REV Group, Inc. Announces Launch of Secondary Offering of Common Stock
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Insights
A secondary public offering, such as the one announced by REV Group, Inc., involves existing shareholders selling their shares to the public. This event can influence the company's stock price due to changes in supply and demand dynamics. The market often interprets large shareholders selling as a signal about the company's future prospects, which can lead to increased volatility in the stock price. Investors should monitor the offering price relative to the current market price, as a significant discount could suggest the sellers' urgency or a negative outlook on the stock's future performance.
With American Industrial Partners Capital Fund IV, LP and its parallel fund as the selling shareholders, the market will assess the impact of their exit on REV Group's governance and strategic direction. The funds' divestiture could alter the shareholder base and potentially attract different types of investors. Market participants will also evaluate the role of Goldman Sachs & Co. LLC and Morgan Stanley, given their influence in pricing and stabilizing the offering. Their reputation and the fixed price offering strategy could affect investor confidence and the success of the transaction.
The offering's legality hinges on compliance with the SEC regulations, as indicated by REV Group's use of an effective shelf registration statement. This legal framework allows the company to issue securities to the public with more efficiency and flexibility over a three-year period. However, the disclaimer in the press release is a standard precautionary statement to mitigate legal risk, emphasizing that the offering is contingent on market conditions and regulatory compliance, including the registration and qualification under the applicable securities laws.
The Offering consists entirely of shares of the Company’s common stock to be sold by the Selling Stockholders, and the Company will not receive any proceeds from the sale of the shares being offered by the Selling Stockholders. The proposed offering is subject to market and other conditions, as well as customary closing conditions.
Goldman Sachs & Co. LLC and Morgan Stanley are acting as joint book-running managers for the Offering.
The underwriters intend to offer the shares of common stock to the public at a fixed price, which may be changed at any time without notice.
The Offering is being made pursuant to an effective shelf registration statement on Form S-3 (Registration No. 333-276009), which has been filed with the Securities and Exchange Commission (“SEC”) and became effective on December 19, 2023. The Offering will be made only by means of a prospectus supplement and the accompanying base prospectus. You may get these documents for free, including the prospectus supplement, once available, by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of the prospectus supplement, once available, and the accompanying base prospectus may be obtained by contacting: Goldman Sachs & Co. LLC, 200 West Street,
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About REV Group
REV Group (REVG) is a leading designer, manufacturer and distributor of specialty vehicles and related aftermarket parts and services. We serve a diversified customer base, primarily in
Cautionary Statement on Forward-Looking Statements
This news release contains statements that the company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. This news release includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “strives,” “goal,” “seeks,” “projects,” “intends,” “forecasts,” “outlook,” “guidance,” “plans,” “may,” “will” or “should” or, in each case, their negative or other variations or comparable terminology. They appear in a number of places throughout this news release and include statements regarding our intentions, beliefs, goals or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which we operate, including REV Group’s outlook for the full fiscal year 2024.
Our forward-looking statements are subject to risks and uncertainties, including those highlighted under “Risk Factors” and “Cautionary Statement on Forward-Looking Statements” in the company’s annual report on Form 10-K, and in the company’s subsequent quarterly reports on Form 10-Q, together with the company’s other filings with the SEC, which risks and uncertainties may cause actual results to differ materially from those projected or implied by the forward-looking statement. Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements, which only speak as of the date hereof. The company does not undertake to update or revise any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise.
Source: REV Group, Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240313045503/en/
REV Group, Inc.
Drew Konop, 1-888-738-4037 (1-888-REVG-037)
investors@revgroup.com
Source: REV Group, Inc.
FAQ
What is the ticker symbol for REV Group, Inc.?
How many shares are being offered in the secondary public offering?
Who are the joint book-running managers for the Offering?
How can investors obtain the prospectus supplement for the Offering?
Is the Company receiving any proceeds from the sale of shares in the Offering?
