An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
AerSale Corporation (NASDAQ: ASLE) announced a secondary offering of 4,000,000 shares of its common stock by certain stockholders, including Leonard Green & Partners, L.P. The offering includes a 30-day option for underwriters to purchase an additional 600,000 shares. The selling stockholders will receive all proceeds, with no shares being issued by AerSale. Concurrently, AerSale plans to repurchase 1,500,000 shares from the selling stockholders at the offering price, expected to close alongside the offering.
Positive
Concurrent share repurchase of 1,500,000 shares enhances shareholder value.
Potential for stock price stabilization through repurchase agreement.
Negative
Secondary offering could lead to shareholder dilution.
Market reaction may be uncertain due to the size of the offering.
CORAL GABLES, Fla.--(BUSINESS WIRE)--
AerSale Corporation (“AerSale”) (NASDAQ: ASLE), a leading provider of aviation products and services, today announced that certain of its stockholders, including affiliates of Leonard Green & Partners, L.P. (the “Selling Stockholders”) intend to offer for sale in an underwritten secondary offering (the “Offering”) 4,000,000 shares of common stock of AerSale pursuant to a shelf registration statement on Form S-3 filed by AerSale with the U.S. Securities and Exchange Commission (the “SEC”). The Selling Stockholders expect to grant the underwriters a 30-day option to purchase up to an additional 600,000 shares of common stock on the same terms and conditions. No shares are being issued or sold by AerSale. The Selling Stockholders will receive all of the proceeds from the Offering.
Cowen, RBC Capital Markets, and Stifel are acting as joint book-running managers and representatives of the underwriters for the Offering. Truist Securities is also acting as joint book-running manager for the Offering.
The Offering will be made only by means of a prospectus. Copies of the preliminary prospectus may be obtained from: Cowen and Company, LLC, Attn: Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, by telephone: (833) 297-2926 or by email: PostSaleManualRequests@broadridge.com; RBC Capital Markets, LLC, Attention: Equity Capital Markets, 200 Vesey Street, New York, NY 10281, by telephone at 877-822-4089 or by email at equityprospectus@rbccm.com; or Stifel, Nicolaus & Company, Incorporated, One South Street, 15th Floor, Baltimore, MD 21202, Attention: Syndicate Department, email: Syndprospectus@stifel.com.
In addition, the Company announced that it has entered into a share repurchase agreement with the Selling Stockholders pursuant to which it intends to purchase an aggregate of 1,500,000 shares of Common Stock directly from the Selling Stockholders (the “Share Repurchase”). The price per share to be paid by the Company will be equal to the price per Share paid by the underwriters for the Shares in the Offering. The Share Repurchase is expected to be consummated concurrently with the closing of the Offering. Although the Share Repurchase will be conditioned upon, among other things, the closing of the Offering, the closing of the Offering will not be conditioned upon the closing of the Share Repurchase.
A registration statement, including a prospectus, relating to these securities has been declared effective by the SEC. This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About AerSale AerSale serves a diverse customer base operating large jets manufactured by Boeing, Airbus and McDonnell Douglas and is dedicated to providing integrated aftermarket services and products designed to help aircraft owners and operators to realize significant savings in the operation, maintenance and monetization of their aircraft, engines, and components. AerSale’s offerings include: Aircraft & Component MRO, Aircraft and Engine Sales and Leasing, Used Serviceable Material sales, and internally developed ‘Engineered Solutions’ to enhance aircraft performance, operating economics and satisfy FAA mandates (e.g. AerSafe™, AerTrak™, and now AerAware™).
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on AerSale’s current expectations and are not guarantees of future performance. You can identify these forward-looking statements by the use of words such as “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. The forward-looking statements are subject to various risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Actual results may differ materially from these expectations due to changes in global, regional or local economic, business, competitive, market, regulatory and other factors, many of which are beyond AerSale’s control. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in AerSale’s filings with the SEC, its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, under the caption “Risk Factors,” as may be updated from time to time in our periodic filings with the SEC. Any forward-looking statement in this press release speaks only as of the date of this release. AerSale undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
What is the recent secondary offering announced by AerSale (ASLE)?
AerSale announced a secondary offering of 4,000,000 shares by certain stockholders, with an option for underwriters to purchase an additional 600,000 shares.
How many shares does AerSale plan to repurchase and why?
AerSale intends to repurchase 1,500,000 shares from the selling stockholders to potentially enhance shareholder value.
Who is managing the secondary offering for AerSale (ASLE)?
The offering is being managed by Cowen, RBC Capital Markets, and Stifel, acting as joint book-running managers.
What are the implications of the secondary offering for AerSale shareholders?
The secondary offering may lead to dilution of existing shares and could affect market perception and stock price.
When is the expected closing for AerSale's share repurchase agreement?
The share repurchase is expected to close concurrently with the secondary offering.
