API Group Corporation (NYSE: APG) has announced the launch of a public offering of 11,000,000 shares of its common stock. The company has also indicated that it intends to grant the underwriters a 30-day option to purchase additional shares of its common stock. The net proceeds from the offering are planned to be used for general corporate purposes, including capital expenditures, working capital, and acquisitions.
Citigroup, BofA Securities, and UBS Investment Bank are acting as joint book-running managers for the offering. The automatic shelf registration statement on Form S-3 relating to the shares of common stock being sold in the offering was filed with the Securities and Exchange Commission (SEC) and was deemed immediately effective on May 4, 2023.
API is a global, market-leading business services provider of life safety, security, and specialty services with over 500 locations worldwide. The company provides statutorily mandated and other contracted services to a strong base of long-standing customers across industries.
In terms of financial performance, API reported a substantial recurring revenue base. The company's leadership culture is described as winning and driven by entrepreneurial business leaders to deliver innovative solutions for its customers.
Investor relations inquiries can be directed to Adam Fee, Vice President of Investor Relations, at +1 651-240-7252 or via email at [email protected].
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities. Additionally, there will be no sale of these 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. Following these announcements, the company's shares moved -1.1%, and are now trading at a price of $36.98. For the full picture, make sure to review APi's 8-K report.
