Announcement • Sep 02
Symbolic Logic, Inc. Announces Executive Changes Symbolic Logic, Inc. announced that on August 26, 2022 (Resignation Date), Matthew Stecker resigned as the company’s Chief Executive Officer. In connection with the Resignation, the Company and Mr. Stecker entered into an Employee Separation Agreement and Mutual General Release on August 26, 2022 (Release Agreement). Pursuant to the terms of the Release Agreement, Mr. Stecker’s last day of employment with the Company was August 26, 2022. Mr. Stecker will continue to serve on the Company’s board of directors. Mr. Stecker has also agreed to provide certain services to the Company until December 31, 2022. On August 26, 2022, the Company appointed Igor Volshteyn as its Chief Executive Officer. Igor Volshteyn, age 45, has served as a member of the company’s board of directors since January 2022, and as chair of the Investment Committee since his appointment. Mr. Volshteyn currently serves as President, Chief Executive Officer and a director of CCUR Holdings, Inc., having previously served as interim Chief Operating Officer and President, and Senior Vice President of Business Development since 2019. Since August 2022, Mr. Volshteyn has served as a director of SeaChange International, Inc., where he chairs the Audit Committee. From August 2020 through November 2021, Mr. Volshteyn served as Chief Financial Officer and a director of Spartacus Acquisition Corporation. Mr. Volshteyn began his career as a research analyst and investment banker at Tejas Securities Group, Inc. and has over 20 years of experience in the investment management industry. Mr. Volshteyn served as the Managing Partner and Chief Investment Officer at Echelon Investment Partners LP from May 2016 to December 2018 and as an analyst and portfolio manager at Millennium Management from July 2007 to March 2016. From August 2019 to February 2020, Mr. Volshteyn served on the board of directors for Goodman Networks, Inc. He graduated with a Bachelor of Business Administration in Finance, with higher honors, from the University of Texas at Austin. Announcement • Jul 12
Karen Singer Provides Information to the Shareholders On July 11, 2022, Karen Singer announced that that Singer, as Trustee of the Singer Children’s Management Trust, has entered into a non-binding term sheet to transfer all of the Trust’s shares of Symbolic Logic, Inc’s common stock to CCUR Holdings, Inc. in exchange for certain securities of CCUR. The Trust expects that the transfer and exchange will close by July 31, 2022. Singer continues to believe that the Company’s cost structure would be more favorable if it were no longer a public company, which could lead to a significant improvement in stockholder value. Accordingly, Singer encourages the Company to explore all options related to the de-registration of its common stock. Announcement • Jul 02
Karen Singer Discloses her Views on Symbolic Logic On June 30, 2022, Karen Singer expressed her views that Symbolic Logic, Inc.’s cost structure would be more favorable if it were no longer a public Company, which could lead to a significant improvement in stockholder value. Karen Singer also stated that accordingly, she encourages the Company to explore all options related to the de-registration of its common stock. Announcement • May 24
Symbolic Logic, Inc. (OTCPK:EVOL) announces an Equity Buyback for $9.6 million worth of its shares. Symbolic Logic, Inc. (OTCPK:EVOL) announces a share repurchase program. Under the program, the company will repurchase up to $9.6 million worth of its common stock. The minimum purchase price will not be less than $1.30 per share and maximum price not more than $1.55 per share. The repurchased shares will be cancelled. The repurchase will be funded by proceeds of the completed sale and transfer of substantially all of the direct and indirect operating subsidiaries of the company and substantially all of the business assets of the company. The company expressly reserves the right to purchase additional shares up to 2% of the issued and outstanding shares exclusive of any shares of its common stock held by or for the company’s account or by or for the account of any of the company’s subsidiaries) without extending the expiration time. The offer will be valid till June 23, 2022. As of May 20, 2022, the company had 12,333,184 shares issued and outstanding. Announcement • May 02
Symbolic Logic, Inc., Annual General Meeting, Jun 15, 2022 Symbolic Logic, Inc., Annual General Meeting, Jun 15, 2022, at 09:00 Mountain Daylight. Location: 9800 Pyramid Court, Suite 400 Englewood United States Agenda: To elect the four nominees named in this Proxy Statement as directors, each for a one-year term; to ratify the selection of Marcum LLP as our independent registered public accounting firm to audit the consolidated financial statements of Symbolic Logic, Inc. for our fiscal year ending December 31, 2022; and to consider such other business as may properly come before the meeting or any adjournment or postponement of the meeting. Announcement • Apr 01
Evolving Systems, Inc. announced delayed annual 10-K filing On 03/31/2022, Evolving Systems, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Recent Insider Transactions • Feb 26
Insider recently bought US$94k worth of stock On the 23rd of February, Karen Singer bought around 53k shares on-market at roughly US$1.79 per share. In the last 3 months, they made an even bigger purchase worth US$330k. Insiders have collectively bought US$248k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 16
Insider recently bought US$254k worth of stock On the 11th of February, Karen Singer bought around 140k shares on-market at roughly US$1.81 per share. In the last 3 months, they made an even bigger purchase worth US$330k. Insiders have collectively bought US$131k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jan 28
Insider recently bought US$314k worth of stock On the 25th of January, Karen Singer bought around 170k shares on-market at roughly US$1.85 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold US$577k more in shares than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment deteriorated over the past week After last week's 17% share price decline to US$1.83, the stock trades at a trailing P/E ratio of 32.1x. Average trailing P/E is 40x in the Software industry in the US. Total returns to shareholders of 41% over the past three years. Announcement • Jan 06
Partner One Capital completed the acquisition of Activation Business of Evolving Systems, Inc. (NasdaqCM:EVOL). Partner One Capital agreed to acquire Activation Business of Evolving Systems, Inc. (NasdaqCM:EVOL) on October 15, 2021. The total consideration for this and another agreement with Evolving Systems is for $40 million. At the closing, Evolving Systems expects to receive $37.5 million of the base purchase price in cash (subject to adjustment for net cash), with the remaining $2.5 million placed in escrow as security for Evolving Systems indemnification obligations. The escrowed funds will be released to Evolving Systems on the first business day following the one-year anniversary of the closing, less any portion used to make indemnification payments to PartnerOne. The agreement contains a go-shop provision pursuant to which Evolving Systems, assisted by its legal and financial advisors, has the right to solicit and engage in discussions and negotiations with respect to potential competing proposals through the go-shop period, which ends on November 15, 2021. Evolving Systems board will have the right to terminate the proposed transaction with PartnerOne, and enter into a superior transaction, subject to the terms and conditions contained in the purchase agreements executed by Evolving Systems and PartnerOne. In a related transaction Partner One Capital also agreed to acquire Marketing Business of Evolving Systems, Inc. The transaction is subject to various terms and conditions, including approval by Evolving Systems stockholders. Evolving Systems expects to file a preliminary proxy statement regarding the proposed transaction with the U.S. Securities & Exchange Commission within 30 days. The transaction has been approved by the Board of Directors of both Partner One and Evolving Systems. At closing, we anticipate that Evolving Systems will have a debt free balance sheet with approximately $37.5 million in cash and cash equivalents. As of November 15, 2021, the go-shop provision ended and transaction is expected to close in 2021. Hunton Andrews Kurth LLP acted as legal advisor to Evolving System Inc.
Partner One Capital completed the acquisition of Activation Business of Evolving Systems, Inc. (NasdaqCM:EVOL) on January 5, 2022. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS US$0.006 (vs US$0.011 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: US$6.97m (up 3.0% from 3Q 2020). Net income: US$75.0k (down 45% from 3Q 2020). Profit margin: 1.1% (down from 2.0% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Board Change • Oct 25
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. President, CEO & Executive Chairman Matthew Stecker was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 13
Evolving Systems, Inc. to Report Q4, 2020 Results on Mar 17, 2021 Evolving Systems, Inc. announced that they will report Q4, 2020 results After-Market on Mar 17, 2021 Announcement • Nov 06
Evolving Systems, Inc. to Report Q3, 2020 Results on Nov 11, 2020 Evolving Systems, Inc. announced that they will report Q3, 2020 results at 5:00 PM, Eastern Standard Time on Nov 11, 2020 Announcement • Oct 10
Digicel Deploys Evolving Systems’ Evolution Platform on Microsoft Azure for CVM Campaign Management Program Evolving Systems, Inc. announced that its fully scalable Evolution platform has been deployed at Digicel. Headquartered in the Caribbean, complete communications provider Digicel offers affordable and innovative mobile services, enterprise solutions and cloud computing, and operates in 30 markets across the Caribbean, Central America and Asia Pacific regions. Digicel will deploy Evolution on Microsoft Azure. Evolving Systems and Digicel have been longstanding partners and, after a successful trial, the operator upgraded to Evolving Systems’ full Evolution platform. The upgrade enables Digicel to take much greater control of its campaign management activities, both better anticipating and better meeting the needs of its customers. As digital transformation takes hold across the telecoms market, fiercer competition to both win and retain customers, the increasing importance of accommodating third party partners, and the ability to analyze vast quantities of big data are key components of effective Customer Value and Loyalty strategies. The Evolution platform gives Digicel functional advantages in all these and other areas. Specifically at Digicel, Evolution will be used to execute CVM campaign management through app push, SMS and crucially to access the latest software capabilities such as improved and more big data real-time triggers, and new channels in the company’s ‘below the line’ campaigns. Digicel is using Azure as part of its global ‘Cloud First’ strategy, which delivers the benefits of the cloud to Digicel and its customers. This includes worldwide reach with hybrid infrastructure, strong security and the ability to deploy new solutions rapidly in response to emerging challenges. Using Azure, Digicel enables simplified operations and ensures efficiency, while delivering cutting-edge and innovative technologies to Digicel’s markets across the Caribbean, Central America and the Pacific. Announcement • Sep 30
Three UK on Microsoft Azure Deploys Evolving Systems, Inc.'s TNM Solution Evolving Systems, Inc. announced that its proven TNM solution has been deployed at Three UK on Microsoft Azure for the management of Three UK’s customer lifecycle. Three UK has 10 million customers and is part of the CK Hutchison Holdings Ltd. group of companies which has mobile operations in 11 countries. Three UK is investing heavily to become a digital business and to double its revenue, customer base and NPS by becoming the UK’s best loved brand by both its staff and customers. To achieve this, it has opted for a greenfield full cloud OSS/BSS digital transformation supporting its 5G deployment; Three UK’s 5G network was launched in August 2019. The service provider is one of a number of operators to go ‘all in’ on a cloud first strategy with Azure that will see it develop a number of platforms to support its OSS and BSS Transformation Programme. The operator has deployed Evolving Systems’ Total Number Management (TNM™) solution in Azure to reliably and efficiently manage telephone numbers, SIMs and associated resources, all through a single data repository. A component part of Evolving Systems’ Complete (e)SIM Lifecycle Management Suite, TNM enables mobile operators to manage the lifecycle of their numbers and resources i.e. (e)SIMs, MSISDNs, IMSIs, ICCIDs, EIDs as well as other communication identifiers such as URLs and email addresses and advanced IP address management (IPv6). It will enable Three UK to achieve MSISDN reduction savings from Volume and Reporting Reduction, realize Error Avoidance Savings and increase savings from Number Availability. By running the solution in the cloud, Three UK will eliminate the task of deploying and managing the platform while streamlining its operations with a predictable cost for the service while ensuring number availability, avoiding penalties for non-compliance, proper handling of contaminated and ported numbers and processing returns for ported and disconnected numbers. Announcement • Aug 07
Evolving Systems, Inc. to Report Q2, 2020 Results on Aug 12, 2020 Evolving Systems, Inc. announced that they will report Q2, 2020 results at 5:00 PM, Eastern Standard Time on Aug 12, 2020