Nesco Holdings, Inc. to Become Custom Truck One Source, Inc., Change Ticker Symbol to CTOS

Rhea-AI Summary

Nesco Holdings, Inc. (NYSE: NSCO) announced a name change to Custom Truck One Source, Inc. following the acquisition of Custom Truck One Source, L.P. by its subsidiary, Nesco Holdings II, Inc. This transition will include changing the NYSE ticker symbol from NSCO to CTOS for its common stock and from NSCO.WS to CTOS.WS for its redeemable warrants. The acquisition is anticipated to enhance the company’s market position and service capabilities.

Positive

• Name change to Custom Truck One Source is aligned with the acquisition, potentially enhancing brand recognition.
• Acquisition of Custom Truck One Source, L.P. is expected to broaden operational capabilities.

Negative

• None.

FORT WAYNE, Ind., March 19, 2021 /PRNewswire/ -- Nesco Holdings, Inc. (NYSE: NSCO) ("Nesco" or the "Company") announced today that, in anticipation of the previously announced proposed acquisition by Nesco's wholly owned subsidiary, Nesco Holdings II, Inc., of 100% of the limited partnership interests of Custom Truck One Source, L.P. (the "Target") and 100% of the limited liability company interests of the Target's general partner (the "Acquisition"), Nesco will change its name to Custom Truck One Source, Inc. Nesco will also change the NYSE ticker symbol of its common stock from "NSCO" to "CTOS" and the ticker symbol of its redeemable warrants from "NSCO.WS" to "CTOS.WS" immediately upon the closing of the Acquisition.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. When used in press release, the words "anticipates," "will," "expects," and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's management's control, that could cause actual results or outcomes to differ materially from those discussed in this press release. Important factors, among others, that may affect actual results or outcomes include: the impact of the COVID-19 pandemic on the Company's business and operations as well as the overall economy; the Company's ability to complete the Acquisition and the related private placement of notes; and general economic and market conditions impacting demand for the Company's services. For a more complete description of these and other possible risks and uncertainties, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on March 9, 2021, as updated by the Company's subsequent quarterly reports on Form 10-Q.

INVESTOR CONTACT

Josh Boone, Chief Financial Officer
800.252.0043
investors@nescospecialty.com

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SOURCE Nesco Holdings, Inc.

FAQ

What is the new name for Nesco Holdings after the acquisition?

Nesco Holdings will change its name to Custom Truck One Source, Inc.

What ticker symbol will Nesco change to after the acquisition?

The ticker symbol will change from NSCO to CTOS.

When did Nesco announce the name change and acquisition plans?

The announcement was made on March 19, 2021.

What company is Nesco acquiring?

Nesco is acquiring Custom Truck One Source, L.P.

What will happen to Nesco's redeemable warrants after the name change?

The ticker symbol for the redeemable warrants will change from NSCO.WS to CTOS.WS.