The acquisition by Western Union at $16.00/share caps upside and sets a floor. The sharp fundamental deterioration (revenue -7.7%, net income -44.4%) confirms the strategic rationale for the sale. Monitor for shareholder vote and regulatory clearance timelines. The stock should trade near the deal price with minimal spread risk.
Price Chart
Executive Summary
International Money Express filed Amendment No. 1 to its 2025 Form 10-K solely to add Part III information (directors, executive compensation, security ownership, related transactions, and accounting fees) that was omitted from the original filing because the definitive proxy statement will not be filed. The amendment does not restate financials, change the auditor (BDO USA, P.C.), or update any financial disclosures. The filing confirms the pending acquisition by Western Union at $16.00 per share and reports a sharp decline in FY2025 financials: revenue down 7.7% to $607.8M, net income down 44.4% to $32.7M, and Adjusted EBITDA down 20.1% to $96.9M.
Key Facts
- FY2025 revenue of $607.8M, down 7.7% YoY
- FY2025 net income of $32.7M, down 44.4% YoY
- FY2025 diluted EPS of $1.08, down 39.7% YoY
- FY2025 Adjusted EBITDA of $96.9M, down 20.1% YoY
- Pending acquisition by Western Union at $16.00/share cash, ~50% premium to 90-day VWAP
- 2023 PSUs did not earn out (cumulative Adjusted EPS of ~$5.83 vs. $6.08 threshold)
- CEO bonus payout was only 25% of target due to missed Adjusted EBITDA targets
- No restatement, no auditor change, no going concern language
- Audit fees for FY2025: $1,317,659 (up from $1,160,100 in FY2024)
- BlackRock (8.5%), AllianceBernstein (6.8%), and Magnetar Financial (5.9%) are 5%+ holders
Financial Impact
Revenue declined by $50.7M (7.7%), net income declined by $26.1M (44.4%), Adjusted EBITDA declined by $24.4M (20.1%)
Risk Factors
- Acquisition may face regulatory delays or antitrust challenges
- Shareholder vote could be contested given the 44% net income decline and deal price
- Further deterioration in operating metrics before deal close could pressure deal terms
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 10-K/A Filing (Primary) | 0001628280-26-028928 |
| Exhibit: exhibit314-2025.htm | 0001628280-26-028928 |
| Exhibit: exhibit313-2025.htm | 0001628280-26-028928 |
| Document: 0001628280-26-028928-index-headers.html | 0001628280-26-028928 |
| Document: 0001628280-26-028928-index.html | 0001628280-26-028928 |
| Document: 0001628280-26-028928.txt | 0001628280-26-028928 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 10w ago | Press Release | $14.59 $14.17 | ▲ +2.88% | ▲ +0.89% | $9.16 (+37.22%) |
Jun 11, 2026 19w ago | Institutional Cluster | $14.88 $14.42 | ▼ −3.09% | ▼ −4.98% | $9.16 (−38.44%) |
Apr 30, 2026 25w ago | 10-K/A | $15.94 $15.12 | ▲ +5.14% | ▲ +10.41% | $9.16 (+42.53%) |
US Market Status
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