Domo, Chapter 4: The Deal is Done and Domo is No More. So What's Next for Josh James?

EXECUTIVE SUMMARY

✅ On Tuesday, 22 September 2026, Progress Software completed its $400 million purchase of substantially all of Domo's operating assets, including its AI and data platform, over 2,400 customers, and most of its employees.

✅ The surviving public company, now named Huckleberry.ai (NASDAQ:HUCK), begins life with Josh James (former CEO and Founder of Domo) as the "Big Kanuna" of Huckleberry.AI, a debt-free and now Lehi, Utah-based firm with ~$221 million in cash in the bank (following the Domo asset sale), plus over $900 million of Net Operating Loss carryforwards on its books.

✅ The company is slated to begin trading today under the "HUCK" stock symbol, even though it has no announced business plan or strategy (as of yet). However, its Board is now explicitly evaluating both value-creation opportunities and potential ways to return capital to shareholders.

24 September 2026 — LEHI, Utah and BURLINGTON, Massachusetts — The deal is done.

As reported previously by Utah Money Watch in three installments over the past two months (Chapter 1, Chapter 2, and Chapter 3), Burlington, Massachusetts-based Progress Software has completed its $400 million asset purchase of Domo.

This includes
🟣 The Domo AI and data platform,
🟣 A customer base of more than 2,400 businesses, and
🟣 Essentially all of Domo's now former employees.

As a result, Domo is effectively no more, at least as a company.

But Domo shareholders still own stock in a publicly traded company.

Specifically, Domo, Inc. has been
🟠 Renamed Huckleberry.ai,
🟠 Which is led by Domo's founder (now its former CEO and Chairman, Josh James), a
🟠 Firm with ~$221 million in cash in the bank,
🟠 No debt, and
🟠 More than $900 million of Net Operating Loss carryforwards on its books.

Arguably, that $221 million figure may be the most important new number in this writeup: Domo, Chapter 4.

The $25 Million Difference

When Domo announced the Progress transaction on 22 July 2026, it estimated at the time was that the surviving company would emerge with approximately $246 million in net cash, then equal to about $4.84 per share.

As Utah Money Watch reported in Domo, Chapter 3, that estimate was potentially critical because Domo entered September with just $25.1 million in cash and cash equivalents, while repayment of $138.3 million of debt and related fees could have been accelerated by its lenders.

Regardless, the closing of the asset sale answered the underlying question(s).

According to Huckleberry's 22 September Form 8-K filing with the U.S. Securities and Exchange Commission, the surviving company
🟢  Received ~$221 million in cash (after purchase-price adjustments),
🟢  Repurchased outstanding lender warrants, and
🟢  Executed other agreed adjustments involving liabilities not assumed by Progress.

And although that $221 million amount is approximately $25 million lower than what had originally been estimated (~10.2%), no detailed reconciliation has been provided to explain the roughly $25 million difference of what was expected vs. what Huckleberry actually received after-the-fact.

So ... Where Did the $400 Million Go?

For readers who have not been following along, although Progress agreed to pay Domo $400 million, that purchase price was never going to be "free and clear," let alone an amount shareholders would simply inherit as cash.

At closing, Huckleberry took the $400 million and paid all of Domo's
🔴  Outstanding borrowings,
🔴  Accrued interest, and
🔴  Fees accumulated under Domo's credit facility, and also
🔺 Terminated the credit facility, and
🔺 Obtained releases of the related liens and guarantees.

The company also spent approximately $10 million to repurchase outstanding warrants held by Domo's lenders.

Additionally,
🟥  Purchase-price adjustments,
🟥  Excluded-liability adjustments, and
🟥  Other pre-existing obligations
further reduced the amount remaining with Huckleberry after the asset sale.

For better or worse, this Domo/Huckleberry Form 8-K filed with the SEC does not provide enough detail to reconcile every dollar between Progress's $400 million purchase price and Huckleberry's $221 million starting cash balance, so we will neither guess nor make something up as to the nuances of said transactions.

However, what the 8-K filing does establish, however, is the financial reset:
🟠 The Domo operating business is gone,
🟠 Its debt is gone, and
🟠 Approximately $221 million remains,
providing a fresh start for the newly named Huckleberry.ai.

A New Name, A New Stock Symbol, and a New Address

According to that same Form 8-K filing, not only is Huckleberry.ai the new name for Domo, the firm has also moved to new offices in Lehi, Utah from its former headquarters in American Fork, Utah.

As expected,
✅  James remains CEO,
✅  The existing Board remains in place, and
✅  Huckleberry retains more than $900 million of NOL carryforwards plus certain other assets and liabilities not transferred to Progress.

{AUTHOR'S NOTE: NOLs can potentially offset future taxable income, but they are tax assets, not cash, and their usable value depends on future taxable income and applicable federal tax rules.}

Beginning today, Huckleberry's Class B common stock will trade on the Nasdaq Global Market under the stock symbol "HUCK" replacing "DOMO" in the process.

Huckleberry's website, however, currently offers little beyond:

“More information coming soon.”

That is fitting because the new strategic story is yet to be written.

What's Next for Josh James & Huckleberry?

So ... what's next for Josh James and the newly named Huckleberry.ai?

I honestly have absolutely no idea.

However, if I have learned anything about Josh in the over 25 years that I have known him it's this:

Those who underestimate Josh James tend to be wrong.

I was intrigued, however, to see the language in the 22 September 2026 Domo/Huckleberry news release that stated that in addition to"evaluating opportunities to put the Company’s capital and tax assets to work," the Huckleberry board of directors is also evaluating

"... potential ways to return capital to stockholders."

Specifically, that latter part of the closing sentence of the announcement is new language, new information. 

What does it mean? Will it happen? And if so, when?

None of the answers to such questions are known today.

In other words, such language is not a promise of a dividend, tender offer, stock repurchase or other distribution.

But it is new.

And the market has given Huckleberry an intriguing starting point.

Yesterday (23 September 2026), the final trading day under the DOMO stock symbol, Domo shares closed at $3.55, down 4.1%.

That's 91 cents, or approximately 20.4%, below Huckleberry's own $4.46-per-share calculation of its starting cash balance.

The comparison should not be mistaken for a guaranteed arbitrage or liquidation value as
🔷  The $221 million in cash does belong to the corporation,
🔷  Huckleberry retains other liabilities and public-company expenses, and
🔷  No capital-return plan has been announced.

But it sharpens the question that, to me at least, now matters most as
✔️ Progress Software has Domo,
✔️ Huckleberry.ai has approximately $221 million in cash, and
▪️ Over $900 million of NOLs, plus
▪️ No debt, and
▪️ Josh James running the company.

So what happens next?!?!?! 🤷‍♂️ 🤷‍♂️ 🤷‍♂️

Publisher's Note

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