Atlas Technical Consultants, Inc. Announces Launch of Offering of Class A Common Stock
August 11 2020 - 5:02PM
Atlas Technical Consultants, Inc. (NASDAQ: ACTX) (“Atlas” or the
“Company”), announced today that it has launched a public offering
of 6,250,000 shares of its Class A common stock, par value $0.0001
per share (the “Class A common stock”), pursuant to a registration
statement on Form S-1 (the “Registration Statement”) filed with the
U.S. Securities and Exchange Commission (the “SEC”). Of the
6,250,000 shares of Class A common stock to be sold in the
offering, the Company is offering 5,000,000 shares and the selling
stockholder named in the Registration Statement (the “Selling
Stockholder”) is offering 1,250,000 shares. In addition, the
Selling Stockholder intends to grant the underwriters a 30-day
option to purchase up to an additional 937,500 shares of Class A
common stock at the public offering price, less underwriting
discounts and commissions. The Class A common stock is listed on
the Nasdaq Stock Market and the last reported sales price of the
Class A common stock on August 10, 2020 was $9.20 per share.
Stifel, Nicolaus & Company, Incorporated,
Raymond James & Associates, Inc. and Macquarie Capital (USA)
Inc. will act as joint book running managers for the proposed
offering, and Lake Street Capital Markets, LLC will act as a
co-manager.
The Company intends to use the net proceeds from
the public offering of Class A common stock to repay revolver
borrowings under the Company’s credit agreement and the remaining
net proceeds for general corporate purposes.
About Atlas Technical Consultants
Headquartered in Austin, Texas, Atlas is a
leading provider of professional testing, inspection engineering
and consulting services under the name Atlas Technical Consultants,
offering solutions to public and private sector clients in the
transportation, commercial, water, government, education and
industrial markets. With more than 140 offices in 40 states and
3,200+ employees, Atlas provides a broad range of mission-critical
technical services, helping clients test, inspect, certify, plan,
design and manage a wide variety of projects across diverse end
markets. For more information, go to https://www.oneatlas.com.
Important Information
The Registration Statement relating to these
securities has been filed with the SEC but has not yet become
effective. These securities may not be sold nor may offers to buy
be accepted prior to the time the Registration Statement becomes
effective. The Registration Statement may be obtained free of
charge at the SEC’s website at www.sec.gov under “Atlas Technical
Consultants, Inc.” 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 the
registration or qualification under the securities laws of any such
state or jurisdiction.
Forward-Looking Statements
This press release contains certain
forward-looking statements, including but not limited to,
statements relating to the Company’s expectations regarding the
completion, timing and size of the proposed public offering, and
its expectations with respect to the Selling Stockholder granting
the underwriters a 30-day option to purchase additional shares.
Forward-looking statements are based on the Company’s current
expectations and assumptions. The Private Securities Litigation
Reform Act of 1995 provides a safe-harbor for forward-looking
statements. These statements may be identified by the use of
forward-looking expressions, including, but not limited to,
“expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,”
“potential,” “predict,” “project,” “should,” “would” and similar
expressions and the negatives of those terms, including without
limitation, risks related to customary closing conditions or other
risks discussed in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2019, as updated by its Quarterly Report on
Form 10-Q for the quarter ended June 30, 2020 and in the
preliminary prospectus related to the proposed offering filed with
the Securities Exchange Commission. Prospective investors are
cautioned not to place undue reliance on such forward-looking
statements, which speak only as of the date hereof. The Company
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Contacts:
Investor Relations 512-851-1507
ir@oneatlas.com
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