Lazydays Holdings, Inc. Announces Warrant Exercises

TAMPA, Fla., March 23, 2021 /PRNewswire/ -- Lazydays Holdings, Inc. (NASDAQCM: LAZY) ("Lazydays RV" or "Lazydays") issued the attached 8-K filing disclosing that on March 17^th, 2021, two institutional investors of Lazydays exercised warrants issued in the 2018 PIPE transaction with respect to an aggregate of 1,005,308 shares of the Company's common stock for cash, with cash proceeds to the Company of approximately $11.3 million, pursuant to agreements executed with the Company on such date.  The Company agreed to a discount of approximately 2% off the original warrant exercise price of $11.50.

"This cash exercise of warrants further strengthens Lazydays already strong balance sheet and provides additional funding for us to continue aggressively executing our geographic expansion strategy," stated Nicholas Tomashot, Chief Financial Officer of Lazydays.  "Warrant holders have the option of a cashless exercise of warrants.  In these two cases, we were motivated to give a slight discount to the exercise price because it has a similar dilutive impact as the cashless exercise of warrants, but generates significant cash we can use for growth.   We believe the cash generated from this exercise of warrants, combined with our current cash reserves, the cash generated by our strong business performance and our planned expansion of our credit facility led by M&T Bank provide adequate liquidity and capital to continue to execute our geographic expansion strategy for a significant period of time without relying on access to additional equity capital, " commented Tomashot.

Lazydays currently operates eleven dealerships in Florida (2), Colorado (2), Arizona (2), Minnesota (1), Tennessee (2), and Indiana (2); and operates a dedicated Service Center location near Houston, Texas. It recently announced its intent to add a second dealership location in Monticello, Minnesota, acquire Chilhowee RV Center near Knoxville, Tennessee, acquire Sprad's RV in Reno, Nevada and open dedicated Airstream locations in Ramsey, Minnesota and Knoxville and Nashville, Tennessee.

ABOUT LAZYDAYS RV
As an iconic brand in the RV industry, Lazydays, The RV Authority, consistently provides the best RV sales, service, and ownership experience, which is why RVers and their families become Customers for Life. Lazydays continues to add locations at a rapid pace as it executes its geographic expansion strategy that includes both acquisitions and greenfields.

Since 1976, Lazydays RV has built a reputation for providing an outstanding customer experience with exceptional service excellence and unparalleled product expertise, along with being a preferred place to rest and recharge with other RVers. By offering the largest selection of RV brands from the nation's leading manufacturers, state-of-the-art service facilities, and thousands of accessories and hard-to-find parts, Lazydays RV provides everything RVers need and want.

Lazydays Holdings, Inc. is a publicly listed company on the Nasdaq stock exchange under the ticker "LAZY."

Forward–Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements describe Lazydays future plans, projections, strategies and expectations, including statements regarding Lazydays' expectations for future operating results; its expectations surrounding geographic expansion, including without having to rely on equity capital; its expectations regarding its ability to expand its credit facility on favorable terms; its expectations regarding the impact of its acquisition of its recently acquired dealership in Phoenix, Arizona, Elkhart, Indiana, and Burns Harbor, Indiana; its planned acquisitions in Reno, Nevada and Knoxville, Tennessee; and its greenfield start-ups near Houston, Texas and Nashville, Tennessee, and Monticello, Minnesota; and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Lazydays. Actual results could differ materially from those projected due to various factors, including economic conditions generally, conditions in the credit markets and changes in interest rates, conditions in the capital markets, the global impact of the pandemic outbreak of coronavirus (COVID-19) and other factors described from time to time in Lazydays' SEC reports and filings, which are available at www.sec.gov. Forward-looking statements contained in this news release speak only as of the date of this news release, and Lazydays undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances, unless otherwise required by law.

News Contact:
+1 (813) 204-4099
[email protected] 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

LAZYDAYS HOLDINGS, INC.
(Exact Name of Registrant as Specified in its Charter)

N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

Securities registered pursuant to 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [  ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

Item 3.02 Unregistered Sale of Equity Securities.

On March 17, 2021, two institutional investors of Lazydays Holdings, Inc. (the "Company") exercised warrants issued in the 2018 PIPE transaction with respect to an aggregate of 1,005,308 shares of the Company's common stock for cash, resulting in the issuance of 1,005,308 shares of common stock and gross proceeds to the Company of approximately $11.3 million, pursuant to agreements executed with the Company on such date. The above issuances were exempt from registration under the Securities Act of 1933, as amended (the "Securities Act") pursuant to Section 4(a)(2) of such act, and Rule 506(b) thereunder, as issuances made in a private placement to accredited investors.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SOURCE Lazydays Holdings, Inc.