EquityMonster83
4 years ago
Actually.
The Company is offering to all holders of its warrants the opportunity to receive 0.185 shares of Class A common stock in exchange for each outstanding warrant tendered by the holder and exchanged pursuant to the Offer. The Companyโs Class A common stock and public warrants are listed on the Nasdaq Stock Market under the symbols โATCXโ and โATCXW,โ respectively. As of October 19, 2020, a total of 23,750,000 warrants were outstanding. Pursuant to the Offer, the Company is offering up to an aggregate of 4,393,750 shares of its Class A common stock in exchange for the warrants.
EquityMonster83
4 years ago
https://finance.yahoo.com/news/atlas-technical-consultants-announces-agreement-201500349.html
Strengthens transportation testing, inspection and engineering capabilities in West Coast and Northeast -
AUSTIN, Texas, Aug. 03, 2020 (GLOBE NEWSWIRE) -- Atlas Technical Consultants, Inc. (Nasdaq: ATCX) (โAtlasโ or the โCompanyโ), a leading provider of professional testing, inspection, engineering, program management and consulting services, announced today that it has entered into a definitive agreement to acquire Alta Vista Solutions, Inc. (โAlta Vistaโ), a key provider of transportation-related testing and inspection services, headquartered in Oakland, California. Alta Vista has approximately 100 employees, operating out of four offices in California and one office in New York City, bringing a broad array of construction engineering, materials testing, inspection, quality management, asset management and infrastructure services.
L. Joe Boyer, Atlasโ Chief Executive Officer, said, โAlta Vistaโs transportation focus, wide range of services and established presence in California and New York will provide an exceptional fit for Atlas. The ability to self-perform more work is a key part of our growth strategy. With our combined expertise and infrastructure focus, we will be able to more thoroughly service customers in two key regions where investment in transportation is an increasing priority for state and local governments. We look forward to welcome Alta Vistaโs talented team to our rapidly growing company.โ
Patrick Lowry, P.E., President of Alta Vista, stated, โSimilar to Atlas, we have built our business through a reputation for high-quality work and delivering comprehensive services to customers. Atlasโ scale, resources and shared passion for excellence represent an exciting new chapter for our business. We look forward to continue providing our combined client base with innovative technical solutions.โ
Mazen Wahbeh, PH.D., P.E., Executive Chairman of Alta Vista, added, โI am extremely proud of the company we have built together with our dedicated employees. Atlas fits squarely with our desire to quickly scale our business in both existing and new markets. We are very excited to become part of Atlas and to further build on our successful history.โ
The transaction is expected to close in the third quarter of 2020. The terms of the acquisition were not disclosed.
WolfmanTX24
4 years ago
Fairly limited due to inability to share but here's a few more notes:
- Covid hasn't been adversely impacting the business, company has transitioned to remote working environment well
- Govt projects have been holding steady and even seeing acceleration in this environment
- Private projects a mixed bag, with some areas slowing while others doing well
- Current leverage sits around 3.3x, with covenant at 5.0x. They don't anticipate any risk of running into an issue here.
- Most of this is one time due to combination transaction, future acquisitions will be done through cash and equity, with an aim to pull leverage down over time
- Date of next earnings release should be announced within next 10 days
- Tone of analyst seemed positive about the future of the company