Editor’s Note: EdisonReport began covering the stock price of RVLT in October when the stock was in the $2.50 range. The CEO, Robert LaPenta, offered to take the company private at $2.00 per share. Disaster followed and the stock promptly dropped to $1.58. On 17 NOV, Mr. LaPenta lowered his offer to the $.1.60 range. More disaster followed. Today as Mr. LaPenta withdraws his offer, the stock is trading at $0.27 per share. Total stock price devastation!
STAMFORD, Conn., March 08, 2019 (GLOBE NEWSWIRE) — Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) (“Revolution Lighting” or the “Company”), a global provider of advanced LED lighting solutions announced today that on March 7, 2019, the Transaction Committee of the Board of Directors of the Company received a notification from from RVL 1 LLC, an affiliate of the Company’s Chairman and CEO, Robert V. LaPenta, that it has concluded that it is not the right time to pursue a transaction to acquire all of the outstanding common stock of the Company. The text of the letter to the Transaction Committee of the Company’s Board of Directors appears in full below:
RVL 1, LLC
c/o Aston Capital LLC
177 Broad Street
Stamford, CT 06901
March 7, 2019
William D. Ingram
Dennis McCarthy
Stephen G. Virtue
Members of the Special Committee of the Board of Directors
Revolution Lighting Technologies, Inc.
177 Broad Street, 12th Floor
Stamford, CT 06901Gentlemen:
We write in connection with our October 16, 2018 and November 14, 2018 letters (the “Offer Letters”) regarding an offer to acquire all of the common stock of Revolution Lighting Technologies, Inc. (the “Company”) on behalf of RVL 1, LLC (together with its affiliates and certain related persons, “we” or “us”).
While we continue to believe in the desirability of the Company ceasing to continue as a publicly traded enterprise, given the publicly disclosed developments since our Offer Letters, we have reluctantly come to the conclusion that now is not the right time for us to pursue such a going private transaction.
We remain fully committed to the Company’s success and seeking ways to ultimately maximize value for the Company and all of its stockholders.
We are available at your convenience, and look forward to constructively working with you to determine the best path for the Company to realize value for all of its stockholders.
Very truly yours,
RVL 1, LLC
By: /s/ Robert V. LaPenta
Name: Robert V. LaPenta
Title: Chief Executive Officer
About Revolution Lighting Technologies, Inc.
Revolution Lighting Technologies, Inc. is a leader in the design, manufacture, marketing, and sale of LED lighting solutions focusing on the industrial, commercial and government markets in the United States, Canada, and internationally. Through advanced LED technologies, Revolution Lighting has created an innovative lighting company that offers a comprehensive advanced product platform of high-quality interior and exterior LED lamps and fixtures, including signage and control systems. Revolution Lighting is uniquely positioned to act as an expert partner, offering full service lighting solutions through our operating divisions including Energy Source/TNT, Tri-State LED and Revolution Lighting Multi-family to transform lighting into a source of superior energy savings, quality light and well-being. Revolution Lighting Technologies markets and distributes its products through a network of regional and national independent sales representatives and distributors, as well as through energy savings companies and national accounts. Revolution Lighting Technologies trades on the NASDAQ under the ticker RVLT. For more information, please visit www.rvlti.com and connect with the Company on Twitter, LinkedIn and Facebook.
Investor Relations Contact:
Amato and Partners, LLC
Investor Relations Counsel
[email protected]