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Friday, March 24, 2023

Troika Media Group Inc (NASDAQ: TRKA) Record Revenues, Earnings & Trading 100MM Shares / Day on 35MM Float, TRKA Shelves S1 Filing

Troika Media Group Inc (NASDAQ: TRKA) is making a powerful move northbound and it is currently the number #1 talked about stock on the sub reddit r/Shortsqueeze and number #1 on Stocktwits and everywhere else. TRKA is a powerhouse that recently shelved their S1 filing, meaning no further dilution while reporting enormous record revenues of $120 million last quarter and growing. There is a significant known short position in TRKA which has a public float of just 35 million and regularly trades well over 100 million per day and sometimes trades that before noon. 

There are a ton of catalysts at play here including the blue torch deal, announced buybacks and upcoming record earnings as hinted in the press release. On Friday TRKA was up 17% on 114.7 million shares traded, a day the dow lost 330 points and 90% of stocks and indexes were blood red. Shorts continue to increase their positions in a desperate bid to control the price and will surely initiate another attack on Monday with potentially disastrous consequences as TRKA stockholders are not selling. Short term TRKA is looking to move over $0.40 to show this is for real. We will be updating on TRKA when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

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Troika Media Group Inc (NASDAQ: TRKA) headquartered in NYC, New York is a professional services company that architects and builds enterprise value in consumer facing brands to generate scalable performance driven revenue growth. In March 2022, Troika acquired Converge Direct, LLC for $125 million. Converge is a leading customer acquisition and business measurement partner for large brands in the entertainment, financial and professional services, education, leisure, and home services verticals.

The Converge Acquisition has proven to be the catalyst for Troika‘s transformation into an integrated consulting and solutions business which is now built upon Converge’s proven growth, operational model, and tenured team members. The Converge Acquisition has created a platform, powered by a new executive and management team (and recomposed Board of Directors), to establish an intelligently connected solutions organization that can build upon Converge’s revenues of $294 million and Income from Operations of $21.0 million for the year ended December 31, 2021; pursuant to Converge’s audited financial statements.

Troika is now doing big numbers; On November 14 Troika reported record revenues of $120 million and adjusted EBITDA of $10.1 million for its quarter ended September 30, 2022, representing a revenue increase of 1,335% quarter over quarter. Troika also reported an operating income of $6.3 million and reported its first net income since going public in April 2021. Over 90% of the Company’s revenues come from its Converge business, which saw organic growth from existing clients, and substantial growth, most notably, in performance solutions.

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On February 22 TRKA announced the engagement of Jefferies LLC (“Jefferies”), a leading global, full-service investment banking firm to optimize TMG’s existing capital structure and to explore strategic alternatives. Jefferies will lead the Company’s efforts to optimize the Company’s balance sheet and address its legacy capital structure, including its senior secured debt and to explore strategic alternatives. Willkie Farr & Gallagher LLP is the Company’s legal counsel.  

Sid Toama, TMG’s Chief Executive Officer, stated, “We have refined our business model since the acquisition of Converge Direct in second quarter 2022 to take advantage of sustainably higher margin opportunities to meaningfully improve strategic and financial results. We believe that now is the time to explore opportunities to optimize our capital structure and have engaged a market leader in Jefferies to maximize our ability to deliver shareholder value. We have worked closely with our senior secured lender over the last eight months and recently announced an Amended and Restated Limited Waiver, which provides us with time to explore different means to enhance shareholder value”. 

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Currently trading at a $20 million market valuation TRKA os is 67,831,116 with 35 million shares in the public float. The Company has an excellent balance sheet with $32 million in cash in the treasury, $205 million in assets vs. $118 million debt. TRKA is probably the most exciting stock in small caps right now and it’s got everyone’s attentions, 100’s of Youtube videos, Number 1 on Reddit and Stocktwits and one doesn’t have to be a genius to know there is a problem when there is only 35 million shares outstanding and the stock trades 100 million before noon. We will be continuously updating on TRKA so make sure you are subscribed to Newsytrends. We will be updating on TRKA when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

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Disclosure: we hold no position in TRKA either long or short and we have not been compensated for this article.

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