Business
Verra Mobility Announces Secondary Offering Of 8 Million Shares Of Common Stock And Concurrent Stock Repurchase
MESA, Ariz., Aug. 18, 2021 /PRNewswire/ -- Verra Mobility (NASDAQ: VRRM) ("Verra Mobility" or the "Company"), a leading provider of smart mobility technology
About this update from Verra Mobility Corporation
[{"type":"text","content":"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.\n\n \n \n \n \n \n \n\n \nIn 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.\n\n Goldman Sachs is acting as the sole underwriter for the offering.\n\n 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 [email protected].\n\n This press release shall not constitute an offer to sell or a solicitation of a...