Pride Holdings Group (OTC: PHSE) announced Monday that Michael Barrett has retired as Chief Executive Officer, voluntarily returning more than 20% of the company’s common stock to the corporate treasury. The move comes as the holding company withdraws its previously proposed reverse stock split and signals an expanding pipeline of acquisition opportunities.
Barrett, who led the transformation of Pride Holdings Group into a diversified holding company with interests in hospitality, entertainment, media, tourism, and lifestyle brands serving the LGBTQ+ community, stepped down after what the company described as a distinguished career. The Board of Directors has initiated a succession plan and expects to announce a new CEO in the near future.
“It’s been an honor and a privilege to work with Michael Barrett,” said Tim Majors, Chief Operating Officer of Pride Holdings Group, in a statement. “His contributions have helped build a strong foundation for Pride Holdings Group, and we remain committed to continuing that legacy as we move into the Company’s next chapter.”
The company’s decision to withdraw the proposed reverse stock split with FINRA is seen as a vote of confidence in its growth strategy. Management believes the cancellation aligns with current strategic objectives and reflects confidence in executing the company’s growth plan while enhancing shareholder value.
“Our focus remains firmly on building Pride Holdings Group through disciplined acquisitions and strategic expansion,” Majors said. “We have an exciting pipeline of opportunities that we believe will further strengthen the Company, and we look forward to sharing additional announcements as they become final.”
Pride Holdings Group is actively evaluating and advancing a pipeline of acquisition opportunities designed to expand its portfolio and strengthen long-term shareholder value. Management expects to announce several acquisitions over the coming weeks and months as transactions are finalized.
The company cautions that acquisition opportunities remain subject to customary due diligence, definitive agreements, regulatory approvals where applicable, and other closing conditions. There can be no assurance that any proposed transaction will be completed until all required conditions have been satisfied.
Barrett’s retirement includes his commitment to enhancing long-term shareholder value through the voluntary return of more than 20% of the company’s common stock to the corporate treasury. The Board believes this action reflects his confidence in the company’s future and his desire to strengthen Pride Holdings Group for the benefit of all shareholders.
Pride Holdings Group is a publicly traded holding company focused on acquiring, operating, and scaling LGBTQ+ oriented hospitality, nightlife, entertainment, and real estate assets. Through its portfolio of venues, events, and branded experiences, the company aims to create safe, inclusive, and economically sustainable community spaces while delivering long-term value to shareholders.
