ASV Holdings, Inc. Prices Initial Public Offering of Common Stock
May 12 2017 - 8:39AM
Business Wire
ASV Holdings, Inc. (NASDAQ: ASV) today announced the pricing of
an underwritten initial public offering of 3,800,000 shares of its
common stock at a price of $7.00 per share, including 1,800,000
shares to be sold by the Company and 2,000,000 shares to be sold by
Manitex International, Inc. In addition, A.S.V. Holding, LLC, which
is a subsidiary of Terex Corporation, has granted to the
underwriters a 45-day option to acquire an additional 570,000
shares to cover over-allotments in connection with the offering.
After the underwriting discount and estimated offering expenses
payable by the Company, the Company expects to receive net proceeds
of approximately $10.7 million. The Company will not receive any
proceeds from the sale of shares by Manitex International, Inc. and
A.S.V. Holding, LLC, including upon exercise of the over-allotment
option. The offering is expected to close on May 17, 2017, subject
to customary closing conditions. The shares are expected to begin
trading on the Nasdaq Capital Market on May 12, 2017 under the
symbol “ASV.”
Roth Capital Partners is acting as sole book-running manager for
the offering. Seaport Global Securities, LLC is acting as co-lead
manager for the offering.
Use of Proceeds
The Company’s credit agreement requires that it use 40% of the
net proceeds from this offering to pay down amounts outstanding
under the credit agreement. In addition to the amount required to
be used for repayment ($4.3 million), the Company expects to
additionally repay indebtedness under its Credit Agreement in the
amount of $6.4 million, for a total of $10.7 million of debt
repayments.
The shares described above are being offered by the Company
pursuant to a registration statement previously filed with and
subsequently declared effective by the Securities and Exchange
Commission. The offering is being made only by means of a
prospectus, copies of which may be obtained from Roth Capital
Partners, 888 San Clemente Drive, Suite 400, Newport Beach, CA
92660; (800) 678-9147.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, 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 ASV Holdings, Inc.
The Company designs and manufactures a broad range of high
quality compact track loader and skid steer loader equipment,
marketed through a distribution network in North America, Australia
and New Zealand.
Forward-Looking Statements
This press release contains forward-looking statements regarding
the proposed initial public offering, including statements with
regard to the use of proceeds from the offering and the expected
closing of the offering. The completion of the offering is subject
to conditions and there can be no assurance as to whether or when
the offering may be completed on the terms described. Any
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially, including the
risks detailed under “Risk Factors” in the Registration Statement
on Form S-1 and in other filings we make from time to time with the
Securities and Exchange Commission, and represent our views only as
of the date they are made and should not be relied upon as
representing our views as of any subsequent date. We do not assume
any obligation to update any forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20170512005286/en/
For ASV Holdings, Inc.Peter Seltzberg, Managing DirectorDarrow
Associates, Inc.516-419-9915pseltzberg@darrowir.com
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