REV Group, Inc. Announces Pricing of Secondary Offering of Common Stock

Rhea-AI Summary

REV Group (NYSE:REVG) announced the pricing of a public offering of 5,500,000 shares of common stock by certain selling stockholders at $15.50 per share. Additionally, underwriters have an option to purchase 825,000 more shares. REV Group will not issue any shares or receive proceeds from this offering. The offering is expected to close around June 15, 2021. Goldman Sachs, Morgan Stanley, and other financial institutions are leading the offering, with a registration statement filed with the SEC.

Positive

• The offering allows selling stockholders to potentially gain capital.
• Underwriters' option for additional shares could indicate strong demand.

Negative

• REV Group will not receive any proceeds from the offering, limiting its capital generation.
• Stockholder dilution risk if additional shares are sold.

REV Group, Inc. (NYSE:REVG) announced today the pricing of the previously announced underwritten offering of 5,500,000 shares of common stock by certain selling stockholders at the public offering price of $15.50 per share. In addition, the selling stockholders have granted the underwriters an option to purchase up to 825,000 additional shares of common stock from the selling stockholders. REV Group is not selling any shares of common stock in the offering, and REV Group will not receive any proceeds from the offering by the selling stockholders. The offering is expected to close on or about June 15, 2021, subject to customary closing conditions.

Goldman Sachs & Co. LLC, Morgan Stanley, Baird and J.P. Morgan are acting as joint lead book-running managers for the offering. BMO Capital Markets and Jefferies are acting as joint book-running managers for the offering.

A registration statement on Form S-3 (File No. 333-255153) relating to the shares of common stock of REV Group to be sold in the proposed offering was declared effective by the Securities and Exchange Commission (the “SEC”) on April 30, 2021. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the proposed offering have been filed with the SEC and may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov or by contacting Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282-2198, Attention: Prospectus Department, Telephone: 866-471-2526, Email: Prospectus-ny@ny.email.gs.com or Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus Department; Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, Wisconsin 53202, Phone: +1-800-792-2473, syndicate@rwbaird.com; J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at 866-803-9204 or by email at prospectus-eq_fi@jpmorganchase.com; BMO Capital Markets, 3 Times Square, New York, NY 10036, Attention: Equity Syndicate Department, by telephone at (800) 414-3627 or by email to bmoprospectus@bmo.com; and Jefferies LLC, 520 Madison Avenue, 2nd Floor, New York, NY 10022, Attention: Equity Syndicate Prospectus Department, by telephone at (877) 821-7388 or by email at ProspectusDepartment@Jefferies.com. The final terms of the proposed offering will be disclosed in a final prospectus supplement to be filed with the SEC.

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 the United States, through three segments: Fire & Emergency, Commercial, and Recreation. We provide customized vehicle solutions for applications, including essential needs for public services (ambulances, fire apparatus, school buses, and transit buses), commercial infrastructure (terminal trucks, industrial sweepers, transportation services) and consumer leisure (recreational vehicles and ‘RVs’). Our diverse portfolio is made up of well-established principal vehicle brands, including many of the most recognizable names within their industry. Several of our brands pioneered their specialty vehicle product categories and date back more than 50 years. REV Group trades on the NYSE under the symbol REVG.

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FAQ

What is the pricing of REV Group's recent stock offering?

REV Group's recent stock offering is priced at $15.50 per share.

How many shares are being offered in the REV Group stock sale?

5,500,000 shares are being offered, with an option for underwriters to purchase an additional 825,000 shares.

When is the expected closing date for REV Group's offering?

The offering is expected to close on or about June 15, 2021.

Will REV Group receive any proceeds from this stock offering?

REV Group will not receive any proceeds from the offering as it is solely by selling stockholders.

Who are the underwriters for REV Group's stock offering?

Goldman Sachs, Morgan Stanley, Baird, and J.P. Morgan are acting as joint lead book-running managers.