BETHESDA, Md., July 19, 2018 (GLOBE NEWSWIRE) -- Liquidity Services, Inc. (NASDAQ:LQDT), a global solution provider in the reverse supply chain with the world’s largest marketplace for business surplus, today announced it has completed issuing equity grants to new employees in connection with the acquisition of Machinio Corp., a leading global online platform for listing used equipment for sale in the construction, machine tool, transportation, printing and agriculture sectors. The acquisition of Machinio Corp. was previously announced on July 10, 2018. The Company issued a total of 667,384 shares of common stock, including restricted shares and restricted stock units, as inducement grants to the founders of Machinio who accepted employment with the Company.
Specifically, the Company issued:
- an aggregate of 297,014 shares of Company common stock to the founders of Machinio, Dan Pinto and Dmitriy Rokhfeld, which shares are subject to restrictions on transfer for 12-months; and
- performance-based restricted stock units relating to up to 370,370 shares of Company common stock to the founders of Machinio, which units may vest over the next four years based on the achievement of EBITDA and revenue targets for the Machinio business.
The shares and restricted stock units were granted in accordance with NASDAQ Listing Rule 5635(c)(4).
About Liquidity Services
Liquidity Services (NASDAQ:LQDT) operates a network of leading e-commerce marketplaces that enable buyers and sellers to transact in an efficient, automated environment offering over 500 product categories. The company employs innovative e-commerce marketplace solutions to manage, value and sell inventory and equipment for business and government sellers. Our superior service, unmatched scale and ability to deliver results enable us to forge trusted, long-term relationships with over 11,000 sellers worldwide. With over $7 billion in completed transactions, and over three million buyers in almost 200 countries and territories, we are the proven leader in delivering smart commerce solutions. Visit us at LiquidityServices.com. http://www.liquidityservicesinc.com.
Liquidity Services, Inc.