Emerald Holding Inc NYSE:EEX stock surges 39.83% in pre-market on strategic review potential

Emerald Holding, Inc. (NYSE:EEX) surged 39.83% in pre-market trading on December 17, 2025, following news of potential strategic reviews. The B2B event organizer announced it has retained Goldman Sachs & Co. LLC as lead financial advisor to evaluate acquisition inquiries received from multiple parties. The board emphasized its fiduciary duty to explore options, though no transaction is guaranteed.

CEO Hervé Sedky highlighted the inquiries as a sign of market recognition for the company’s value in driving commerce through live events. Emerald reaffirmed its 2025 guidance, projecting $460–$465 million in revenue and $122.5–$127.5 million in Adjusted EBITDA, while noting strong momentum into 2026. The board will not provide updates until a deal is finalized or the review concludes.

Recent earnings for Q3 2025 showed a slight miss on EPS (-$0.07 vs. -$0.04 expected) but exceeded revenue estimates ($77.5 million). Despite a 24% six-month stock decline, analysts suggest potential undervaluation relative to fair value. The strategic review and earnings report underscore mixed investor sentiment ahead of a possible transformation.

Emerald’s market capitalization remains relatively stable despite short-term volatility, with many analysts expecting long-term upside if the company navigates its strategic review effectively. Investors are closely watching for clarity on the company’s future direction, particularly as the live events sector continues to rebound post-pandemic. The company has also seen increased interest in its digital event offerings, which could broaden its market appeal.

Emerald’s stock has historically been volatile, but its recent uptick suggests renewed interest among investors. Whether this momentum is sustained or short-lived will depend on the outcome of the strategic review and the company’s execution of its new vision. Until then, market watchers remain cautiously optimistic.