LAZYDAYS ANNOUNCES OUTCOME OF WARRANT EXPIRY

Rhea-AI Summary

Lazydays, trading under the ticker LAZY, reported the results of warrant exercises following their March 2018 de-SPAC transaction, with common and preferred warrants expiring on March 15, 2023. Out of approximately 4.3 million common share warrants, about 4.0 million were exercised, resulting in the issuance of approximately 2.7 million shares and proceeds of $30.5 million. Additionally, 675,000 preferred warrants were exercised at a ratio of one common share per warrant. The company is focused on geographic expansion through acquisitions and new locations to enhance its market position in the RV industry.

Positive

• Approximately 4.0 million common share warrants were exercised, generating $30.5 million in proceeds.
• The company issued approximately 2.7 million shares through the exercise of warrants.

Negative

• None.

TAMPA, Fla., March 24, 2023 /PRNewswire/ -- Lazydays (NasdaqCM: LAZY) announced the results of the exercise of common and preferred warrants that were issued in conjunction with our March 2018 de-SPAC transaction. As previously disclosed, the warrants expired on the five-year anniversary of the event, on March 15, 2023.

Since January 1, 2023, of the total approximately 4.3 million common share warrants outstanding, approximately 4.0 million were exercised and approximately 300,000 expired. The common warrants were redeemable at one half common share per warrant. Approximately 675,000 preferred warrants were exercised at a ratio of one common share per warrant and approximately 50,000 expired. The exercise price for all warrants was $11.50 per common share, and as a result, year to date we issued approximately 2.7 million shares, receiving proceeds of $30.5 million.

About Lazydays
As an iconic brand in the RV industry, Lazydays, The RV Authority, consistently provides the best RV sales, service, and ownership experience, which is why RVers and their families become Customers for Life. Lazydays continues to add locations at a rapid pace as it executes its geographic expansion strategy that includes both acquisitions and greenfields.

Since 1976, Lazydays has built a reputation for providing an outstanding customer experience with exceptional service excellence and unparalleled product expertise, along with being a preferred place to rest and recharge with other RVers. By offering the largest selection of RV brands from the nation's leading manufacturers, state-of-the-art service facilities, and thousands of accessories and hard-to-find parts, Lazydays provides everything RVers need and want.

Lazydays is a publicly listed company on the Nasdaq stock exchange under the ticker "LAZY."

Forward–Looking Statements
This press release includes "forward-looking statements" within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as "project," "outlook," "expect," "anticipate," "intend," "plan," "believe," "estimate," "may," "seek," "would," "should," "likely," "goal," "strategy," "future," "maintain," "continue," "remain," "target" or "will" and similar references to future periods. Examples of forward-looking statements in this press release include, among others, statements regarding:

• Our ability to improve store performance;
• Anticipated acquisition opportunities and additions of dealership locations to our portfolio in the future, and our ability to improve earnings and achieve returns on investments;
• Anticipated revenues from acquired and open point stores; and
• Anticipated availability of liquidity from our credit facility and unfinanced operating real estate.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events that depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this press release. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation, future economic and financial conditions (both nationally and locally), changes in customer demand, our relationship with, and the financial and operational stability of, vehicle manufacturers and other suppliers, risks associated with our indebtedness (including available borrowing capacity, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms), acts of God or other incidents which may adversely impact our operations and financial performance, government regulations, legislation and others set forth throughout "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and in "Part I, Item 1A. Risk Factors" of our most recent Annual Report on Form 10-K, and from time to time in our other filings with the SEC. We urge you to carefully consider this information and not place undue reliance on forward-looking statements. We undertake no duty to update our forward-looking statements, including our earnings outlook, which are made as of the date of this release.

Contact:
Angela Johnson
+1 (813) 204-4099

 

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SOURCE Lazydays Holdings, Inc.

FAQ

What was the outcome of Lazydays' warrant expiry on March 15, 2023?

Lazydays reported that approximately 4.0 million common share warrants were exercised, resulting in about 2.7 million shares issued and $30.5 million in proceeds.

How many preferred warrants were exercised by Lazydays?

Lazydays exercised approximately 675,000 preferred warrants at a ratio of one common share per warrant.

What is the ticker symbol for Lazydays on the Nasdaq?

Lazydays is listed on the Nasdaq under the ticker symbol 'LAZY.'