Target Hospitality Announces Closing of Upsized Secondary Offering and Concurrent Stock Repurchase and Full Exercise of Underwriters' Option to Purchase Additional Shares

Target Hospitality closed an upsized secondary offering of 14,000,000 shares at $18.50 per share, with underwriters fully exercising their option to purchase an additional 2,100,000 shares. All shares were sold by Arrow Holdings and MFA Global, entities controlled by private equity sponsor TDR Capital; Target Hospitality sold no shares itself and received none of the proceeds. Concurrently, the company repurchased 1,693,599 shares from the underwriters at the same per-share price paid to the selling stockholders, funding the buyback with cash on hand and ABL Credit Facility borrowings; the shares will be held as treasury stock. Morgan Stanley, Deutsche Bank Securities and J.P.

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