SFE - Earnings call 3 2023 | Safeguard Scientifics, Inc.

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Operator

Greetings, and welcome to the Safeguard Scientifics Third Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded. It is now my pleasure to introduce your host, Matt Barnard, General Counsel. Please proceed, sir.

G. Barnard

Good afternoon, and thank you for joining us for this presentation of Safe hard Scientific's Third Quarter 2023 Financial Results.

call Mark Eric Officer. Herndon, today's Executive Sahar's on and Officer; our me and Salzman, webcast Chief Joining Chief Financial

our will your we prepared the Following to call open questions. up remarks,

with forward forward-looking any, As always, certain and efforts uncertainty ongoing support our inability our companies. in of or uncertainty our that of and including, uncertainties, deployment our these cease conditions corporate described predict Reliance companies. are to in forward-looking stock stock fluctuations regulatory of and ability controller ability not so our publicly future execute to, economic to or of filings reverse companies on the Exchange can market SEC. the of of to statements of control. traded our and decisions other uncertainties risks limited statements. that but and effect our our of any uncertainty the Securities are prices today's about the the involve of beyond the the and registration XXXX on our include companies, common implement generally under strategic Many performance we includes companies, presentation of and to our outcomes transactions, the of if factors monitor Act of shares the

not As a result on relied be should an past other as of factors, performance of performance. these financial indication future the

assume encourage future risks with our to the detail events any as introduce with the results that today. obligation which any uncertainties today's to Eric. statements I update not The made SEC now described With managing such our associated intend call, expect, of provide filings and of XX-Q, forward-looking used would course company in statements. Form our does words that, can forward-looking like business. Safeguard's as be any to read future. on discussion in believe describe the our the or We in anticipate, in you During will will Management goals assurance and

Eric Salzman

will for our Matt. elements go through Today, of Mark the open potential Thanks, on NASDAQ definitive the run up Transaction. We call brief our and our details thoughts portfolio we'll will dark will through questions. our nonreporting the start delist we of of Thanks walk then to I proxy a and remaining financials, plan key and for from which call. company. dividend, various become our transaction, this XXXX Go earnings XXXX a us around elements dark our QX the filed afternoon QX afternoon, to update this companies, with a you and our joining rationale

be XX-Qs create will not have and explained than SafeGuard fewer shareholder thereby set reduce will shares file to out XX. approximately interest at being nonreporting that no a public how cost proxy, to to intend requires we of maximum too we ownership of of very is we've to and limited cash burdensome to life once The arrived to of split monetize SEC splits expect concluded XXX at this stock ship. stock than process proxy. strategy $XX,XXX. of is shareholders fractional of become our a be our on longer -- company out the and meeting number total estimates, a small per shares, fractional approve our I Details these which we we series of Based splits, the of relatively significantly. costs to fewer have remaining XXX in the the vote is expenses shareholders number for December the The the shareholders. and benefits reducing in we our -- for become the company intention of meaning have of the cashing our value to shareholder record, As record return to required number current a date $X.XX the reporting purposes, to stock a XX-Ks we

our a delist make become nonreporting reduce from of also operate and management the intend cost to to to we plan part company, our structure the to NASDAQ changes As further business. to

transition and to selected expect We external administrative Safeguard's the functions to an to provider Board. by be general service

expect search manage X expected the officers place are this reduce to these January in of monitor transition have steps as-needed has remaining cost Our on narrowed and an together, employees, The Taken service remaining safeguard and in an believe provider the external services will of provide we the us, the to portfolio. to and operating to We process substantially we Board for by basis. X, X, companies the XXXX.

and meeting, NASDAQ in the cash delisting transaction, the approval, in only Dark after to we occur would annual approximately we after from late the of of operating until after Go out the assuming safeguards reducing retained million a pay cash We dividend it to forward cash vote. stock privately in refer delisted just extra companies shareholder excess as via the cost in frees contingencies. less cash cash, balance required defined December move $X.X this base hand, after our and in pay anticipate the our the be in well subject Subject reduction disclosed Board operations cost to As a is to of as approximately million, any transaction, negotiated our on with portfolio expected up to intend will shareholders liabilities this more proxy, cash December savings approval. of to sheet not compensation and $X.X we in estimated common trading amounts as sales. to support return to dividend covered and We XX costs Board the shareholder excess

the whether can assurances of can but shares markets, We Safeguard will no on trade exploring there that. be be one of OTC

drop with we audit process dividend other be filing an future provide provide to X to million existing potential changes of dependent X actual shareholders. to filing. X the estimates XX-K, annual contingencies. from from will cost well XXXX coming exits, the $XX our to We exit longer. remaining as operate through years on quarterly expected our are liquidation and The our take to Post but any file information is positions between cash a of business the are an these could size as current to any last updates We the required $XX to which perspective, the intend we the to proceeds from we X estimate be while will after currently Key Board. expect From and expect the Board do to monetization XX-K, not million. distributions the of required members so, SEC to be at a

to operational elements transaction. finalize consummate Board We are working required with this all to the

turn Now the me let portfolio. to

are remaining we from those we As last disclosed X we with come said and companies are clutch companies. exit prognosed the Bucket what quarter, that Moxy. equilibrium the companies portfolio nearly the last we proceeds from Consistent expect all bucketing of quarter,

have added in capital Bucket as it completed to We InfoBionic X raise. recently also a recap

we to last potential would was midst And our This this As quarter's raise. companies within is and bucket X. we a recap of what it that to mentioned move one call, if would capital in happen, of were the happened you recall that Povioy. expect from

reduced We with an -- our exit. to interest, drive engaged and value post management and continue creation co-investors to we have seat. actively and [indiscernible], Moxy have are observer given ownership recap clutch retained

$XX Let on $XX provide future to the clarifications me exit further some million million proceeds. in

values are the million future not discounted. $XX estimated exit First, are and to $XX million

difference be X Bucket are from in companies. does of represent X $XX from the to other is impact InfoBionic remaining million inclusion the them. X, nor the exclusively million Second, And range thirdly, the All and have not Bucket the high. expected on proceeds minimis $XX expect between low and de this generated we positions bucket does it to any

has market On continues year, companies. the M&A earlier for be to this compared to it front, improved stage somewhat while venture challenging the

we proceeds of possible. work Safeguard, are and For position X to immediate recaps to one exits recently process for to hired expeditiously as generate to X that safeguard in companies, but launch expects the a continue companies XXXX. Bucket for January investment as closely an plans or could There other no our them banker

with in buyers more discussions but one We these not for of positions, or discussions any a secondary transaction. resulted also couple of had have our have

plans, Regarding revenue the in QX exceeding EBITDA or And performance, companies for bookings, X our seasonality. business or meeting due meeting but have to experienced exceeding coming results, X the for important companies varied missing quarter but example, revenues. represents an of under plans

of was performance million $XX to QX account million exit values. the $XX taken The determining when into

At Herndon. hand this time, Mark over CFO, the to our call I'll

Mark Herndon

in $X.X compared or obligations. quarter XXXX, $XX.X per $X.X $X.XX the $X.XX net for to and million the $X.XX XXXX, Thanks, quarter ended share or no ended The income Xrd we ended a $X.X net XXXX to XX, for share. million million loss with the a September Eric. or as reported million loss net of year-to-date cash, restricted as share We continue compared million per cash, to of per equivalents with $X.XX September XXXX. Safeguard period share and comparable cash have or $X.X debt per of of XX, quarter

a quarter, of expenses and and the decrease a million expenses $X.X the other represent for general 'XX. which the $X.X XXXX $X.X The XXXX, versus for period, expenses third excluding compared months administrative decrease. for both for and $X.X and X.X%. $X.X $X.X administrative each expenses, the X.X%. XXXX general September were X.X% for million were items quarters were general Our Corporate the million million Similarly, expenses around X X.X%. severance for of period, for were a stock-based $X.X increase the and to of and ended and corporate XXXX our XX, quarter million The expenses was comparable year-over-year basis million of decrease XXXX, of as nonrecurring the administrative million third compensation, year-to-date

The increase primarily professional fees. to due was other during legal and quarter the

generally continue of at we stabilized to implement expect approximate quarterly changes. the structure level cost before corporate value this has any business We

of up expenses additional this costs annual However, our our corporate have pushed to quarter's range. original back estimate

at we aggregate as value carrying to our compared There XX, to $XX.X respect no interest, With this were XXXX. million December of ownership $XX.X an million XX quarter. September at deployments have

ownership their levels InfoBionic to raise the liabilities. transaction, cash However, InfoBionic at dropped which X%. to in from allowed transaction, participate our not convert resulting and was did we approximately Since there recapitalization increase certain an

also price income. resulted This $X.X million in reported a change in transaction is observable gain noncash that other recording

application interest. included remaining This quarter's of activity accounting the our at method the equity other also

However, and the lower carrying to to reduced the impact year-to-date due X less previously prior was operating value periods others. being than several at losses entities

months companies several as compared point, losses income million of equity period $X equity for XXXX, in of resulted is result for equity of XXXX. under we X ceased during results generally $X.X September the to change ended This XX, carrying or 'XX. value loss X entities. XXXX Our the those that comparable reaching the a At method the a predominantly late recording from million

remind everyone method I'd also losses, that we like company quarter share report equity to X on a the of our lag. from the

of quarter's quarter share second losses XXXX. the of this So reflects

ratio Also recapitalization with This for approximately same companies decrease respect the million. $XX companies to versus quarter. last our X Cash of is group remaining to the the InfoBionic. quarter's down million $XX is with X approximately to third-party interest, transaction this at $XXX at debt million primarily due

companies was the reported by due impacted a ended XX.X% decreases offset was lag. of increase largely group progress. this by the to most period which increase of at In trailing we X This XXXX, clutch, XX-month X quarter performance, XX, terms favorably at June revenue for

our noted the we filing filing our XX.X was share in Also, shares. million today, of count approximately as that date

fees number share the next million as using that to are early Looking approximately count XX.X that increase the settle we final XX-K the XX.X are issued year, forward, to on shares. will when exact share will count director continue price million we by we An referred shares file expect we to depend to share the time but grow to we earlier. estimating those shares

that points will them questions definitive about that this and happen the from reiterate already impact earlier who made mechanics was in and questions to filed preliminary have Eric about will how answer had proxy today received address the I'd of their shares. shareholders what Anyway, some by like

on impact above The shares an to equal stock number. shareholders split or prepared stock have whose split will not the any

split. holding highest the by shareholder final more will amount on own range, example, share less shares. not would Shareholders hold cashed based proposed amount the that ratio or be Any directly the be if For XXX shares of XXX registered as who shares impacted out a they if the shareholder. their is than

may or less hold in hand, name be name not shareholders bank Street who or in for contact On information. that brokerage shareholders the amount more should cashed other may Street out. their

which examples the the splits. further impact proposed shareholders We the of expect Q&A you and result portion as to stock details review provides of should also the a encourage proxy, of

document, shares only we the about that cash expected from to be stock As the may repurchase fractional addressed in the is $XX,XXX. estimated result proxy split requirement to was

not shares as to As be a account exits any in will should impact distributions. their experience continue result, split future most the portfolio continue of shareholders to fund hold to we wait able to brokerage and for their significant

we we've have the well. those come will those had give do turn to I'll to in I let the Now web you segment. that And on a instructions that Q&A similar couple address see first. as

Operator

[Operator Instructions]

Mark Herndon

why the Eric, Yes. already. don't And we questions accumulating that couple know we address us here.

would call -- we the make try as available ourselves the I to this last say, and So will delisting. plan regular for we basis. a comments the yes, questions we was logistics first as to be on And earnings continue question before necessary

planned So before the is this last then. call conference

case we've Do a you timing then votes think be if being the ends want a special meeting delisting December thereafter. the result you up do as that a that? anything I to or of the occur to of want the about add to add middle shortly and at would Matt, talked in would

G. Barnard

that's right, think I Mark.

Mark Herndon

second was year previously related can go the which cash dividend a half to being of mentioned question, balance. roughly considering We year-end in the to

we up about is to dividend cash. thinking address the with we're just what and So how excess sizing coming determined

of outflows make we'll our basically, take Board the would net XX we contingencies the proxy the we cash quarter. we'll less deduct down. Page will liabilities, on split to year-end of support decision, and a transaction the what to September $X.X XX the company wind set or nonreporting as aside ultimate estimated remaining the From number, from the cover is stock and this which operate portfolio, estimate the that, spend million, an cost costs So costs would

a We that cash And excess process. would roughly that's the the would indicated be board as longer. dividend. could of number net this It returning a X-year the consider represent

half currently Last And returning as what of that quarter, at as up cash. estimate our arrive said, preliminary much with we year and working to of putting the of cash are or we operations the we half year-end that was cash risk. possible balances the at Board are to portfolio currently number end the without remaining

now, balance So the necessarily. we cost we're sure is the that reduced make as want and other other we're that analysis they're to we to continue excess as to any the the cover keep working to But well be significantly with where much doing contingencies. Board. goal But to sufficient both operating cash on that cash of find hand, returning

of questions of things call how next I'm going handle Eric, couple skip question. mechanics a to that And there's you I'll the the in XXXX. about, of first Yes. the half to let operate I'll in it, talk but it, would here will

And cover me broadly those minute. so a for let

to we on have will where portfolio we right, continue board remaining of now. seats company, our them companies, The have Safeguard,

the -- aspects we've -- related reasons as just as the now. is would we're So worked X that is the reduce I I about, What on that be is through mean, we're obviously, someone nothing It boards, cost. be representative will to for could costs. changes is And out there. now our being the right? this of terms this But of exactly else. external right could provider. in And of service working those one you transaction tell -- to fit talked

by of for a cost by about haven't XXXX, formal So while we the case right? million, out we've talked number number $X.X the reducing put

year, your compare XXXX. that's going early X.X-ish So for where to if estimate be an this we're be that to the you that at would then in ballpark expenses of

That with we're price firm that in considered that while things play, and said, multiple including be discussions have a there's settled a service remain or a in of been not variety there. a we therefore, on to have firms firm them provider

much number team XXXX, So with be less here continue company. the will we cost the how will of don't be exactly have full-time substantially when estimates working to is figure out how we expect the there a we management that but in involved,

Unknown Executive

I'll sure. cost. Yes, one the comment on just more make

you are outsourcing were an of to that's very in current months there think down and almost months a the beyond one and operating obviously, down, come scale that provider, just cost, are service we indicated cost our et the of But general if would it of when or the proxy. that the as the ability provider which it's administrative XX or number a fewer look so the as -- annual portfolio and indicated service So costs an savings XX is, the in to to benefits cetera, then frankly, passes time impossible, activities. way about the of needs be expect Mark there's that external so down -- fewer go that, reasonable difficult companies activities is, in go-forward a there the portfolio you out, company should

-- market question process. that remaining are have been is a any another in companies, on have there X we The the sale portfolio for not out Bucket

have X been have we in ever X X sale my a of process since So companies, involvement. not Bucket our

least The -- Board been question. can answers for promising on most in exit third has have any color past the at about values? XX-plus process company's provide portfolio additional the you not sale the we the that companies, that -- so the X seats, And months. in talked perhaps other

excessive is using we're for What I the last on a its of indicated, we which risks was of has Bucket the of at a debt quarter, an as business capitalized couple other executing say we on level, plan companies, it what impacted company does X know. is, opportunities, it and kind not well definition as you about negatively and have would while navigating talked

out one call wouldn't other. the I So over

and optimistic we're next we'll with years. them of to constructive maximize X exits the and those all on companies, the think I over closely working be

up questions operator, pause for a second we any don't come in there we Why have queue. if the

Operator

have Fund. John We from Redwood a question Power with

Unknown Analyst

the was of my you've covered And a months in cash, question your regarding ago comments. which excess couple

questions. no So

Operator

Instructions] [Operator

Unknown Executive

We proceeds? X have to detail bound between lower split that is $XX web you a into the question as go more on the fairly million $XX the can companies. Is equally million the

on the up a just we bit So of that comment number. methodology with came how

cetera, estimates, we companies the So those and revenues if market, projected get your net out now of would stack Safeguard's took value across auction the applied pool, the through your would to revenue waterfall, et debt, that at its tracked run has be the future for proceeds, markets the you enterprise -- either public at own low-end look that come bound. and low-end would exit you we lower So that, right? which of end then million each then value, low we $XX basically, up each kind the preferred of is meaning revenue multiples, the value remaining X between cycle, company of low proceeds. That with and and Safeguard's

differ. across preferred companies, than would the in -- the then differ with payouts companies it. came but are stack aren't up equal work how and X so different end It dramatically different Multiples wouldn't the tax revenues of the the the that would cap structures the work. different cap equally equal. And the not low weighted the among that's because not be and we way -- revenues It's

you same value. So get wouldn't resulting the

-- sorry, Another I'm Mark. question is

Mark Herndon

less specific be on to is number debt portfolio. there question there's that slide, is on a you couple Trying the at portfolio add, But accurate. specific does number It want about giving that X. high values I asking companies obviously, remain to the just me Let debt be X quoted X debt values avoid of revenue and a a our we than to the because for the substantially other entity.

to out and that into provide at putting time data that this to I not perhaps. intending can later moment. was -- We there But look

Eric Salzman

you if from to, adjust the to on which, if it Well, summed more prior call let's it mean, you for at we I at cash debt is there and you quarters. slightly it's mentioned in just that if the you I'd the InfoBionic delevered compared it, as significantly just look look Mark bucket cash up, said, add earlier, it, companies than transaction

of InfoBionic the a of or today if debt that there to cash capitalization more zoom some out a recap of companies where you But by Some kind overall, because delevering debt happened recast equity. of than X have slightly. was Bucket

sale that not one Another that two have a the question, banker. Yes. the just been hired them, of in is process X companies out

until repurchase and discussions about share XXX you possible under as do are a talk bit Our the is repurchases Mark, shareholders. the to we goal still to considering versus portfolio share thought fewer or XXXX. M&A as no want to that get companies dividend well than M&A, how about

So we would be noncore...

Mark Herndon

things in I are questioner the the question, about is right? And that there's window of material getting -- a under it, I'll open information. embedded mean, what think concept call I nonpublic traditional, and the that there's is

repurchase address and more thought would just sort available like the -- trying we the make about of requires generally do we're place at we this not. terms last that's large time had to at cross here. do The cash a to something repurchases What of or we to decision -- a is have time in repurchase a we sorry, So about time. whether than that that

impact the also shares where because stock. limited just slow low you're experienced traded of the purchases pace had the we And that the a a -- because of at at market accumulating volume

to shareholders to considerations of the simply trying those and couple dividend value all figure a to and in exceeding part versus way pay to of get our the out that shareholders. So is evaluation cash most back to taking

for path couple about talking that's And been direction the we've a quarters. and here the of that

Eric Salzman

the say at revenue low what using -- same, companies. single-digit about model multiples? on low-end proceeds X said you across about question were the the revenue that for Another Would you revenue multiple it's the are ranges

Mark Herndon

Yes.

will time we I'll web it's -- it -- get we're next be why ultimately the more question comes that to matter for of much about, The a understand a about judgment a the a to scale them that So to period expect company of there, be judgement. second how to I completion think potentially will there thinking decision continuing be as real funding it enough Board because the careful including are and has amount, hold how obviously, think as to another make the funding. well as this holding to factors contingency let think for of value company, again, back people yes, we we're amounts would And we dividend that -- time will we that's for exist, about the that limited and in exactly although funds any operate the Eric the be. are any to trying kind can eager of of don't reading operations are

of think about we're But adjustments. we're don't We've you cash XX% without dividend we're Those the actually of But on discussing be. the Board you a a a parameters has where about the know range sort with also of provide than couple value of -- what I of options talked don't much of at different a right? substantially still I cash but at, we could number exactly know or would been that telling front. are will that to don't have year-end year, we end be And the going it metric we out the after to how the there put know.

Eric Salzman

to of a I'll it. comments And just add Yes. couple

to the one cash down occurs. regardless wind holdback cash let's next call the of cover the sufficient the the needs of parameters firstly, the So design and be it reserving is portfolio when that exit operations it, or, to

number not year cover to next coming cash million that in we're with June So is up going come in help of to assumes a it.

So complete quantum want down with will to cash et that a -- support, a operation of cover contingencies, we're cetera. one we up coming

from So standpoint. about that's how it that we're thinking

Mark Herndon

in rather, outlined context, little arise but but when the that part there's the that always just time may distributions to monetization distribution. read down board at we would and the question, the consider. would hard flow at to now, in -- In that the assuming for I future contingency closer the it maybe future some it's future, most that And math yes, that the of say, part, looking would you're it's other need -- at a

that, be I in pin on want don't going So perfectly, it to if that it's but should the ballpark. end then

Eric Salzman

That the goal. is

up front-end think to question that Can Another question, no -- There question bit given companies for on I of don't our confidence time time was you versus speak level a there the related another X-year Bucket based on the that a about X monetization internal #XX. line. back-end proceeds have real weighted estimates. we're are frame you around weighted based our

in and we we the no January. given X market market, X company think up, the we company I to the of in companies have going fact that have have in market now our X bucket

over, the sitting month period those think time you the first by XX-month second I a XX, in XX half, would in you would just where start, least period you at today. exits half be occurring that that it, call If look we're the of more than assume

change. do things Now

having our been bid out. proceeds us have secondary with to we also been some around which indicated, if seeing any for of buyers recapitalization, our I used could companies there's the with working a We've take be potential physicians. some As and conversations X of a of

XX to monetize coming it from possible investments. second all part and a angles going months. of say would a the out, the be we're would the I banker So But working hiring

Mark Herndon

quarter -- more Moxy ended there, question with had seen we've are growth. September And revenue We've we Eric's I'll period then, X We question. the another those which the and shaking some is another Eric results. clutch. that And trailing have I sort as as while last had fastest. equilibrium think what what tight June to said still numbers last them rates of refer of each had Since at question earlier. kind had looking coming But about or quarters, few a would And All growth. but about over on have well of XX. the X of companies XX-month Similar varied then I growth. next XX% And are add experienced of the good basis to in growing to comments, we've out. --

Eric Salzman

how Question XX, want given management is we and time terms we're It's great we've that -- years. one long, these companies, -- similarly in that for we -- been our with a our good can what investment, periods long. not question. controlled whole the the lines we alignment these -- working to been of shareholders other each -- ourselves and monetization and can among I of been other it's X are be portfolio co-investors And So the are in say of terms drive in relatively long a right? that has very last have in of the have investors companies,

alignment needed of to of and management company decision of types to the does less there's to opportunity is a in exit to putting exit company the up reasonable the So the to metrics the attract stakeholders way? align exit. more really or It's valuation, buyers is or -- the -- really a people the availability,

there's to issue So less of drive it's that's about because -- lines the an monetization alignment. how time --

Mark Herndon

proceeds, in You the X. the have about InfoBionic Bucket respect proceeds of end of moving low another question? into range with to particularly Come the

in up range, just in but And tell again not range I company. the will updated there's InfoBionic when a level -- might things or itself, I the you have end the estimates. range we we not full -- and and come perfect even there. bottoms-up give the we at And and move X the quarter just it's from these. in significantly of Yes, the of -- it flux expect, has confidence right, It say not X the they a this of in within from estimate things So range any would mean, made as on you more we the vary And moving quarter, move you range. analysis. with -- I portfolio going significantly. something last And to were same within with you, it's still that

Eric Salzman

we did some outcomes. had when -- for a and set analysis probability I'll that add a And add InfoBionic and quarter, weighting this to achieving recap -- that of to I'll last last we

this it -- quarter a as of So with needle that it trying of have stock necessarily the stake, to say some reflected recap second done. where stakes. doesn't X I probability swing will we in have which -- There the it but and a our much getting X% And number larger price thing last quarter. companies other ownership the is it big wasn't given as and moves was ownership doesn't a a is what is what the we're do, a would the number

Mark Herndon

on any there line? other the Were questions

Operator

a have Rubenstein Investor. of We from Private question Sherri

Unknown Shareholder

Am have don't I'm understand. I to to shares. try really I new this. on? XX I only

So I'll does that mean What out. exactly? be cashed

Mark Herndon

then you the brokerage cash would in run receive -- end of being share. your If out would price and cashed you the proxy account out, up per check a simply $X.XX

Unknown Shareholder

X.XX now, per right share. Because only it's $X.XX.

Mark Herndon

today's The price. catch-up premium a price to at is trade

Unknown Shareholder

-- avoid so individual am giving for best I of my catch Okay. need until have uses that. ask or to to wait to I book should So I you Well, out me

So I right be are if sold would I wait cashing you now, out? if when getting it, I $X.XX

Mark Herndon

it shareholders, expect approved is by transaction this would occur around December to we XX. If

Unknown Shareholder

December XX.

Okay.

a possibly that wait just $X.XX could correct? I So then Is then. get if share until I

Mark Herndon

That correct. That correct. is is

Unknown Shareholder

the it's receive broker. they And check, a

Mark Herndon

account. that would through handled all be your Yes, brokerage

Unknown Shareholder

Thank Okay. a All for will and I information. give right, all them call. you the

me. it's think confusing to I

Operator

are it left turn queue. for will to audio management no I in comments. back closing questions There

Eric Salzman

Yes.

OTC We to trade or will not. whether have a more what -- to have on at point clarity it's X would expect question you continue

market to we work forth. the so different said, starting need So with and within we're a on depending levels you as maker OTC, OTC,

every that happen try make that So make to work. to to we incentive have

you it can everything trade to it equivalent will. be we see mind proper there's XX-Qs, if level, limited so the we'll on trade we'll recent quite market company XX-Ks Obviously, we're differently KX, if if company, see filing current it's makers assurance no to in been NASDAQ or if going listed then with can to has our So X than get episodic, do although can that not will. or nonreporting that a we of trade keep

try to commit can to having things to on. to we everything that. commit this that we we're At can't do it working done we'll point, trying So achieve subject to can we

the question. that like looks was last It Okay.

me directly. you any you to evening. up, if a for help Have joining the So transaction. just today. have Please address you have. our else Computershare, the us us to try thank whoever touch you questions, to contact in put want on We'll we'll questions I and wrap to with call concerns any either or answer a understand questions lot. good Thanks

Operator

conclude This does today's you. Thank teleconference.

day. for Thank disconnect may have a time. great you You participation, your lines at and your this

Safeguard Scientifics (SFES) 2 Nov 232023 Q3 Earnings call transcript