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Atlas Technical Consultants, Inc. Announces Launch of Offering of Class A Common Stock

AUSTIN, Texas, Aug. 11, 2020 (GLOBE NEWSWIRE) -- Atlas Technical Consultants, Inc. (NASDAQ: ACTX) (a??Atlasa?? or the a??Companya??), announced today that it has launched a public offering of 6,250,000 shares of its Class A common stock, par value $0.0001 per share (the a??Class A common stocka??), pursuant to a registration statement on Form S-1 (the a??Registration Statementa??) filed with the U.S. Securities and Exchange Commission (the a??SECa??). Of the 6,250,000 shares of Class A common stock to be sold in the offering, the Company is offering 5,000,000 shares and the selling stockholder named in the Registration Statement (the a??Selling Stockholdera??) is offering 1,250,000 shares. In addition, the Selling Stockholder intends to grant the underwriters a 30-day option to purchase up to an additional 937,500 shares of Class A common stock at the public offering price, less underwriting discounts and commissions. The Class A common stock is listed on the Nasdaq Stock Market and the last reported sales price of the Class A common stock on August 10, 2020 was $9.20 per share.
Stifel, Nicolaus & Company, Incorporated, Raymond James & Associates, Inc. and Macquarie Capital (USA) Inc. will act as joint book running managers for the proposed offering, and Lake Street Capital Markets, LLC will act as a co-manager.The Company intends to use the net proceeds from the public offering of Class A common stock to repay revolver borrowings under the Companya??s credit agreement and the remaining net proceeds for general corporate purposes.About Atlas Technical ConsultantsHeadquartered in Austin, Texas, Atlas is a leading provider of professional testing, inspection engineering and consulting services under the name Atlas Technical Consultants, offering solutions to public and private sector clients in the transportation, commercial, water, government, education and industrial markets. With more than 140 offices in 40 states and 3,200+ employees, Atlas provides a broad range of mission-critical technical services, helping clients test, inspect, certify, plan, design and manage a wide variety of projects across diverse end markets. For more information, go to https://www.oneatlas.com.
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