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Atlas Technical Consultants Inc. (ATCX), headquartered in Austin, Texas, is a leading provider of professional testing, inspection, engineering, environmental, program management, and consulting services. With a nationwide footprint and more than 3,300 employees, Atlas is dedicated to offering comprehensive solutions to clients across various sectors including transportation, commercial, water, government, education, and industrial markets. The company's core services include testing, inspecting, certifying, planning, designing, and managing diverse projects, ensuring top-notch service quality and client satisfaction.
Recently, Atlas has made significant strides in innovation by deploying Data Recon, an application-based software designed to collate structural data on a small tablet. This innovative tool reduces field time by more than 50 percent and streamlines data collection processes. Additionally, Atlas collaborated with STRUCINSPECT to implement automated, data-collection methodologies along with artificial intelligence-assisted software. This collaboration has enabled the identification, quantification, and sizing of defects, and the generation of 3D models and orthomosaic maps, giving LA Metro critical insights for optimized maintenance decisions.
As a prime consultant, Atlas secured a five-year contract with an annual $1.2-million budget to provide structural inspection services. The work includes inspecting and rating light-rail and roadway bridges, tunnels, pedestrian crossings, and retaining walls. Each structure undergoes a visual inspection, a federal 'State of Good Repair' condition rating, and recommendations for corrective repairs tailored to specific defects. Detailed inspection reports and comprehensive databases for defects, assets, and photos are also part of the service.
Atlas is committed to complying with regulatory standards, performing inspections in accordance with the Federal Transit Administration, California Public Utilities Commission, Federal Highway Administration, National Bridge Inspection Standards, American Public Transportation Association (APTA), and Metro Engineering Standards.
Atlas' achievements extend to its five-year, $12-million master agreement with the Georgia Department of Transportation (GDOT) to conduct engineering design review services. With a longstanding partnership with GDOT, Atlas has been delivering engineering design review services for over 35 years. The company will schedule and conduct field plan reviews, ensuring adherence to AASHTO and GDOT guidance documents, and oversee review responses to findings, thereby playing a crucial role in maximizing the return on investment for public transportation tax dollars.
For more information about Atlas Technical Consultants and their innovative solutions, visit their website.
Atlas Technical Consultants (NASDAQ: ATCX) announced the completion of its exchange offer and consent solicitation for outstanding warrants. Following the offer, a total of 19,759,386 public warrants and 3,750,000 private placement warrants were tendered, representing approximately 98.80% and 100% of their respective categories. As a result, Atlas will exchange remaining untendered warrants at a ratio of 0.1665 shares per warrant, effective December 3, 2020. Due to the low number of outstanding warrants, Nasdaq will suspend trading and delist them as of November 18, 2020.
Atlas Technical Consultants (NASDAQ: ATCX) announced the completion of its Exchange Offer and Consent Solicitation for warrants, with results showing a 98.80% participation from public warrants and 100% from private placement warrants. As of November 18, 2020, the company will issue 4,349,174 shares of Class A common stock in exchange for these warrants, increasing the total outstanding shares to 10,116,516. Additionally, nearly 99% of the outstanding warrants approved a Warrant Amendment, executed on November 17, 2020.
Atlas Technical Consultants (Nasdaq: ATCX) has announced a new three-year contract valued at approximately $5 million with the California Department of Transportation (Caltrans), District 8. The contract involves on-call materials field testing and inspections across Riverside and San Bernardino counties, covering a significant area of 28,650 square miles and numerous state routes. Alta Vista, a subsidiary of Atlas, is recognized for its expertise in materials engineering and has a longstanding relationship with Caltrans, enhancing Atlas's service offerings in critical infrastructure projects.
Atlas Technical Consultants (NASDAQ: ATCX) has filed an amendment to its SEC Registration Statement, initially filed on October 19, 2020. This amendment updates the registration to include unaudited financial data up to September 30, 2020, associated with its exchange offer for public and private placement warrants. The offering period for the exchange will end on November 16, 2020. BofA Securities, Inc. is managing the exchange offer, and holders can withdraw warrants prior to the expiration date. The full terms are detailed in the Schedule TO and Prospectus/Offer to Exchange.
Atlas Technical Consultants (Nasdaq: ATCX) reported solid Q3 2020 results, posting gross revenue of $120.5 million and net revenue of $97.9 million, despite impacts from COVID-19. The company achieved a net income of $0.6 million, inclusive of $6.5 million in one-time costs. Adjusted EBITDA reached $19.0 million, representing 19.4% of net revenue. The acquisition of Alta Vista bolstered the backlog to a record $638 million. The company also launched a warrant exchange offer to enhance its capital structure and raised its full-year Adjusted EBITDA outlook to $61-$64 million.
Atlas Technical Consultants (Nasdaq: ATCX) announced the appointment of Raquel G. Richmond to its board of directors, effective November 2, 2020. With over 25 years of experience in financial and professional services, Richmond currently serves as a Senior Account Manager at Greenup Industries. Previously, she was a Project Manager for the U.S. Army Corps of Engineers on a $14 billion infrastructure project. Brian Ferraioli, chairman of the board, expressed confidence in her ability to contribute to the company’s mission-critical technical services.
Atlas Technical Consultants (Nasdaq: ATCX) will release its third quarter 2020 financial results on November 9, 2020, after market close. A conference call will follow at 5:00 p.m. ET for a review of the results and a Q&A session. The call can be accessed via phone or through a live webcast on the company's investor relations website. Atlas, headquartered in Austin, Texas, provides professional testing, inspection, engineering, and consulting services across various sectors, with over 3,300 employees and 100+ offices nationwide.
Atlas Technical Consultants announced an exchange offer and consent solicitation for its outstanding warrants to purchase shares of Class A common stock. The initiative aims to simplify the capital structure and minimize the dilutive impact of these warrants, assisting in future financing flexibility. Holders of the warrants have the opportunity to exchange them for shares at a rate of 0.185 shares per warrant. The Offer will continue until November 16, 2020, with 53.1% of warrant holders already consenting to amend the warrant agreement.
Atlas Technical Consultants (ATCX) has appointed Laura Strunk as Chief Legal Officer and Britni Aucoin as Chief Information Officer. Strunk brings extensive experience in public company law, including capital markets and mergers, previously serving at USA Compression Partners and NuStar Energy. Aucoin, formerly with Accenture, specializes in digital strategy and IT management. CEO L. Joe Boyer emphasized their expertise as vital to Atlas's growth. With over 3,300 employees across 100 offices, Atlas provides vital testing, inspection, and consulting services in various sectors.
Atlas Technical Consultants (Nasdaq: ATCX) has been selected as the project management consultant for Gwinnett County's transportation program in Georgia, with an initial contract value of up to $7 million for the first year. This contract is renewable for up to four additional years. Atlas has partnered with Gwinnett County for over 30 years, contributing to significant infrastructure projects such as Ronald Reagan Parkway and Sugarloaf Parkway. The Gwinnett Department of Transportation oversees over 2,600 miles of roads and has a 2020 budget of $51.8 million.
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