Shutterstock, Inc. (SSTK): M&A transaction — Shutterstock discloses Giphy's FY2022 financials: $94.4M net loss, no revenue, going concern doubts

Shutterstock, Inc.

Giphy's audited FY2022: net loss $94.4M, operating cash flow -$56.1M, accumulated deficit $405M.
Giphy had no external revenue since Meta acquisition in July 2020; relied on Meta for funding.
Purchase price $53M net cash; pro forma combined financials furnished as Exhibit 99.3.
Ernst & Young audit includes going concern paragraph citing recurring losses and capital deficiency.
As of Dec 31, 2022: Giphy total assets $14.9M, total liabilities $14.2M, stockholder's equity $646K.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Shutterstock, Inc. completed an acquisition involving Meta Platforms, Inc. for $53 million in net cash, in addition to cash acquired, assumed debt and other working capital adjustments (closed 2023-06-23).

Action: acquisition
Counterparty: Meta Platforms, Inc.
Consideration: $53 million in net cash, in addition to cash acquired, assumed debt and other working capital adjustments
Closing: 2023-06-23

Exact text from the filing

has sold, and the Company has purchased, all of the issued and outstanding capital stock of Giphy. The consideration payable by the Company pursuant to the Purchase Agreement is $53 million in net cash, in addition to cash acquired, assumed debt and other working capital adjustments. This Form 8-K/A has been filed to amend and supplement the Form 8-K to provide the

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Shutterstock, Inc. filing history →

Source: SEC EDGAR

accession 0001549346-23-000035

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