NOVI, Mich. – The Shyft Group Inc. (NASDAQ: SHYF), a North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service markets, today announced the successful completion of the previously announced merger of an indirect, wholly owned subsidiary of Aebi Schmidt Holding AG, a global provider of mission-critical infrastructure, environmental, and agricultural solution, with and into Shyft.
The combined company, now operating as “Aebi Schmidt Group“, is strategically positioned as a differentiated global leader in the specialty vehicles sector, with expanded reach across North America and Europe, complementary product portfolios, and enhanced operational capabilities. Shares of Aebi Schmidt Group are expected to begin trading on the NASDAQ on a “when-issued” basis under the ticker symbol “AEBIV” on Tuesday, July 1, 2025 and (ii) on a “regular-way” basis under the ticker symbol “AEBI” on Wednesday July 2, 2025.
“We are proud to unite two outstanding organizations under the Aebi Schmidt Group name,” said Barend Fruithof, Group Chief Executive Officer of Aebi Schmidt Group. “This merger brings together deep engineering expertise, strong customer relationships, and a shared focus on delivering essential solutions for infrastructure and mobility. With our combined scale and talent, we are positioned to accelerate innovation, enhance our global market leadership, and generate long-term value for our stakeholders.”
James Sharman, Chairman of the Board of Aebi Schmidt Group, added: “This marks the start of an exciting new chapter for Shyft. By having Shyft and Aebi Schmidt join forces, we are creating an organization with the scale, diversity, and operational strength to lead in the evolving specialty vehicle industry. The combined company will be uniquely equipped to deliver customer-driven solutions, build on shared values, and capture new opportunities in both established and emerging markets.”
ABOUT THE TRANSACTION
On December 16, 2024, Shyft and Aebi Schmidt announced a definitive agreement to consummate the merger of an indirect, wholly owned subsidiary of Aebi Schmidt with and into Shyft in an all-stock transaction. Under the terms of the agreement:
- Each share of Shyft common stock issued and outstanding as of immediately prior to the effective time of the merger was exchanged for approximately 1.04 shares of the combined company’s common stock.
- The Transaction was structured to be tax-free to Shyft shareholders for U.S. federal income tax purposes.
- The merger was approved by the boards of directors of both companies.
Upon consummation of the Transaction on July 1, 2025, the combined company began operating as Aebi Schmidt Group. On a U.S. GAAP pro forma basis, Aebi Schmidt Group reported $1.9 billion in combined revenue and $148 million in adjusted EBITDA in 2024.
MANAGEMENT AND GOVERNANCE
As previously announced, Barend Fruithof will serve as Group Chief Executive Officer of Aebi Schmidt Group. James Sharman will serve as Chairman of the Board of Directors of Aebi Schmidt Group. The combined leadership team brings together talent and expertise from both legacy organizations and is focused on ensuring a seamless integration and sustained performance moving forward.
DELISTING OF SHYFT COMMON STOCK
In connection with the merger, Shyft’s common stock has been delisted from the NASDAQ Global Select Market. Shyft has requested that NASDAQ file a Form 25 with the U.S. Securities and Exchange Commission (“SEC“) to formally remove its common stock from listing and registration under Section 12(b) of the Securities Exchange Act of 1934. Following the effectiveness of the Form 25, Shyft intends to file a Form 15 with the SEC to suspend its reporting obligations under Sections 13 and 15(d) of the Exchange Act.
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