Lazydays Hldgs Inc Stock Price, News & Analysis

Lazydays Holdings (NASDAQ: GORV) announced the effectiveness of its registration statement for a rights offering, declared by the SEC on January 13, 2025. The company will distribute non-transferable rights to eligible holders of common stock and warrants, allowing them to purchase 1.27 shares of common stock at $1.03 per share.

The rights offering includes both basic subscription rights and over-subscription rights, with the latter available to holders who fully exercise their basic rights. If fully subscribed, the company expects to raise approximately $23.6 million in net proceeds and issue 24,271,844 shares of common stock. The proceeds will be used for working capital, general corporate purposes, and debt repayment.

The subscription period ends on February 5, 2025, unless extended. The new shares will trade on Nasdaq under symbol GORV, while the rights will not be listed on any exchange.

Lazydays Holdings (NASDAQ: GORV) has appointed Jeff Needles as Chief Financial Officer, effective January 6, 2025. Needles, previously CFO at Warbird Marine Holdings, succeeds Interim CFO Jeff Huddleston, who will continue temporarily in a consulting role to assist with the transition.

Needles brings over 20 years of financial management experience, with expertise in financial planning, cost analysis, and operational efficiency. He has held CFO positions at United Enertech Holdings and Schnellecke Logistics USA, along with financial leadership roles at Mastercraft Boat Company and Harley Davidson Motor Company. He is a Certified Public Accountant with an MBA from Washington University and a Bachelor's degree from Saint Louis University.

The appointment comes as Lazydays has completed several financing transactions and announced transformational actions for future growth. Needles will oversee financial operations, including finance, accounting, treasury, SEC reporting, and financial planning and analysis, reporting to Interim CEO Ron Fleming.

Lazydays Holdings (NASDAQ: GORV) has announced terms for its previously announced rights offering, setting January 13, 2025, as the record date. Eligible stockholders and warrant holders will receive one non-transferable right for each share owned, allowing them to purchase 1.27 shares of common stock at $1.03 per share.

The rights offering includes both basic subscription rights and over-subscription rights, with the latter available if some holders don't exercise their basic rights. The company expects to raise $25 million in gross proceeds and issue approximately 24.27 million shares of common stock if fully subscribed. The rights will expire on February 5, 2025, at 5:00 p.m. ET.

Proceeds will be used for working capital, general corporate purposes, and debt repayment. The new shares will trade on Nasdaq under 'GORV', while the rights themselves won't be listed or transferable.

Lazydays Holdings (Nasdaq: GORV) reported challenging Q3 2024 results with total revenue declining to $213.5 million from $280.7 million in Q3 2023. The company posted a net loss of $17.7 million ($1.37 per diluted share) compared to a $5.6 million loss in Q3 2023. For the nine months ended September 30, 2024, revenue decreased to $722.7 million from $884.7 million, with a net loss of $83.9 million. The company recently completed recapitalization transactions to strengthen its financial foundation, streamline its balance sheet, and enhance liquidity.

Lazydays Holdings (NasdaqCM: GORV) has scheduled its third-quarter fiscal year 2024 earnings release for Monday, November 18, 2024, after market close. The company will simultaneously file its SEC Form 10-Q. A conference call to discuss results and the recently announced comprehensive recapitalization and strategic asset sales is scheduled for Tuesday, November 19, 2024, at 8:30 a.m. Eastern Time. The call will be accessible via phone (877-407-8029 / +1 201-689-8029) and webcast, with a replay available on the company's investor relations website.

Lazydays Holdings (GORV) announced transformative transactions to strengthen its financial position, including the sale of eight dealerships and a comprehensive recapitalization plan. The company will sell seven dealerships and issue common stock to Camping World for $65.5 million, plus one dealership to another buyer for $8 million. The plan includes a $30 million common equity PIPE at $1.03 per share, a planned $25 million rights offering, and conversion of all preferred stock to common stock. These transactions will reduce debt by $65 million, eliminate $68 million in preferred stock obligations, and cut $16 million in interest and dividend payments. Post-transactions, Lazydays expects to have $35 million in cash and $61 million in debt, with 119.5 million shares outstanding.

Lazydays Holdings, Inc. (NasdaqCM: GORV) has announced the promotion of Amber Dillard to Chief Operating Officer, effective September 17, 2024. Dillard, previously Vice President of Operations, will report to Interim CEO Ron Fleming. With over 13 years of experience at Lazydays, Dillard has worked across various functions including accounting, supply chain, and dealership operations. In her new role, she will lead collaborations with OEM partners and dealership General Managers to enhance operational performance and customer satisfaction.

Dillard joined Lazydays in 2011 and has a background in public and non-profit accounting. She holds a bachelor's degree in Accounting from Florida State University and was named to the inaugural class of the RVIA 40 under 40 award winners in 2017. Lazydays, founded in 1976, is a prominent RV industry player known for exceptional sales, service, and ownership experiences.

Lazydays Holdings (NASDAQ: GORV) announced a leadership transition on September 14, 2024. Ronald Fleming has been appointed as Interim CEO and joined the Board of Directors, replacing John North, who stepped down on September 13, 2024. Fleming, with over four decades of experience in the RV industry, previously served as Lazydays' Senior Vice President of Operations until August 2023. He was instrumental in the company's public listing in 2018 and the acquisition of over 20 locations.

The Board expressed confidence in Fleming's ability to lead Lazydays out of the current downturn and return to growth. Fleming emphasized his commitment to building on the company's strong partnerships with OEMs and delivering an unparalleled customer experience. As part of his appointment, Fleming will receive a stock option to purchase 1,500,000 shares at $2.00 per share, subject to vesting conditions.

Lazydays (GORV) reported Q2 2024 results with total revenue of $238.7 million, down from $308.4 million in Q2 2023. The company posted a net loss of $44.2 million compared to a net income of $3.6 million in the same period last year. Adjusted net loss was $18.4 million, with a loss per diluted share of $3.22.

Key points:

• F&I per unit improved to over $5,300, up 6.9%
• Implemented cost reduction actions expected to save $25 million annually
• Closed Waller, Texas dealership and consolidated operations in Surprise, Arizona
• Received nonbinding commitment for additional $5 million in capital
• Executed temporary waiver for financial covenants