Recycling Asset Holdings, Inc, formerly known as Industrial Services of America, Inc., (NASDAQ:IDSA) (the “Company”), today declared an initial liquidating distribution of $1.02 per share payable on January 14, 2020 to shareholders of record as of January 13, 2020 (the “Final Record Date”). The Company formally changed its name to Recycling Asset Holdings, Inc. as of December 27, 2019.
On December 16, 2019, the Company announced that it had closed on the sale transaction (the “Transaction”) contemplated by its previously announced definitive asset purchase agreement (the “Purchase Agreement”) with River Metals Recycling LLC (“River Metals”), pursuant to which River Metals has acquired substantially all of the assets of the Company and its wholly-owned subsidiaries and assumed certain liabilities of the Company and its wholly-owned subsidiaries.
As previously announced, following completion of the Transaction, the Company has begun dissolution. Today’s announced declaration is the initial liquidating distribution amount as determined by the Company’s board of directors. Additional monies may be distributed over time based on cash available, after reflecting any reserve for future contingent liabilities, operating costs and any other uses of cash. The Company intends to communicate future distribution amounts, if any, to shareholders as more information related to future contingencies, operating costs and other uses of cash becomes available.
The Company will close its transfer books on the Final Record Date. After the Final Record Date, the Company will generally not record any further transfers of our common stock. In connection with the payment of the liquidating distribution, shareholders will be required to surrender certificates, if any, representing their shares of common stock in order to receive distributions. Shareholders should not forward their stock certificates before receiving instructions to do so.