MANITEX INTERNATIONAL, INC. (NASDAQ:MNTX) Files An 8-K Completion of Acquisition or Disposition of Assets
Item2.01.
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Completion of Acquisition or Disposition of Assets. |
On May17, 2017, Manitex International, Inc. (the Company) and ASV
Holdings, Inc. (ASV) completed the previously announced
underwritten initial public offering (the Offering) of 3,800,000
shares of ASVs common stock, including 2,000,000 shares sold by
the Company. The Company received net proceeds of approximately
$13 million from the Offering.
Prior to the Offering, the Company owned 51.0% of the outstanding
shares of ASVs common stock. As a result of the Offering, as of
May17, 2017, the Company owns 21.2% of the outstanding shares of
ASVs common stock. Because the Companys ownership interest has
decreased below 50%, it no longer has a controlling financial
interest in ASV and will deconsolidate ASV from the financial
statements and results of operations of the Company, effective
May17, 2017, in accordance with Accounting Standard Codification,
or ASC, 810-10-40, Derecognition. In connection with the
deconsolidation of ASV, the Company is filing certain pro forma
financial information as Exhibit 99.1 to this Current Report on
Form 8-K.
| Item9.01. | Financial Statements and Exhibits. |
(b) Pro Forma Financial Information
The Unaudited Pro Forma Condensed Consolidated Balance Sheet as
of March31, 2017, the Unaudited Pro Forma Condensed Consolidated
Statements of Operations for the three months ended March31,
2017, the Unaudited Pro Forma Condensed Consolidated Statements
of Operations for the year ended December31, 2016, and the notes
to the Unaudited Pro Forma Condensed Consolidated Financial
Statements of the Company are included as Exhibit 99.1 to this
Current Report on Form 8-K and are incorporated herein by
reference.
(d) Exhibits
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Exhibit No. |
Description |
|
| 99.1 |
Unaudited Pro Forma Condensed Consolidated Financial Information of Manitex International, Inc. |
About MANITEX INTERNATIONAL, INC. (NASDAQ:MNTX)
Manitex International, Inc. is a provider of engineered specialty lifting and loading products. The Company operates in three business segments: the Lifting Equipment segment, the A.S.V., LLC (ASV) segment and the Equipment Distribution segment. Through its Lifting Equipment segment, the Company designs, manufactures and distributes a diverse group of products that serve various functions and are used in a range of industries. In the ASV segment, the Company manufactures a line of compact rubber tracked and skid steer loaders. In the Equipment Distribution segment, the Company markets products used primarily for infrastructure development and commercial construction applications that include road and bridge construction, general contracting, roofing, scrap handling, and sign construction and maintenance. The Company, through its subsidiary Manitex, Inc., markets a line of boom trucks, truck cranes and sign cranes. MANITEX INTERNATIONAL, INC. (NASDAQ:MNTX) Recent Trading Information
MANITEX INTERNATIONAL, INC. (NASDAQ:MNTX) closed its last trading session down -0.09 at 6.65 with 104,754 shares trading hands.