UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On December 2, 2024, the Board of Directors (the “Board”) of Red Violet, Inc. (the “Company”) declared a special cash dividend of $0.30 per share (the “Dividend”) on the Company’s common stock, which will be paid on or about February 14, 2025 to stockholders of record at the close of business on January 31, 2025.
On December 3, 2024, the Company issued a press release announcing that the Board has declared the Dividend.
A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release, dated December 3, 2024
104 Cover page Interactive Data File (embedded within the inline XBRL file).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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December 3, 2024 |
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/s/ Derek Dubner |
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Derek Dubner |
Exhibit 99.1
red violet Announces Special Cash Dividend Reflecting Operational Strength and Robust Cash Flow Generation
BOCA RATON, Fla. — December 3, 2024 — Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and information solutions provider, announced today that its Board of Directors has declared a special cash dividend on red violet common stock of $0.30 per share, payable on or about February 14, 2025, to shareholders of record as of the close of business on January 31, 2025. The aggregate amount of payment to be made in connection with this special dividend will be approximately $4.2 million.
The special dividend reflects the strong operational performance and financial resilience of red violet. The company’s ability to generate significant cash flow has enabled it to fund ongoing investments in innovation, infrastructure, and market expansion while simultaneously enhancing shareholder returns through disciplined capital allocation strategies, including consistent share buybacks. Notwithstanding the continued investment and consistent share buybacks, the company continues to build its cash position on the balance sheet to record levels.
“red violet’s ability to accelerate our growth rate and generate strong cash flows throughout 2024 is a testament to the strength of our business model, the differentiation of our innovative solutions, and the dedication of our talented team,” said Derek Dubner, red violet’s CEO. “This special dividend reflects our ongoing commitment to delivering value to our shareholders, while maintaining the flexibility to invest in strategic growth initiatives and strengthen our competitive position. Coupled with our share repurchase program, this approach demonstrates our confidence in the long-term potential of our business while enhancing returns through thoughtful capital allocation.”
Capital Allocation Highlights
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipate," "believes," "should," "intends," "estimates," and other words of similar meaning. Such forward looking statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control and
which may cause results to differ materially from expectations, including whether the continued investments in technology, infrastructure, security, and go-to-market capabilities will ensuring the long-term competitiveness and sustainability of the business. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release and are advised to consider the factors listed above together with the additional factors under the heading "Forward-Looking Statements" and "Risk Factors" in red violet's Form 10-K for the year ended December 31, 2023, filed on March 7, 2024, as may be supplemented or amended by the Company's other SEC filings. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
About red violet®
At red violet, we build proprietary technologies and apply analytical capabilities to deliver identity intelligence. Our technology powers critical solutions, which empower organizations to operate with confidence. Our solutions enable the real-time identification and location of people, businesses, assets and their interrelationships. These solutions are used for purposes including identity verification, risk mitigation, due diligence, fraud detection and prevention, regulatory compliance, and customer acquisition. Our intelligent platform, CORE™, is purpose-built for the enterprise, yet flexible enough for organizations of all sizes, bringing clarity to massive datasets by transforming data into intelligence. Our solutions are used today to enable frictionless commerce, to ensure safety, and to reduce fraud and the concomitant expense borne by society. For more information, please visit www.redviolet.com.
Company Contact:
Camilo Ramirez
Red Violet, Inc.
561-757-4500
ir@redviolet.com
Investor Relations Contact:
Steven Hooser
Three Part Advisors
214-872-2710
ir@redviolet.com