Petiq Inc - PETQ STOCK NEWS

PetIQ announced the successful completion of its $1.5 billion acquisition by Bansk Group, a consumer-focused private investment firm. Under the terms, PetIQ stockholders will receive $31.00 in cash per share. Following the transaction, PetIQ has been delisted from Nasdaq and is now privately held, continuing operations independently under its current executive team. The partnership aims to accelerate PetIQ's mission of providing affordable pet healthcare while pursuing growth initiatives through strategic investments in marketing, innovation, and potential acquisitions.

PetIQ, Inc. (Nasdaq: PETQ), a leading pet medication, health and wellness company, announced that approximately 80% of its outstanding shares voted to approve the adoption of the definitive merger agreement with Bansk Group. The all-cash transaction, valued at approximately $1.5 billion, will result in Bansk Group acquiring all outstanding shares of PetIQ's common stock for $31.00 per share.

The company anticipates a closing date of October 25, 2024. Upon completion of the transaction, PetIQ's common stock will be delisted from the NASDAQ Stock Market, and the company will become privately held. PetIQ will continue to be operated independently by its current executive team. Cord Christensen, Founder, Chairman and CEO of PetIQ, expressed excitement about the stockholders' approval and the partnership with Bansk Group.

PetIQ, Inc. (Nasdaq: PETQ) reported record financial results for Q2 2024. Highlights include:

- Record net sales of $328.9 million, up 4.6%
- Record net income of $15.3 million, up 51.1%
- Record adjusted EBITDA of $39.0 million, up 19.0%
- Product segment net sales increased 4.7% to $291.2 million
- Services segment net sales increased 3.7% to $37.7 million
- Gross margin improved 330 basis points to 26.8%

Additionally, PetIQ announced a definitive merger agreement with Bansk Group, which will acquire all outstanding shares of PetIQ's common stock for $31.00 per share in an all-cash transaction expected to close in Q4 2024.

PetIQ, Inc. (Nasdaq: PETQ), a leading pet medication and wellness company, has entered into a definitive agreement to be acquired by Bansk Group for $31.00 per share in an all-cash transaction valued at approximately $1.5 billion. This represents a 41% premium to the 30-day volume-weighted average stock price and a 51% premium to the closing price on August 6, 2024.

The transaction, approved by PetIQ's Board of Directors, is expected to close in Q4 2024, subject to stockholder approval and regulatory conditions. Upon completion, PetIQ will become privately held and continue to operate independently under its current executive team. Bansk Group aims to leverage its expertise in building consumer brands to support PetIQ's growth initiatives in the pet health and wellness category.

PetIQ, Inc. (Nasdaq: PETQ), a leading pet medication, health and wellness company, has announced it will report its second quarter and six-month financial results for the period ended June 30, 2024, on Wednesday, August 7, 2024, after the market close. The company will host a conference call with executive management to discuss these results at 4:30 p.m. ET on the same day.

Interested parties can access the live call by dialing 833-816-1410 (North America) or 412-317-0503 (international). The call will also be broadcast live on the company's website. A telephonic playback will be available until August 28, 2024, accessible via 844-512-2921 (North America) or 412-317-6671 (international) with passcode 10189448.

PetIQ (Nasdaq: PETQ) has announced that its executive management team will take part in the Oppenheimer 24th Annual Consumer Growth and E-Commerce Conference. This event will feature a virtual fireside chat scheduled for June 11, 2024, at 10:30 a.m. EDT. The live webcast and replay will be accessible on the 'Investors' section of PetIQ's website.

PetIQ, Inc. reported strong financial results for the first quarter of 2024, with record net sales of $308.4 million, exceeding guidance. The company achieved record net income and adjusted EBITDA, leading to an increase in earnings per diluted share. PetIQ's manufactured products outperformed growth expectations, contributing to a 14.3% increase in net sales. The company raised its full-year 2024 outlook based on strong year-to-date results and increased marketing initiatives to drive growth.