NEW YORK — 1847 Holdings LLC, a holding company, provided an update on the status of the proposed sale of a division of 1847 Cabinets Inc.

Ellery W. Roberts, CEO of 1847 Holdings, commented, "We are making progress on the sale of a division of 1847 Cabinets. The financing contingency from the Letter of Intent was recently removed and we anticipate closing the transaction by mid-September 2024. This sale is a key strategic move for 1847, demonstrating our ability to acquire, operate, and enhance the value of assets before selling them. This will notably improve our financial position, allowing us to reallocate resources strategically and capitalize on emerging opportunities within and beyond our portfolio, with a long-term focus on maximizing shareholder value."

"This is just one part of our broader strategy to optimize asset allocation and enhance overall shareholder returns. The proposed transaction underscores our belief that the company is significantly undervalued compared to the intrinsic value of our portfolio companies. We are on track with several potentially transformative strategic transactions. Specifically, we are close to finalizing a definitive agreement to acquire a leading millwork, cabinetry, and door manufacturer, which generated $28.6 million in revenue and substantial cash flow in 2023. Additionally, we are in high-level discussion to sell another one of our business lines and are very encouraged by the progress made so far. We will provide additional updates as soon as possible," said Roberts.