (鈥淗udson Global鈥� or 鈥渢he Company鈥�), a leading global total talent solutions company,听and Star Equity Holdings, Inc. (Nasdaq: STRR; STRRP) (鈥淪tar鈥�), a diversified holding company, announced today the completion of their previously announced merger (鈥渢he Merger鈥�), forming a larger, diversified holding company. Both companies received stockholder approval to complete the Merger at their respective stockholders鈥� meetings held on August 21, 2025.
The common stock of Hudson Global will continue to trade under the symbol 鈥淗SON.鈥� The Hudson Global
Pursuant to the terms of the Merger Agreement (i) each share of common stock of Star issued and outstanding immediately prior to the effectuated Merger (other than certain shares as set forth in the Merger Agreement) was automatically converted into the right to receive 0.23 shares of Hudson Global common stock; and (ii) each share of preferred stock of Star issued and outstanding immediately prior to the effectuated Merger (other than certain shares set forth in the Merger Agreement) was automatically converted into the right to receive one (1) share of Hudson Global
In the coming weeks, Hudson Global expects to change its name to Star Equity Holdings, Inc. and the ticker symbols of its common and preferred stock to STRR and STRRP, respectively.
Jeff Eberwein, CEO of听Hudson Global stated, 鈥淲e are pleased to announce the successful completion of our merger with Star. We extend our sincere gratitude to the stockholders and independent directors of both companies for their diligent efforts throughout this process. Looking forward, we are excited about the new opportunities this merger creates. We will seek to leverage the combined company鈥檚 size, diversified revenue streams, profitability, stock trading liquidity, increased market capitalization, and the utilization of Hudson Global鈥檚 sizable NOLs to deliver compelling returns to our stockholders going forward.鈥�
The Merger creates a larger, multi-sector holding company with pro-forma annualized revenues of
Corporate Structure, Management Team, and Board Composition
Hudson Global now has four reporting segments: Building Solutions (KBS Builders, EdgeBuilder-Glenbrook, and Timber Technologies), Business Services (Hudson RPO), Energy Services (Alliance Drilling Tools), and Investments. The Merger is expected to have no material impact on clients, employees, or brand names of any of the operating businesses.
Hudson Global鈥檚 board of directors is composed of seven members, six of whom are independent. Jeff Eberwein serves as CEO and Rick Coleman as COO.
Additional Transaction Details
The completion of the transaction followed the satisfaction of all conditions to the Closing of the Merger, including approvals by the stockholders of both Hudson Global and Star. As a result of the Merger, former Star common stockholders received approximately 744,291 shares of Hudson Global common stock for their Star common shares and former Star preferred stockholders received approximately 2,690,637 shares of Hudson Global Series A preferred stock. No fractional shares of Hudson Global common stock were issued in the Merger, and Star stockholders became entitled to receive cash in lieu of fractional shares in accordance with the Merger Agreement.
Houlihan Lokey acted as financial advisor to Hudson Global in connection with the Merger. Oberon Securities acted as financial advisor to Star in connection with the Merger.
About听Hudson Global
Hudson Global, Inc.听is a diversified holding company currently composed of four business divisions: Building Solutions, Business Services, Energy Services, and Investments.
Building Solutions
Building Solutions division operates in three businesses: (i) modular building manufacturing; (ii) structural wall panel and wood foundation manufacturing, including building supply distribution operations; and (iii) glue-laminated timber (glulam) column, beam, and truss manufacturing.
Business Services
Business Services division provides flexible and scalable recruitment solutions to a global list of clients. It services all levels of client organizations, from entry-level to the C-suite, focusing on mid-market and enterprise-level organizations worldwide. Taking a consultative and collaborative approach, it partners with talent acquisition, HR, and procurement leaders to build diverse, high-impact teams and drive business success.
Energy Services
Energy Services division engages in the rental, sale, and repair of downhole tools used in the oil and gas, geothermal, mining, and water-well industries.
Investments
The Investments division manages and finances the Company鈥檚 real estate assets as well as its investment positions in private and public companies.
For more information, please visit us at hudsonrpo.com听or contact us at听.
Investor Relations:
The Equity Group
Lena Cati
212 836-9611 /听
Forward-Looking Statements听
This press release contains statements that the Company believes to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the Company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as 鈥渁nticipate,鈥� "estimate," "expect," "project," "intend," "plan," "predict," "believe" and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to important factors, risks, uncertainties, and assumptions, including industry and economic conditions that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to, (1) global economic fluctuations, (2) the Company鈥檚 ability to successfully achieve its strategic initiatives, (3) risks related to potential acquisitions or dispositions of businesses by the Company, (4) risks related to the market price of Hudson鈥檚 common stock relative to the value suggested by the exchange ratio, (5) unexpected costs, charges or expenses resulting from the Merger, (6) potential adverse reactions or changes to business relationships resulting from the completion of the Merger, (7) risks related to the inability of the combined company to successfully operate as a combined business, (8) risks associated with the possible failure to realize certain anticipated benefits of the Merger, including with respect to future financial and operating results, (9) risks related to fluctuations in the Company鈥檚 operating results from quarter to quarter due to various factors such as rising inflationary pressures and interest rates, (10) the loss of or material reduction in our business with any of the Company鈥檚 largest customers, (11) the ability of clients to terminate their relationship with the Company at any time, (12) competition in the Company鈥檚 markets, (13) the negative cash flows and operating losses that may recur in the future, (14) risks relating to how future credit facilities may affect or restrict our operating flexibility, (15) risks associated with the Company鈥檚 investment strategy, (16) risks related to international operations, including foreign currency fluctuations, political events, trade wars, natural disasters or health crises, including the Russia-Ukraine war, and potential conflict in the Middle East, (17) the Company鈥檚 dependence on key management personnel, (18) the Company鈥檚 ability to attract and retain highly skilled professionals, management, and advisors, (19) the Company鈥檚 ability to collect accounts receivable, (20) the Company鈥檚 ability to maintain costs at an acceptable level, (21) the Company鈥檚 heavy reliance on information systems and the impact of potentially losing or failing to develop technology, (22) risks related to providing uninterrupted service to clients, (23) the Company鈥檚 exposure to employment-related claims from clients, employers and regulatory authorities, current and former employees in connection with the Company鈥檚 business reorganization initiatives, and limits on related insurance coverage, (24) the Company鈥檚 ability to utilize net operating loss carryforwards, (25) volatility of the Company鈥檚 stock price, (26) the impact of government regulations and deregulation efforts, (27) restrictions imposed by blocking arrangements, (28) risks related to the use of new and evolving technologies, (29) the adverse impacts of cybersecurity threats and attacks and (30) those risks set forth in 鈥淩isk Factors in the Company鈥檚 Annual Report on Form 10-K for the year ended December听31, 2024.鈥� Additional information concerning these, and other factors is contained in the Company's filings with the听Securities and Exchange Commission听(鈥淪EC鈥�). These forward-looking statements speak only as of the date of this document. The Company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
(1) NOL balance as of 12/31/2024.
FAQ
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