Custom Truck skids as Blackstone exits in secondary offering

Custom Truck One Source

18/11/2021 12:47

** Custom Truck One Source  CTOS.N  shares down 7.4%
premarket after specialty rental equipment co prices secondary
offering
    ** Co late Weds announced ~12.3 mln shares sold by
Blackstone  BX.N  at $8.50, 10% discount to stock's last close
 urn:newsml:reuters.com:*:nPn32JnH1a
    ** Shares fell 15% over past two sessions after co launched
the offering
    ** Blackstone would divest remaining ~5.7% stake if full
over-allotment is exercised, per filing https://www.sec.gov/Archives/edgar/data/1709682/000121390021059468/f424b71121_customtruckone.htm#T998
    ** Last Dec, private equity firm Platinum Equity, majority
owner, and Blackstone invested in $1.48 bln deal to create
Custom Truck
    ** CTOS shares have risen 42% over the past three months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))