8-K

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

Date of Report (Date of earliest event reported): August 14, 2023

 

Liquidity Services, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware	0-51813	52-2209244
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
6931 Arlington Road Suite 460
Bethesda, Maryland		20814
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: 202 4676868

(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:

☐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-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications 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
Common Stock, $0.001 par value	LQDT	The Nasdaq Stock Market

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 8.01 Other Matters.

On August 14, 2023, Liquidity Services, Inc. (the “Company”) issued a press release announcing that its GovDeals segment has achieved $4 billion in cumulative auction sales. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Current Report on Form 8-K, including the exhibits attached hereto, shall be considered "furnished" pursuant to Item 8.01 of Form 8-K and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended, nor shall it be deemed incorporated by reference into any of the Company's reports or filings with Securities and Exchange Commission, whether made before or after the date thereof, except as expressly set forth by specific reference in such report or filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1 Press Release, dated August 14, 2023

SIGNATURES

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.

	LIQUIDITY SERVICES, INC.
	(Registrant)
Date: August 14, 2023	By:	/s/ Mark A. Shaffer
	Name:		Mark A. Shaffer
	Title:		Chief Legal Officer and Corporate Secretary

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

GovDeals Achieves $4 Billion in Sales

Sales Growth Milestone Reinforces Position as Industry Leader in Public Sector

MONTGOMERY, Ala., August 14, 2023 – GovDeals, the leading online marketplace for government agencies, educational institutions, and related agencies to sell surplus assets, is thrilled to announce it has completed $4 Billion in cumulative auction sales. This remarkable achievement underscores the company’s unwavering commitment to sustainable business practices and transparent surplus sales.

Since its inception, just over two decades ago, GovDeals has built a transparent, highly effective marketplace that connects buyers and sellers of surplus assets across North America, amassing a client base of over 17,000 sellers and more than one million registered buyers, with access to more than five million qualified buyers across all Liquidity Services Marketplaces.

High engagement by both buyers and sellers across the US and Canada has been a catalyst for its consistent, long-term growth. GovDeals achieved the milestone of $1 Billion in total sales in March 2015, surpassing $2 Billion by March 2019, and crossing the impressive threshold of $3.5 Billion in sales by September 2022.

These achievements were driven by the successful sale of virtually every asset type in the public sector infrastructure, including automobiles, trucks, buses, railway cars, aircraft, construction and heavy equipment assets, IT equipment, and real estate.

“This achievement is a testament to this team’s hard work, dedication to client service, and relentless improvement mindset to best serve our industry. We remain dedicated to continued growth, setting new records, and creating value for all stakeholders,” said Michael Price, Vice President, Revenue of GovDeals.

In addition to this milestone, GovDeals continues to develop opportunities that enhance the buyer-customer experience and strengthen its seller-client relationships. The company's commitment to growth and innovation remains unwavering as it looks ahead to even greater accomplishments.

About GovDeals

GovDeals is the world’s leading marketplace for surplus government and educational assets, ranging from heavy equipment and transportation to industrial machinery and real estate. The platform specializes in surplus disposition technology, partnering with government agencies and related entities to sell "as is, where is" surplus equipment and materials in a transparent fashion. Sellers can directly launch and manage their listings in just days with more control and lower fees than traditional auction solutions. Buyers have direct access to all the surplus assets across Liquidity Services’ network of marketplaces in one centralized location. GovDeals is powered by Liquidity Services (NASDAQ:LQDT), one of the most experienced and trusted companies supporting millions of customers in the circular economy across the globe.

Contact:

Angela Jones, GovDeals

(334) 301-7823

ajones@govdeals.com

XML

Document And Entity Information	Aug. 14, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 14, 2023
Entity Registrant Name	Liquidity Services, Inc.
Entity Central Index Key	0001235468
Entity Emerging Growth Company	false
Securities Act File Number	0-51813
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2209244
Entity Address, Address Line One	6931 Arlington Road
Entity Address, Address Line Two	Suite 460
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	202
Local Phone Number	4676868
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	LQDT
Security Exchange Name	NASDAQ