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Target Hospitality Corp. reported strong first-quarter results for 2024, with revenue of $106.7 million, net income of $20.4 million, and adjusted EBITDA of $53.7 million. The company has significant financial flexibility, total available liquidity of $299 million, and plans to allocate over $500 million of net growth capital through 2027. Target repurchased $21.2 million of shares in the first quarter, enhancing its financial position. The company continues to focus on maximizing operational efficiencies and pursuing growth opportunities while maintaining a strong balance sheet.
Target Hospitality Corp. announced its first quarter 2024 financial results release and conference call schedule. The company will release the results on May 8, 2024, and hold a conference call on the same day to discuss them. The conference call will be available through a live webcast on the company's website.
Target Hospitality Corp., one of North America's largest providers of modular accommodations and hospitality services, announced the formation of a Special Committee to evaluate an unsolicited non-binding proposal from Arrow Holdings S.à r.l. to acquire all outstanding shares of common stock for cash consideration of $10.80 per share. The committee will also consider alternative proposals and strategic alternatives. The company has retained Centerview Partners and Ardea Partners LP as financial advisors and Cravath, Swaine & Moore LLP as its legal advisor. There is no assurance that any transaction will result from the committee's evaluation.