MESA, Ariz., Aug. 20, 2021 /PRNewswire/ -- Verra
Mobility (NASDAQ: VRRM) ("Verra Mobility" or the "Company"), a
leading provider of smart mobility technology solutions, announces
today the closing of its previously communicated, underwritten
secondary offering (the "Offering") of 8,000,000 shares of its
Class A common stock by the Company's principal stockholder, an
affiliate of Platinum Equity, LLC (the "Selling Stockholder"), at a
price to the public of $14.75 per
share. The Selling Stockholder also granted 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 did not sell any
shares in the Offering and did not receive any of the proceeds from
the Offering.
The Company also announces that pursuant to its recently
announced $100 million share
repurchase program, it repurchased 6,849,315 shares of its Class A
common stock from the Selling Stockholder at a price per share
equal to the price at which the underwriter purchased the shares
from the Selling Stockholder (the "Share Repurchase"). The Company
funded the Share Repurchase from existing cash on hand.
Goldman Sachs acted as the sole underwriter for the Offering. 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 of these securities was 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 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
Prospectus-ny@ny.email.gs.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of any
securities in any state or jurisdiction in which such an offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Verra Mobility
Verra Mobility is committed to developing and using the latest
in technology and data intelligence to help make transportation
safer and easier. As a global company, Verra Mobility sits at the
center of the mobility ecosystem – one that brings together
vehicles, devices, information, and people to solve complex
challenges faced by our customers and the constituencies they
serve.
Verra Mobility serves the world's largest commercial fleets and
rental car companies to manage tolling transactions and violations
for millions of vehicles. As a leading provider of connected
systems, Verra Mobility processes millions of transactions each
year through integration and connectivity with hundreds of tolling
and issuing authorities. Verra Mobility also fosters the
development of safe cities, partnering with law enforcement
agencies, transportation departments, and school districts across
North America, operating thousands
of red-light, speed, bus lane and school bus stop arm safety
cameras. Arizona-based Verra
Mobility operates in North
America, Europe,
Asia, and Australia. For more information,
visit www.verramobility.com.
Forward-Looking Statements
This press release contains forward-looking statements that
address the public Offering, are subject to substantial risks,
uncertainties, and assumptions. You should not place reliance on
these statements. These statements often include words such as
"believe," "expect," "anticipate," "intend," "plan," "estimate,"
"seek," "will," "may" or similar expressions. Forward-looking
statements involve risks and uncertainties that could cause actual
results to differ materially from those currently anticipated.
Risks and uncertainties that may affect future results include
those described from time to time in the Company's filings with the
SEC and on the SEC website, www.sec.gov. These forward-looking
statements represent the judgment of the Company as of the date of
this release, and the Company disclaims any intent or obligation to
update forward-looking statements. This press release should be
read in conjunction with the information included in the Company's
other press releases, reports and other filings with the SEC.
Understanding the information contained in these filings is
important in order to fully understand the Company's reported
financial results and our business outlook for future periods.
Investor Relations Contacts
Sajid Daudi
Vice President, Investor Relations
480-596-4850
IR@verramobility.com
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SOURCE Verra Mobility