TAMPA, Fla. – Lazydays Holdings, Inc. (NasdaqCM: GORV) announced that it will release its third-quarter fiscal year 2024 results to the public immediately after market close on Monday, Nov. 18, 2024. The company will also file its SEC Form 10-Q on the same day.
A conference call to discuss the results is scheduled for 8:30 a.m. on Tuesday, Nov. 19, 2024. The call will also include commentary on the comprehensive recapitalization and strategic asset sales announced Friday.
On Friday, Nov. 14, Lazydays announced a series of transformative transactions designed to provide the company with a significantly strengthened financial foundation and a more focused dealership portfolio. These transactions, which include a comprehensive recapitalization and certain asset sales, will result in meaningful reductions in the company’s debt, interest and preferred stock dividend payments, substantial added cash to the balance sheet, and an improvement in the underlying earnings power of the business, according to a release.
‘Transformative Transactions’ Highlights
- Lazydays agreed to sell seven dealerships, including real estate where applicable, and issue common stock to certain indirect subsidiaries of Camping World Holdings, Inc. (Camping World) for a combined $65.5 million, subject to conditions.
- Lazydays agreed to sell one additional dealership asset to a separate buyer for $8 million, subject to conditions.
- Lazydays closed a $30 million common equity PIPE at $1.03 per share with clients of Alta Fundamental Advisers and Coliseum Capital Management (collectively, the “PIPE Investors”).
- Lazydays plan to launch a $25 million rights offering at $1.03 per share, allowing all its common stockholders (other than the PIPE Investors and Camping World) to purchase common stock at the same price as PIPE Investors, subject to the U.S. Securities and Exchange Commission declaring a registration statement on Form S-1 effective.
- Lazydays agreed to exchange all outstanding convertible preferred stock for common stock at $1.03 per share, eliminating our preferred stock liquidation preference, preferred dividend requirement and other preferred stockholder rights, subject to conditions.
- Lazydays executed an amendment to the credit facility with the company’s lender group led by Manufacturers and Traders Trust Company (M&T Bank), providing significant financial flexibility.
- The transactions will collectively result in $65 million reduction of debt, elimination of $68 million preferred stock liquidation preference, and $16 million reduction of interest and preferred dividend payments.
- Pro forma for the transactions (excluding proceeds and shares from the proposed rights offering), Lazydays is expected to have $35 million of cash on the balance sheet, debt of $61 million (excluding floor plan financings), and 119.5 million shares of common stock outstanding.
Tuesday’s conference call access information is below. A replay will be available on the Lazydays website at: www.lazydays.com/investor-relations
Conference call information:
Date: November 19, 2024
Time: 8:30 a.m. Eastern Time
Participant Dial-In: 877-407-8029 / +1 201-689-8029
Click here for participant International Toll-Free access numbers
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=uvIHlTnt
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About Lazydays
Lazydays has been a prominent player in the RV industry since our inception in 1976, earning a stellar reputation for delivering exceptional RV sales, service, and ownership experiences. Our commitment to excellence has led to enduring relationships with RVers and their families who rely on us for all of their RV needs.
Our 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’re a seasoned RVer or just starting your adventure, our 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 “GORV.”
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