Business
Target Hospitality Announces Commencement of Exchange Offer Relating to its Warrants
THE WOODLANDS, Texas, Nov. 18, 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, Nov. 18, 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 that it has commenced an exchange offer (the \"Offer\") relating to all of its outstanding Warrants (as defined below). The purpose of the Offer is to provide an opportunity for warrant holders to realize value and increased liquidity by transitioning on a cashless basis into shares of Target's common stock which have been registered with the Securities and Exchange Commission (the \"SEC\").\nThe Offer is being made pursuant to a prospectus/offer to exchange dated November 18, 2022 (the \"Prospectus/Offer to Exchange\"), and a Schedule TO, dated November 18, 2022 (the \"Schedule TO\"), each of which have been filed with the SEC and more fully set forth the terms and conditions of the Offer. Until the Expiration Date (as defined below), Target is offering to holders of its Warrants the opportunity to receive 0.37 shares of its common stock, par value $0.0001 per share (the \"Common Stock\"), in exchange for each such outstanding warrant tendered by the holder and exchanged pursuant to the Offer. The Offer is being made to:\nAll holders of the Company's publicly traded warrants (the \"Public Warrants\") to purchase shares of its Common Stock that were issued under the warrant agreement dated January 11, 2018 by and between Target's legal predecessor company Platinum Eagle Acquisition Corp. (\"Platinum Eagle\") and Continental Stock Transfer & Trust Company, as warrant agent (the \"Warrant Agreement\"), in connection with Platinum Eagle's initial public offering (\"IPO\"), which entitle such warrant holders to purchase one share of Common Stock for a purchase price of $11.50, subject to adjustments.All holders of the Company's warrants to purchase Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with the IPO (the \"Private Warrants\" and together with the Public Warrants, the \"Warrants\"). The Private Warrants entitle the holders to purchase one share of Common Stock for a purchase price of $11.50, subject to adjustments. The terms of the Private Warrants are identical to the Public Warrants, except ...