New Ownership Takes Over Root9B Holdings Inc (RTNB) Subsidiary; Shares Jump 44%
It’s a very rewarding trading day for investors in Root9B Holdings Inc (NASDAQ:RTNB) with shares up nearly 45%, making the stock one of Wall Street’s biggest bulls today. The reason? The cybersecurity firm announced an agreement under which an affiliate of Tracker Capital Management will acquire its subsidiary root9B, LLC. Tracker Capital is an early stage venture capital investor in “emerging technologies and companies that support and enhance the security of the United States of America.”
root9B will now operate as an independent, privately-held company with no affiliation with root9B Holdings. It will continue to be headquartered in Colorado Springs and led by its existing management team.
root9B CEO Eric Hipkins commented, “root9B is delighted to announce our new ownership, which provides us the capital required to eliminate debt from our balance sheet and fund our strategic growth initiatives […] Our team remains committed to bringing experience, excellent service, and next generation cyber solutions to our clients. Our customers, employees, and other stakeholders can rest assured that we are well-positioned to maintain and build upon our leadership in the cybersecurity industry, and successfully move forward into our next phase of growth.”
root9B Holdings, Inc. provides cyber security, energy, and business advisory solutions. The company operates its business through three segments: Cyber Solutions, Business Solutions and Energy Solutions. The Cyber Solutions segment provides cyber security and advanced technology training services, operational support and consulting services. The Business Solutions segment provides business advisory and consulting services and solutions primarily in the areas of risk, data, organizational change, and cyber, as well as in business process re-engineering and workflow analysis, business intelligence, data analytics, organizational effectiveness and system planning areas. The Energy Solutions segment designs and installs processes and automation to address energy regulation, strategy, cost and usage initiatives.