Cogint announces early spin-off of Red Violet
Cogint announced its plan to spin-off its data and analytics business, Red Violet, earlier than previously anticipated. As the Company works towards the closing of its business combination with BlueFocus International Limited, including meeting the remaining closing conditions and obtaining all regulatory approvals, the Company expects to announce a record date for the spin-off within the next 30 days, subject to the SEC's clearance of the Red Violet Registration Statement on Form 10 and meeting all other conditions to the spin-off. The Company's Board of Directors has authorized management to establish a record date for the spin-off at the time all such conditions have been met and expects to declare a spin-off dividend of one share of Red Violet common stock for every four to five shares of Cogint common stock held on the record date, subject to the requirements of the Delaware General Corporation Law. Upon the spin-off, Red Violet expects to have approximately $20M in cash and no debt. Post spin-off, the Company expects cogint, which will include its digital marketing company, Fluent, to be profitable from day one. Fluent will continue to provide industry-leading, people-based digital marketing and customer acquisition to leading consumer brands and direct marketers, leveraging its mobile-first platform and performance-based model.