SCHAUMBURG, IL - RDE, Inc. (NASDAQ: GIFT), known for its digital platforms Restaurant.com and CardCash.com, announced its rebranding to Giftify, Inc., set to take effect on October 28th. The change, which has received shareholder approval, is part of the company's strategic move to broaden its incentive-based offerings and facilitate future expansion.
CEO Ketan Thakker expressed that the rebranding aligns with the company's growth and evolving market position. "This new brand and evolving positioning perfectly illustrates our growing ambition on the market," said Thakker. The rebranding follows the company's recent uplisting to Nasdaq and acquisition of CardCash.com at the end of 2023, which Thakker cites as milestones contributing to improved margins and gross profit.
Giftify, Inc. aims to leverage its digital incentives and gift card markets by reactivating past users, increasing new user visibility, and exploring further strategic acquisitions. The company's platforms, Restaurant.com and CardCash.com, offer a variety of dining, retail, and entertainment deals, with Restaurant.com being the nation's largest restaurant-focused digital deals brand and CardCash.com a leading secondary gift card exchange platform.
The company's announcement includes forward-looking statements regarding its future actions and market performance. These statements are based on current assumptions and subject to risks and uncertainties, with the company cautioning that actual results may differ materially from these projections.
This rebranding initiative reflects Giftify, Inc.'s commitment to expanding its user base and revenue by enhancing its market presence and service offerings. The information in this article is based on a press release statement from Giftify, Inc.
In other recent news, RDE, Inc. has been making significant strides in its financial and leadership strategies. The company's Chief Technology Officer, Balazs Wallisch, has notably increased his ownership to 1,040,217 shares, following recent acquisitions. Additionally, RDE secured a $2 million financing agreement with Spars Capital Group, a firm linked to RDE board member Elliot Bohm. The promissory note, which carries an 11.5% annual interest rate, is set to mature in 2025 and is secured by a lien on RDE's assets.
In leadership developments, the company has appointed Steve Handy as its new Chief Financial Officer. Handy, who holds over 20 years of financial leadership experience, has been instrumental in significant growth and IPO successes, including a 700% revenue growth at Sacks Parente Golf, Inc. in the first half of 2024. RDE's CEO, Ketan Thakker, expects Handy's expertise in public markets to contribute significantly to the company's growth strategy. These are among the recent developments at RDE, Inc. as it continues to navigate the competitive retail landscape.
InvestingPro Insights
As Giftify, Inc. (NASDAQ: GIFT) embarks on its rebranding journey, recent financial data from InvestingPro provides additional context to the company's strategic moves. Despite the optimistic outlook presented in the company's announcement, InvestingPro data reveals some challenges that Giftify faces in its pursuit of growth and market expansion.
According to InvestingPro, Giftify's revenue for the last twelve months as of Q2 2023 stood at $83.44 million, with a concerning revenue growth decline of -40.27% over the same period. This significant drop in revenue underscores the importance of the company's efforts to reactivate past users and increase visibility to new ones, as outlined in their rebranding strategy.
InvestingPro Tips highlight that Giftify "suffers from weak gross profit margins," which aligns with the reported gross profit margin of 12.31% for the last twelve months as of Q2 2023. This metric suggests that the company's focus on improving margins, as mentioned by CEO Ketan Thakker, is indeed a critical area for improvement.
On a more positive note, InvestingPro data shows a significant return of 10.07% over the last week, indicating some recent positive sentiment in the market towards the stock. This could potentially be related to the announcement of the rebranding and the company's strategic initiatives.
For investors considering Giftify's potential, it's worth noting that InvestingPro offers 8 additional tips for GIFT, providing a more comprehensive analysis of the company's financial health and market position. These insights could be valuable for understanding the full impact of Giftify's rebranding and expansion strategies on its future performance.
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