Mon, Nov 25, 9:16 PM (84 days ago)
**Steel Connect, Inc. (STCN) 10-K/A Summary** Steel Connect, Inc. reported significant ownership by Steel Holdings, with approximately 89.9% of common stock as of November 13, 2024. The amendment includes Part III disclosures omitted from the original 10-K, focusing on executive compensation, director governance, and related transactions. For fiscal year ended July 31, 2024, Steel Connect achieved notable financial metrics, including a revenue increase, but specific figures for revenue and net income were not disclosed. The company’s operating expenses were highlighted, with a notable increase in management fees to $131,000 monthly starting January 2024 to support business development. Earnings per share were not explicitly mentioned. The future outlook indicates a focus on strategic acquisitions, supported by a recent management services agreement with Steel Services. Risk factors include dependency on Steel Holdings for majority ownership and potential litigation outcomes. The amendment also details the board's composition, emphasizing independence and governance policies, alongside compensation structures for executives. The company aims to enhance corporate governance through proposed amendments following a litigation settlement, potentially redistributing $6 million to shareholders. This amendment serves to clarify and update the financial and operational overview of Steel Connect, Inc. for stakeholders.