Lazydays Holdings, Inc. Elects to Proactively Withdraw Proposed Share Offering

Rhea-AI Summary

Lazydays Holdings, Inc. (NasdaqCM: LAZY) has withdrawn its proposed share offering, believing the offering price did not reflect the company's underlying value. CEO William P. Murnane emphasized the company's strong balance sheet and commitment to shareholder interests. Lazydays has achieved significant market share gains and growth over the past year and is well-positioned for future expansion, particularly with planned dealership acquisitions. The company operates the largest RV dealership in the U.S., providing a diverse range of RV products and services.

Positive

• Withdrew proposed share offering reflecting strong balance sheet.
• Achieved unprecedented growth, outpacing the market.
• Strong cash generation and robust pipeline for dealership acquisitions.

Negative

• None.

TAMPA, Fla., Oct. 16, 2020 /PRNewswire/ -- Lazydays Holdings, Inc.  ("Lazydays" or the "Company") (NasdaqCM: LAZY) today announced that it has proactively withdrawn its proposed share offering.

"The proposed offering price did not reflect what we believe is the underlying value of the Company," stated William P. Murnane, Chairman and CEO of Lazydays.  "We have a very strong balance sheet and are willing to raise capital only if it is in the best interests of our shareholders.  We are very excited about the future of the company and we are committed to driving significant shareholder value in the coming years. Management and the board are steadfast in our effort to deliver disciplined and accretive capital stewardship.

"As a result of market share gains, we have achieved unprecedented growth over the past year that has clearly outpaced the market," continued Murnane. "Our cash generation is strong and we have a robust pipeline of dealership acquisition and greenfield growth opportunities.  We are very well positioned to pursue our geographic expansion strategy and to continue our strong growth trajectory."

ABOUT LAZYDAYS RV
Lazydays, The RV Authority®, is an iconic brand in the RV industry. Home of the world's largest recreational dealership, based on 126 acres outside of Tampa, Florida, Lazydays has nine dealership locations in Arizona, Colorado, Florida, Indiana, Minnesota, and Tennessee.  Lazydays also has a dedicated Service Center location in Texas. Offering the nation's largest selection of leading RV brands, Lazydays features over 3,000 new and pre-owned RVs, more than 400 service bays and two on-site campgrounds with over 700 RV campsites. In addition, Lazydays RV Accessories & More™ stores offer thousands of accessories and hard-to-find parts at dealership locations.

Since 1976, Lazydays has built a reputation for providing an outstanding customer experience with exceptional service and product expertise, along with being a preferred place to rest and recharge with other RVers. Lazydays believes that it consistently provides the best RV purchase, service, and ownership experience, which is why RVers and their families keep returning to Lazydays year after year, calling it their "home away from home."

Lazydays Holdings, Inc. is a publicly listed company on the Nasdaq stock exchange under the ticker "LAZY." Additional information can be found here.

Forward–Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements.  Forward-looking statements describe Lazydays future plans, projections, strategies and expectations, including statements on expected customer demand, RV unit sales, total revenue, net income, inventory, OEM shipments and adjusted EBITDA, and statements regarding Lazydays' expectations regarding the impact of its recently acquired dealerships in Phoenix and Elkhart, and its greenfield start-up near Nashville, Tennessee, are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Lazydays.  Actual results could differ materially from those projected due to various factors, including economic conditions generally, conditions in the credit markets and changes in interest rates, conditions in the capital markets, the global, national and local impact of the pandemic outbreak of coronavirus (COVID-19) and other factors described from time to time in Lazydays' SEC reports and filings, which are available at www.sec.gov.   Forward-looking statements contained in this news release speak only as of the date of this news release, and Lazydays undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances, unless otherwise required by law.

Disclaimer
Information in this news release is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

News Contact:
+1 (813) 204-4099
investors@lazydays.com 

 

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SOURCE Lazydays Holdings, Inc.

FAQ

Why did Lazydays withdraw its proposed share offering?

Lazydays withdrew its proposed share offering because the company believed the offering price did not accurately reflect its underlying value.

What are Lazydays' future plans after withdrawing the share offering?

Lazydays plans to focus on shareholder interests and pursue geographic expansion and dealership acquisition opportunities.

How has Lazydays performed in the market recently?

Lazydays has experienced unprecedented growth over the past year, significantly gaining market share.

What is Lazydays' stock symbol?

Lazydays trades on the Nasdaq under the ticker symbol 'LAZY'.