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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Funko, Inc.    FNKO

FUNKO, INC.

(FNKO)
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Funko : Form8-K

03/20/2020 | 10:01am EST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

March 20, 2020

Date of Report (Date of earliest event reported)

FUNKO, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware

001-38274

35-2593276

(State or Other Jurisdiction

(Commission File Number)

(IRS Employer

of Incorporation)

Identification No.)

2802 Wetmore Avenue

Everett, Washington 98201

(Address of Principal Executive Offices) (Zip Code)

(425) 783-3616

(Registrant's telephone number, including area code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

  • Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  • Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  • Pre-commencementcommunications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  • Pre-commencementcommunications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
    Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock,

FNKO

The Nasdaq Stock Market LLC

$0.0001 par value per share

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 7.01. Regulation FD Disclosure.

On March 20, 2020, Funko, Inc. (the "Company") issued a press release announcing a COVID-19 business update and a withdrawal of the Company's full year fiscal 2020 guidance. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this report (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No.

Description

99.1

Press release, dated March 20, 2020.

SIGNATURE

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.

Date: March 20, 2020 FUNKO, INC.

By:

/s/ Tracy D. Daw

Tracy D. Daw

Sr. Vice President, General Counsel and Secretary

Exhibit 99.1

Funko Provides COVID-19 Business Update

EVERETT, Wash. March 20, 2020-- Funko, Inc. ("Funko," or the "Company") (Nasdaq: FNKO), a leading pop culture consumer products company, today provided a business update regarding COVID-19.

Due to heightened uncertainty and developments in the past week, including retail industry store closures, increased social distancing globally and evolving government mandates, the Company is withdrawing its 2020 financial guidance issued on March 5, 2020. The Company expects to provide a further update during its first quarter 2020 earnings conference call.

Out of concern for the health and safety of employees, local communities and business partners around the globe, the Company is taking actions intended to slow the spread of COVID-19. While Funko's corporate offices currently remain open, heightened cleaning procedures have been implemented and employees are encouraged to work from home. At Funko's distribution centers, certain practices are in effect to safeguard workers, including a staggered work schedule, and we are continuing to monitor direction from local and national governments carefully.

Additionally, Funko's two retail locations have been closed until further notice. Fans will continue to have the ability to purchase Funko products through the Company's e-commerce platform at www.funko.com.

"Our number one priority is the safety of Funko's employees, local communities and partners worldwide," stated Brian Mariotti, Chief Executive Officer. "We are grateful to our dedicated team members and remain confident in the strength of our Pop! platform and the diversity of our business model, which extends across licenses, product categories, distribution channels and customers. While we are facing uncertain and unprecedented times, we are taking immediate actions to cut costs and mitigate disruption as we navigate this rapidly evolving situation."

About Funko

Headquartered in Everett, Washington, Funko is a leading pop culture consumer products company. Funko designs, sources and distributes licensed pop culture products across multiple categories, including vinyl figures, action toys, plush, apparel, housewares and accessories for consumers who seek tangible ways to connect with their favorite pop culture brands and characters. Learn more at https://funko.com/, and follow us on Twitter (@OriginalFunko) and Instagram (@OriginalFunko).

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do

not relate to matters of historical fact should be considered forward-looking statements, including statements regarding our anticipated financial results, the anticipated impact of the COVID-19 outbreak on our business, and our ability to cut costs and mitigate disruption. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: risks related to the ongoing COVID-19 outbreak; our ability to execute our business strategy; our ability to maintain and realize the full value of our license agreements; the ongoing level of popularity of our products with consumers; changes in the retail industry and markets for our consumer products; our ability to maintain our relationships with retail customers and distributors; our ability to compete effectively; fluctuations in our gross margin; our dependence on content development and creation by third parties; our ability to manage our inventories; our ability to develop and introduce products in a timely and cost-effective manner; our ability to obtain, maintain and protect our intellectual property rights or those of our licensors; potential violations of the intellectual property rights of others; risks associated with counterfeit versions of our products; our ability to attract and retain qualified employees and maintain our corporate culture; our use of third-party manufacturing; risks associated with our international operations; changes in effective tax rates or tax law; foreign currency exchange rate exposure; the possibility or existence of global and regional economic downturns; our dependence on vendors and outsourcers; risks relating to government regulation; risks relating to litigation, including products liability claims and securities class action litigation; any failure to successfully integrate or realize the anticipated benefits of acquisitions or investments; reputational risk resulting from our e-commerce business and social media presence; risks relating to our indebtedness and our ability to secure additional financing; the potential for our electronic data or the electronic data of our customers to be compromised; the influence of our significant stockholder, ACON, and the possibility that ACON's interests may conflict with the interests of our other stockholders; risks relating to our organizational structure; volatility in the price of our Class A common stock; and risks associated with our internal control over financial reporting. These and other important factors discussed under the caption "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2019 and our other filings with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Investor Relations: Andrew Harless Funko Investor Relations investorrelations@funko.com

Media:

Jessica Piha-Grafstein Funko Public Relations jessicap@funko.com

Disclaimer

Funko Inc. published this content on 20 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 March 2020 14:58:22 UTC


© Publicnow 2020
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Financials (USD)
Sales 2020 619 M - -
Net income 2020 0,23 M - -
Net Debt 2020 199 M - -
P/E ratio 2020 -7 222x
Yield 2020 -
Capitalization 429 M 429 M -
EV / Sales 2020 1,02x
EV / Sales 2021 0,88x
Nbr of Employees 704
Free-Float 37,8%
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Technical analysis trends FUNKO, INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 9
Average target price 8,07 $
Last Close Price 12,06 $
Spread / Highest target 7,79%
Spread / Average Target -33,1%
Spread / Lowest Target -66,8%
EPS Revisions
Managers and Directors
NameTitle
Brian Mariotti Chief Executive Officer & Director
Andrew Perlmutter President
Kenneth R. Brotman Chairman
Joe Sansone Chief Global Operations Officer
Jennifer Fall Jung Chief Financial Officer
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