Alta Equipment Group Inc. (NYSE: ALTG) (“Alta” or the
“Company”), a leading provider of premium industrial and
construction equipment and related services, today announced it has
filed a registration statement on Form S-1/A with the U.S.
Securities and Exchange Commission relating to the proposed public
offering of depositary shares, each representing 1/1000th
fractional interest in a share of the Company's Series A Cumulative
Perpetual Preferred Stock, with a liquidation preference equivalent
to $25.00 per depositary share, subject to market and certain other
conditions. The Company expects to grant the underwriters a 30-day
option to purchase additional depositary shares in connection with
the offering solely to cover overallotments. The depositary shares
are anticipated to trade on the New York Stock Exchange under the
symbol ALTG PR A.
B. Riley Securities, D.A. Davidson & Co., Ladenburg
Thalmann, and William Blair & Company are acting as joint
book-running managers for this offering. Boenning & Scattergood
is acting as lead manager with Huntington Capital Markets and
Colliers Securities as co-managers.
A registration statement relating to the proposed public
offering of the depositary shares has been filed with the
Securities and Exchange Commission but has not yet become
effective. These securities may not be sold nor may offers to buy
be accepted prior to the time the registration statement becomes
effective. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy, nor shall there be any sale
of these securities in any state or jurisdiction in which such
offer, solicitation, or sale would not be permitted.
Alta expects to use the net proceeds of this offering primarily
to continue to fund its growth, including future acquisitions and
investments and for general corporate purposes.
Ryan Greenawalt, Chief Executive Officer of Alta, said, “Our
acquisition pipeline continues to be more attractive than
anticipated since we became a public company earlier this year. The
proposed offering will provide additional support to execute our
acquisition plan, which remains a key pillar of our long-term
growth strategy. We believe it’s prudent, and in our shareholder’s
best interest, to raise incremental capital at this time given the
favorable market conditions and our ability to earn accretive
returns well beyond the cost of the incremental capital. Since
becoming public, the company has deployed $151 million in capital.
These acquisitions have expanded the company’s geographic
footprint, technician headcount, product lines, and OEM
relationships while contributing approximately $34 million in
adjusted EBITDA.”
The offering will be made only by means of a prospectus. When
available, a copy of the prospectus relating to these securities
may be obtained from the website of the SEC at http://www.sec.gov
or by contacting B. Riley Securities, Inc. 1300 17th Street North,
Suite 1300, Arlington, Virginia 22209, Attn: Prospectus Department,
email: prospectuses@brileyfin.com. Telephone: (703) 312-9580.
About Alta Equipment Group Inc.
Alta owns and operates one of the largest integrated equipment
dealership platforms in the U.S. Through its branch network, the
Company sells, rents, and provides parts and service support for
several categories of specialized equipment, including lift trucks
and aerial work platforms, cranes, earthmoving equipment and other
industrial and construction equipment. Alta has operated as an
equipment dealership for 35 years and has developed a branch
network that includes 51 total locations across Michigan, Illinois,
Indiana, New England, New York, Virginia and Florida. Alta offers
its customers a one-stop-shop for most of their equipment needs by
providing sales, parts, service, and rental functions under one
roof. More information can be found at www.altaequipment.com.
Forward Looking Statements
This presentation includes certain statements that may
constitute “forward-looking statements” for purposes of the federal
securities laws. Forward-looking statements include, but are not
limited to, statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions. The words “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intends,”
“may,” “might,” “plan,” “possible,” “potential,” “predict,”
“project,” “should,” “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements may include, for example, statements about: our future
financial performance; our plans for expansion and acquisitions;
and changes in our strategy, future operations, financial position,
estimated revenues, and losses, projected costs, prospects, plans
and objectives of management. These forward-looking statements are
based on information available as of the date of this presentation,
and current expectations, forecasts and assumptions, and involve a
number of judgments, risks and uncertainties. Accordingly,
forward-looking statements should not be relied upon as
representing the parties’ views as of any subsequent date, and we
do not undertake any obligation to update forward-looking
statements to reflect events or circumstances after the date they
were made, whether as a result of new information, future events or
otherwise, except as may be required under applicable securities
laws. You should not place undue reliance on these forward-looking
statements. As a result of a number of known and unknown risks and
uncertainties, actual results or performance may be materially
different from those expressed or implied by these forward-looking
statements. Some factors that could cause actual results to differ
include, but are not limited to: (1) the outcome of any legal
proceedings that may be instituted against us relating to the
business combination and related transactions; (2) the ability to
maintain our listing of shares of common stock on the New York
Stock Exchange; (3) the risk that integrating our acquisitions
disrupts our current plans and operations; (4) the ability to
recognize the anticipated benefits of our business combination and
acquisitions, which may be affected by, among other things,
competition, our ability to grow and manage growth profitably, our
ability to maintain relationships with customers and suppliers and
retain our management and key employees; (5) changes in applicable
laws or regulations; (6) the possibility that we may be adversely
affected by other economic, business, and/or competitive factors;
(7) disruptions in the political, regulatory, economic and social
conditions domestically or internationally; (8) major public health
issues, such as an outbreak of a pandemic or epidemic (such as the
novel coronavirus COVID-19), which could cause disruptions in our
operations, supply chain, or workforce; and (9) and other risks and
uncertainties identified in this presentation or indicated from
time to time in the section entitled “Risk Factors” in our annual
report on Form 10-K and other filings with the U.S. Securities and
Exchange Commission (the “SEC”). The company cautions that the
foregoing list of factors is not exclusive, and readers should not
place undue reliance upon any forward-looking statements, which
speak only as of the date made. We do not undertake or accept any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in its expectations or any change in events, conditions or
circumstances on which any such statement is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20201216005591/en/
Investors: Bob Jones / Taylor Krafchik Ellipsis
IR@altaequipment.com (646) 776-0886 Media: Glenn Moore Alta
Equipment glenn.moore@altaequipment.com (248) 305-2134
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