Hennessy Capital Receives Stockholder Approval of Blue Bird Business Combination
23 Febrero 2015 - 7:08PM
At a special meeting of stockholders of Hennessy Capital
Acquisition Corp. (Nasdaq:HCAC) (Nasdaq:HCACU) (Nasdaq:HCACW)
("HCAC" or the "Company") held earlier today, HCAC stockholders
approved the Company's previously announced acquisition of School
Bus Holdings, Inc., which, through its subsidiaries, conducts its
business under the "Blue Bird" name (the "Business Combination").
98% of the Company common shares represented in person or by proxy
at the HCAC special meeting, representing over 96% of the total
number of Company common shares issued and outstanding as of the
record date, were voted in favor of the Business Combination. In
addition to approving the Business Combination, HCAC stockholders
approved all of the other proposals which came before the special
meeting, including the proposals to amend the existing HCAC
charter, elect three directors to serve as directors of the Company
and approve certain related common share issuances. The Company's
public stockholders holding an aggregate of 4,005,300 Company
common shares (representing approximately 35% of the total
outstanding shares held by the Company's public stockholders) did
not redeem their shares, thereby satisfying the $100.0 million
minimum cash requirement in the purchase agreement relating to the
Business Combination. The closing of the Business Combination is
expected to occur on Tuesday, February 24, 2015, and the Company's
common stock and warrants are expected to start trading under the
symbols "BLBD" and "BLBDW" on The Nasdaq Stock Market on February
25, 2015.
About Hennessy Capital Acquisition Corp.
Hennessy Capital Acquisition Corp. is a special purpose
acquisition company (SPAC) founded by Daniel J. Hennessy and formed
for the purpose of effecting a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar
business combination with one or more businesses. The Company's
acquisition and value creation strategy is to identify, acquire
and, after its initial business combination, to build, a
diversified industrial manufacturing or distribution business.
About Blue Bird Corporation
Blue Bird is the leading independent designer and manufacturer
of school buses, with more than 550,000 buses sold since its
formation in 1927 and approximately 180,000 buses in operation
today. Blue Bird's longevity and reputation in the school bus
industry have made it an iconic American brand. Blue Bird
distinguishes itself from its principal competitors by its singular
focus on the design, engineering, manufacture and sale of school
buses and related parts. As the only manufacturer of chassis and
body production specifically designed for school bus applications,
Blue Bird is recognized as an industry leader for school bus
innovation, safety, product quality/reliability/durability,
operating costs and drivability. In addition, Blue Bird is the
market leader in alternative fuel applications with its
propane-powered and compressed natural gas-powered school buses.
Blue Bird manufactures school buses at two facilities in Fort
Valley, Georgia. Its Micro Bird joint venture operates a
manufacturing facility in Drummondville, Quebec, Canada. Service
and after-market parts are distributed from Blue Bird's parts
distribution center located in Delaware, Ohio.
Forward-Looking Statements
This press release may include forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical facts, included in this press release
that address activities, events or developments that HCAC expects
or anticipates will or may occur in the future are forward-looking
statements and are identified with, but not limited to, words such
as "believe" and "expect". These statements are based on certain
assumptions and analyses made by HCAC in light of its experience
and its perception of historical trends, current conditions and
expected future developments as well as other factors it believes
are appropriate in the circumstances. Actual results may differ
materially from those expressed herein due to many factors such as,
but not limited to, the performances of HCAC and Blue Bird, the
ability of the combined company to be successful in its appeal of
the delisting determination by the staff of the Listing
Qualifications Department of the Nasdaq Stock Market and to meet
Nasdaq's listing standards, including having the requisite number
of stockholders, and the risks identified in HCAC's prior and
future filings with the SEC (available at www.sec.gov), including
HCAC's definitive proxy statement filed in connection with the
Business Combination (and the supplement to the definitive proxy
statement, dated February 10, 2015) and HCAC's final prospectus
dated January 16, 2014. These statements speak only as of the date
they are made and HCAC undertakes no obligation to update any
forward-looking statements contained herein to reflect events or
circumstances which arise after the date of this press release.
CONTACT: Kevin Charlton
+1 (917) 743-8084
kcharlton@hennessycapllc.com
Daniel J. Hennessy
+1 (312) 876-1956
dhennessy@hennessycapllc.com
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