Mgo Global's Ceo Invited By Argentinian Consulate In New York To Join President Of The Argentine Republic To Ring Morning Bell At Nyse

MIAMI, FL, LONDON, UK and ATHENS, GREECE / ACCESSWIRE / August 22, 2024 /MGO Global Inc. (NASDAQ:MGOL), a digitally-native, lifestyle brand portfolio company, ("MGO," "MGO Global" or the "Company"), and Heidmar, Inc., a global commercial and pool management business serving the drybulk, crude oil and refined petroleum product tanker market ("Heidmar") via an asset light business model, today jointly announced the confidential submission with the U.S. Securities and Exchange Commission ("SEC") of a draft registration statement on Form F-4 ("Registration Statement") by Heidmar Maritime Holdings Corp., a newly created holding company organized under the laws of the Republic of the Marshall Islands (" Holdings" or "Pubco").

As previously announced on June 20, 2024, MGO entered into a Business Combination Agreement ("BCA") on June 18, 2024 with Heidmar; Holdings; HMR Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Holdings ("Merger Sub") and Rhea Marine Ltd. and Maistros Shipinvest Corp. (the "HMI Shareholders"), whereby MGO and Heidmar will become wholly owned subsidiaries of Pubco. The closing of the transactions contemplated by the BCA is subject to certain conditions, including, without limitation, the approval of MGO's stockholders and Nasdaq's approval of the listing of the ordinary shares of Pubco on the Nasdaq Stock Market.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction. No offering of securities in connection with the proposed transaction shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information and Where to Find It

In connection with the proposed business combination, Pubco has confidentially submitted a Registration Statement on Form F-4 with the SEC, which includes a preliminary prospectus with respect to Pubco's securities to be issued in connection with the proposed business combination and a preliminary proxy statement to be distributed to holders of MGO's common stock in connection with MGO's solicitation of proxies for the vote by MGO stockholders with respect to the proposed business combination and other matters described in the Registration Statement. The Registration Statement has not been declared effective by the SEC. After the Registration Statement is declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to stockholders of MGO as of the record date to be established in the future for voting on the proposed business combination and will contain important information about the proposed business combination and related matters. INVESTORS AND SECURITY HOLDERS OF MGO, PUBCO AND OTHER INTERESTED PERSONS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT HAVE BEEN OR WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Once publicly filed with the SEC, security holders and other interested persons may obtain free copies of the Registration Statement, preliminary proxy statement/prospectus, definitive proxy statement/prospectus, and other relevant material (in each case when available) at the website maintained by the SEC at www.sec.gov or by directing a request to MGO Global Inc., 1515 SE 17^th Street, Suite 121/#460236, Ft. Lauderdale, 33346.

Participants in the Solicitation

MGO and its directors, executive officers and certain other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from the stockholders of MGO with respect to the proposed merger and related matters. Information about the directors and executive officers of MGO, including their ownership of shares of MGO common stock, is included in MGO's Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on April 1, 2024. Additional information regarding the persons or entities who may be deemed participants in the solicitation of proxies from MGO stockholders, including a description of their interests in the proposed merger by security holdings or otherwise, will be included in the proxy statement/prospectus and other relevant documents to be filed with the SEC when they become available. The directors and officers of Heidmar do not currently hold any interests, by security holdings or otherwise, in MGO.

CONTACT INFORMATION:

SOURCE: MGO Global

MIAMI, FL and LONDON, UK / ACCESSWIRE / August 20, 2024 /MGO Global Inc. (NASDAQ:MGOL), a digitally-native, lifestyle brand portfolio company, ("MGO," "MGO Global" or the "Company"), today announced its second quarter 2024 financial results for the three and six months ended June 30, 2024.

Financial Highlights

• For the six months ended June 30, 2024, revenues from the sales of the Company's Stand Flagpoles' line of products climbed 18% to $2.10 million as compared to $1.77 million reported for the first half of 2023. Revenues for the three month period ended June 30, 2024 totaled $1.43 million - down 17% from $1.72 million for the same three months in the prior year.

• Gross profit margin improved, rising to 75.4% from 70.2% for the comparable six month reporting periods, and increased to 75.7% from 70.5% for the three months ended June 30, 2024 and 2023, respectively.

• Net loss attributable to MGO stockholders totaled $2.64 million, or $1.57 loss per share, for the first half of 2024 as compared to a net loss of $2.50 million, or $1.79 loss per share, reported for the first six months of 2023. For the three months ended June 30, 2024 and 2023, net loss attributable to MGO stockholders was $2.47 million, or $1.35 loss per share, and $1.34 million, or $0.94 loss per share, respectively.

• As of June 30, 2024, cash on hand was $1.30 million - up 56% from $836,446 as of December 31, 2023.

Key Operational Highlights

• On March 21, 2024, MGO assigned its rights and obligations under its global license agreement with Leo Messi Management ("LLM") to Centric Brands, LLC ("Centric"), a global leading lifestyle brand collective, in a transaction that resulted in Centric paying MGO $2 million in cash and assuming the obligation to pay 1.5 million Euros in aggregate royalty payments to LMM in accordance with the terms of the license agreement. The Company has reflected The Messi Store business' historical results for the three and six months ended June 30, 2024 and 2023 as discontinued operations in its consolidated financial statements for the periods presented.

• On June 18, 2024, MGO signed a definitive Business Combination Agreement with Heidmar, Inc. ("Heidmar"), a Greece-based single platform aggregator of maritime services for the drybulk, crude oil and refined petroleum product tanker industry with a unique and proven asset light business model that delivered $19.6 million of net income in 2023. Heidmar currently has more than 60 vessels under management, including drybulk, crude oil and refined petroleum product tankers with an aggregate capacity of approximately 8.3 million deadweight tons.

• On July 18, 2024, the Company effected a reverse stock split at a 1-for-10 ratio in its efforts to regain compliance with Nasdaq's minimum bid price requirement for continued listing.

Maximiliano Ojeda, Co-Founder, Chairman and CEO of MGO, stated, "Despite a challenging macro-environment that remains dynamic with American consumers pulling back on discretionary spending, coupled with the fact that MGO has been implementing a more cost-efficient, higher return approach to marketing spend in 2024, sales of Stand Flagpoles and the brand's related direct-to-consumer product offerings, have remained relatively stable through the first six months of this year. Moreover, for the past several months we have been making steady progress advancing our anticipated, transformative business combination with Heidmar, and believe that its exciting, highly profitable business and robust future growth prospects could ultimately provide MGO's stockholders with the opportunity to realize potentially significant and sustainable value creation over the long term."

For more detailed information relating to MGO's second quarter 2024 results, please review the Company's Quarterly Report on Form 10-Q filed with the SEC this morning and accessible at www.sec.gov or on MGO's investor relations page found at www.mgoglobalinc.com.

About MGO Global Inc.

MGO Global is actively engaged in building a portfolio of independent, digitally native, lifestyle brands, which are unique and differentiated, yet all defined by distinctive, high-quality products and a shared commitment to delivering high-touch customer experiences across its ecommerce and wholesale channels. MGO is currently comprised of two business units: Americana Liberty, which markets a growing, high-end line of thoughtfully curated home and outdoor products, including Stand Flagpoles; and MGO Digital, which leverages data analytics, advanced technology-enabled marketing and our leadership's industry relationships and expertise to identify, incubate and introduce to market new, authentic lifestyle brand concepts. For more information on MGO, please visit www.mgoglobalinc.com.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to complete the proposed business combination with Heidmar, Inc., grow its businesses and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to achieve profitable operations, customer acceptance of new products, and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company's products and the Company's customers' economic condition, the impact of competitive products and pricing, general economic conditions and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K for 2023 fiscal year. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.

CONTACT INFORMATION:

MGO Global Inc. Dodi Handy, Director of Communications Telephone: 407-960-4636 Email: ir@mgoteam.com

SOURCE: MGO Global