MESA, Ariz., Aug. 18, 2021 /PRNewswire/ -- Verra Mobility
(NASDAQ: VRRM) ("Verra Mobility" or the "Company"), a leading
provider of smart mobility technology solutions, announces today
that its principal shareholder, an affiliate of Platinum Equity,
LLC (the "Selling Stockholder"), has commenced a secondary offering
of 8,000,000 shares of its Class A common stock (the "Offering").
The Selling Stockholder will also grant the underwriter a 30-day
option to purchase up to an additional 1,200,000 shares of the
Company's Class A common stock. The Company is not offering any
shares of its Class A common stock in the offering and will not
receive any of the proceeds from the sale of the shares offered by
the Selling Stockholder.
In addition, the Company announced that it has entered into a
share repurchase agreement with the Selling Stockholder pursuant to
which it intends to repurchase an aggregate number of shares of the
Company's Class A common stock equal to $100
million directly from the Selling Stockholder (the "Share
Repurchase"). The price per share to be paid by the Company will be
equal to the price per share paid by the underwriter for the shares
in the Offering. The Company expects to fund the Share Repurchase
with cash on hand. The Share Repurchase is expected to be
consummated concurrently with the closing of the Offering. Although
the Share Repurchase will be conditioned upon, among other things,
the closing of the Offering, the closing of the Offering will not
be conditioned upon the closing of the Share Repurchase.
Goldman Sachs is acting as the sole underwriter for the
offering.
A shelf registration statement on Form S-3 (including a
prospectus) relating to these securities has been filed with and
declared effective by the Securities and Exchange Commission (the
"SEC"). The Offering is being made solely by means of a prospectus
supplement and the accompanying prospectus. Copies of the
prospectus supplement and the accompanying prospectus relating to
the Offering, when available, may be obtained by contacting Goldman
Sachs & Co. LLC, Prospectus Department, 200 West Street,
New York, NY 10282, by telephone:
866-471-2526, by facsimile: 212-902-9316 or by emailing
Prospectus-ny@ny.email.gs.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of any
securities in any state or jurisdiction in which such an offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Verra Mobility
Verra Mobility is committed to developing and using the latest
in technology and data intelligence to help make transportation
safer and easier. As a global company, Verra Mobility sits at the
center of the mobility ecosystem – one that brings together
vehicles, devices, information, and people to solve complex
challenges faced by our customers and the constituencies they
serve.
Verra Mobility serves the world's largest commercial fleets and
rental car companies to manage tolling transactions and violations
for millions of vehicles. As a leading provider of connected
systems, Verra Mobility processes millions of transactions each
year through integration and connectivity with hundreds of tolling
and issuing authorities. Verra Mobility also fosters the
development of safe cities, partnering with law enforcement
agencies, transportation departments, and school districts across
North America, operating thousands
of red-light, speed, bus lane and school bus stop arm safety
cameras. Arizona-based Verra
Mobility operates in North
America, Europe,
Asia, and Australia. For more information,
visit www.verramobility.com.
Forward-Looking Statements
This press release contains forward-looking statements that
address the public offering, are subject to substantial risks,
uncertainties, and assumptions. You should not place reliance on
these statements. These statements often include words such as
"believe," "expect," "anticipate," "intend," "plan," "estimate,"
"seek," "will," "may" or similar expressions. Forward-looking
statements involve risks and uncertainties that could cause actual
results to differ materially from those currently anticipated.
Risks and uncertainties that may affect future results include
those described from time to time in the Company's filings with the
SEC and on the SEC website, www.sec.gov. These forward-looking
statements represent the judgment of the Company as of the date of
this release, and the Company disclaims any intent or obligation to
update forward-looking statements. This press release should be
read in conjunction with the information included in the Company's
other press releases, reports and other filings with the SEC.
Understanding the information contained in these filings is
important in order to fully understand the Company's reported
financial results and our business outlook for future periods.
Investor Relations Contacts
Sajid Daudi
Vice President, Investor Relations
480-596-4850
IR@verramobility.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/verra-mobility-announces-secondary-offering-of-8-million-shares-of-common-stock-and-concurrent-stock-repurchase-301358430.html
SOURCE Verra Mobility