Visionary Holdings Inc. Common Shares - GV STOCK NEWS

Goldfield has successfully completed a cash tender offer for all outstanding shares at $7.00 per share, with 73.83% of shares tendered. This allows First Reserve to merge with Goldfield without additional shareholder votes. Upon completion, Goldfield will become a wholly owned subsidiary, and its common stock will cease trading on the NYSE American. The merger is anticipated to finalize today.

On December 22, 2020, First Reserve Fund XIV, L.P. announced a waiver of the "Inside Date Condition" related to its all-cash tender offer for The Goldfield Corporation's common stock. The offer is set at $7.00 per share and will expire on December 29, 2020, at 11:59 P.M. NYC time. All other terms of the tender offer remain unchanged. Innisfree M&A Incorporated and American Stock Transfer & Trust Company are involved as information agent and paying agent, respectively. Investors are encouraged to review the filed tender offer materials with the SEC.

First Reserve Fund XIV, L.P. has commenced a cash tender offer for all outstanding shares of The Goldfield Corporation (GV) at $7.00 per share, valuing the deal at approximately $194 million. This tender offer provides a 57% premium over Goldfield's 30-day average price of $4.46 as of November 23, 2020. The offer is conditioned on a majority of Goldfield's outstanding shares being tendered by December 29, 2020. Following the tender offer, Goldfield will become a wholly owned subsidiary of First Reserve, ceasing to be publicly traded.

Goldfield Corporation (NYSE American: GV) has entered into a definitive merger agreement with an affiliate of First Reserve. The agreement stipulates that First Reserve will acquire all outstanding shares of Goldfield for $7.00 per share, representing a 64% premium to the stock's closing price on November 23, 2020. This agreement, unanimously approved by Goldfield's Board of Directors, implies a total enterprise value of approximately $194 million. The transaction is set to close by January 2021, pending regulatory approvals and minimum tender conditions.

The Goldfield Corporation (GV) reported strong financial results for the three and nine months ending September 30, 2020. Electrical construction revenue rose by 11.3%, reaching $137.8 million, driven by increased project activity in the Southeast and Texas-Southwest regions. The company saw a consolidated revenue increase of 3.3% to $141 million. Operating income grew by 9.8% to $7.3 million, while net income increased by 33.8% to $5 million. The total backlog surged 105.4% to $385.2 million, indicating robust future project prospects, despite a decline in real estate development revenue.

The Goldfield Corporation (NYSE American: GV) will release its third-quarter 2020 financial results after market close on November 4, 2020. A conference call and webcast to discuss these results will occur on November 5, 2020, at 10 a.m. ET. Participants can join the call by dialing (866) 373-3407 for domestic calls or (412) 902-1037 for international calls. The results and call details will be available on their Investor Relations website. Goldfield specializes in electrical construction services, primarily in the Southeast, mid-Atlantic, and Texas-Southwest regions.

The Goldfield Corporation (NYSE American: GV) mourns the passing of its Chairman and CEO, John H. Sottile, who died at age 72. Sottile joined the company in 1971 and became CEO in 1983, leading it to significant growth in electrical construction services. Under his leadership, the company's revenue increased more than twenty-fold, and he played a key role in expanding operations through strategic acquisitions. The Board has appointed Stephen R. Wherry and Jason M. Spivey as Acting Co-CEOs to continue the company’s operations.

The Goldfield Corporation (NYSE American: GV) reported Q2 results showing a 7.7% revenue increase to $47.8 million, driven primarily by a 19% rise in electrical construction revenue, totaling $46.7 million. Q2 net income surged 200.5% to $2.5 million, reflecting strong performance despite challenges posed by the COVID-19 pandemic. The company appointed Acting Co-CEOs Stephen R. Wherry and Jason M. Spivey while President and CEO John H. Sottile is hospitalized. The backlog rose 109.2% to $417.3 million, indicating robust future growth potential.

The Goldfield Corporation (NYSE American: GV) will release its second quarter 2020 financial results on August 5, after market close. Investors can access these results online. A conference call hosted by President John H. Sottile and CFO Stephen R. Wherry will take place on August 6 at 10 a.m. Eastern Time to discuss the results. Participants can join via telephone or through a live webcast. Goldfield specializes in electrical construction services for the utility and industrial sectors, primarily in the Southeast, mid-Atlantic, and Texas-Southwest regions.