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uBid shareholders’ offload stock publicly
Posted on Friday, 14 June 2019 12:32
Shareholders of uBid Holdings are selling a 12.5 per cent stake in the online auction style and fixed-price shopping website that took over Pink Sheets-listed Incumaker last year by way of an alternative public offering (APO).
FirstFire Global Opportunities Fund, which is controlled by FirstFire Capital’s chief of investment Eli Fireman, Auctus Fund, Fourth Street Fund and former chief executive Darren Bankston are putting 55.82 million stocks on the block.
E-commerce is now, and has been for the last several years, the fastest growing retail market in the US, with sales reaching USD 465.10 billion in 2018 (2017: USD 413.10 billion), according to a February 2019 report by IBISWorld.
However, it is a competitive arena and uBid rubs elbows with the likes of online liquidation retailers Liquidity Services, websites such as eBay, Etsy, Priceline, Wayfair and Zulily, and private sale marketplaces ranging from Rue La La to Gilt.
Last year, Incumaker bought uBid in an APO that resulted in the auction and bargain-sales platform’s shareholders owning 85.7 per cent of the diversified holding company.
At the time, the merger was subject to the resulting Incumaker, which subsequently changed its name to uBid Holdings, completing one acquisition and having the financing to carry out a second.
By December, the enlarged group had bought Skyauction.com, a business to consumer travel auction website founded in 1999 that allows customers to bid on and purchase a full array of travel products and services.
The ultimate objective is to leverage the two subsidiaries’ technology, platforms, domain names, product manufacturer relationships, warehousing and distribution logistics, and customer bases to carve out a position as a leading online auction and e-commerce marketplace for consumers and businesses.
uBid’s 24-7 internet site features a rotating selection of computer, fashion and consumer electronics, as well as watches, jewellery and gifts, sporting goods and collectibles, among other things.
SkyAuction lets users view and take part in current ongoing auctions, based on categories or defined search criterion such as date of travel, destination, general geographic location and class of travel.
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