TAMPA,
Fla., Nov. 13, 2023 /PRNewswire/ -- Lazydays
Holdings, Inc. (Nasdaq: LAZY) (the "Company" or "Lazydays")
announced today that it has cancelled its previously announced
rights offering of shares of the Company's common stock, par value
$0.0001 per share (the "Common
Stock") that had been made to holders (the "Holders") of the
Company's Common Stock, pre-funded warrants and series A
convertible preferred stock.
Given current industry conditions, as well as the decline in the
Common Stock price from the date of the announcement, the Company
has decided to cancel the rights offering. As a result, Lazydays
will seek alternative sources of funding, including mortgage
financing on owned real estate, while prioritizing optimizing the
performance of its existing store base. Additionally, the Company
will slow the cadence of certain acquisitions to better align with
operational cash flows and to gather further data on market
conditions.
"The Board is grateful for the work that is underway to improve
the Company's operational and financial performance," said
Chris Shackelton, Chairman of the
Board. "Furthermore, we strongly believe the leadership team
is on track to create substantial shareholder value over the coming
years."
All affected offering rights exercised by Holders will expire
without value and all subscription payments received from Holders
that exercised offering rights will be returned by the Subscription
Agent promptly, without interest or penalty.
About Lazydays
Lazydays has been a prominent player in the RV industry since
its inception in 1976, earning a stellar reputation for delivering
exceptional RV sales, service, and ownership experiences. Its
commitment to excellence has led to enduring relationships with
RVers and their families, who rely on Lazydays for all their RV
needs.
With a strategic approach to rapid expansion, Lazydays is
growing its network through both acquisitions and new builds. Its
wide selection of RV brands from top manufacturers,
state-of-the-art service facilities, and an extensive range of
accessories and parts ensure that Lazydays is the go-to destination
for RV enthusiasts seeking everything they need for their journeys
on the road. Whether you are a seasoned RVer or just starting your
adventure, Lazydays' dedicated team is here to provide outstanding
support and guidance, making your RV lifestyle truly
extraordinary.
Lazydays is a publicly listed company on the Nasdaq stock
exchange under the ticker "LAZY."
Forward Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "Safe-Harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward looking
statements include statements regarding its goals, plans,
projections and guidance regarding its financial position, results
of operations, market position, pending and potential future
acquisitions and business strategy, and often contain words such as
"project," "outlook," "expect," "anticipate," "intend," "plan,"
"believe," "estimate," "may," "seek," "would," "should," "likely,"
"goal," "strategy," "future," "maintain," "continue," "remain,"
"target" or "will" and similar references to future periods.
By their nature, forward-looking statements involve risks and
uncertainties because they relate to events that depend on
circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future
performance, and its actual results of operations, financial
condition and liquidity and development of the industry in which we
operate may differ materially from those made in or suggested by
the forward-looking statements in this press release. The risks and
uncertainties that could cause actual results to differ materially
from estimated or projected results include, without limitation,
future economic and financial conditions (both nationally and
locally); changes in customer demand; the Company's relationship
with, and the financial and operational stability of, vehicle
manufacturers and other suppliers; risks associated with the
Company's indebtedness (including available borrowing capacity,
compliance with financial covenants and ability to refinance or
repay indebtedness on favorable terms); acts of God or other
incidents which may adversely impact the Company's operations and
financial performance; government regulations; legislation; and the
risk factors discussed in "Part I, Item 1A. Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2022, in the
registration statement on Form S-1 (File No. 333-274489), which was
declared effective by the Securities and Exchange Commission (the
"SEC") on October 23, 2023 and from
time to time in the Company's other filings with the SEC.
News Contact:
+1 (813) 204-4099
investors@lazydays.com
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SOURCE Lazydays