Business
Target Hospitality Announces Closing of Warrant Exchange Offer
THE WOODLANDS, Texas, Dec. 22, 2022 /PRNewswire/ -- Target Hospitality Corp. ("Target Hospitality," "Target" or the "Company") (Nasdaq: TH), one of North
About this update from Target Hospitality Corp.
[{"type":"text","content":"THE WOODLANDS, Texas, Dec. 22, 2022 /PRNewswire/ -- Target Hospitality Corp. (\"Target Hospitality,\" \"Target\" or the \"Company\") (Nasdaq: TH), one of North America's largest providers of vertically-integrated modular accommodations and value-added hospitality services, today announced the closing of its previously announced exchange offer (the \"Offer\") relating to its outstanding warrants (the \"Warrants\").\nUnder the terms of the Offer, each Warrant holder had the opportunity to receive 0.37 shares of Target Common Stock, par value $0.0001 per share (\"Common Stock\"), for each Warrant tendered by the holder and exchanged pursuant to the Exchange Offer. As of the expiration of the Offer on December 16, 2022 at 11:59 p.m., Eastern Time, 8,097,893 outstanding Warrants (including 369,471 Warrants tendered through guaranteed delivery) were properly tendered and not withdrawn in the Offer, representing approximately 50.1% of the Warrants. Pursuant to the terms of the Offer, Target issued 2,996,201 shares of Common Stock in exchange for such Warrants.\nFollowing the closing of the Offer, 8,068,656 Warrants remain outstanding.\nCautionary Statement Regarding Forward Looking Statements\nCertain statements made in this press release are \"forward looking statements\" within the meaning of the \"safe harbor\" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words \"estimates,\" \"projected,\" \"expects,\" \"anticipates,\" \"forecasts,\" \"plans,\" \"intends,\" \"believes,\" \"seeks,\" \"may,\" \"will,\" \"should,\" \"future,\" \"propose\" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside our control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the duration of the COVID-19 pandemic or any future public health crisis, related economic repercussions and the resulting nega...