Target Hospitality Corp. is selling 14,000,000 common shares at $18.50 each while planning an approximately $30,000,000 repurchase from the offering. The company will receive none of the offering proceeds, expects to use cash and ABL Credit Facility borrowings for the repurchase, and will hold those shares as treasury stock.

Key Highlights

  • Selling stockholders granted underwriters a 30-day option for up to an additional 2,100,000 common shares.
  • Target Hospitality will receive none of the proceeds from the registered public offering.
  • The planned repurchase is expected to use available cash and ABL Credit Facility borrowings.

Target Hospitality Corp. (NASDAQ: TH) is selling 14,000,000 common shares at $18.50 per share in a registered public offering, while agreeing to buy approximately $30,000,000 of shares tied to the transaction. Target Hospitality will not receive any proceeds from the offering.

$18.50 Offering Includes Additional Share Option

The agreement was entered into on September 8, 2026, with Morgan Stanley (NYSE: MS) & Co. LLC as a representative of the underwriters. The filing identifies the selling stockholders as entities controlled by TDR Capital LLP in its role as Investment fund manager. The common stock has a Par Value of $0.0001 per share. The selling stockholders also gave the underwriters a 30-day option to buy up to an additional 2,100,000 shares. The filing cites the company's registration statement and a prospectus supplement dated September 8, 2026.

Repurchased Shares to Become Treasury Stock

If the offering closes, Target Hospitality will buy shares from the underwriters for an aggregate price of approximately $30,000,000. Its per-share repurchase price will equal the offering price. The stock repurchase is expected to close concurrently with the offering. Target Hospitality expects to fund it with available cash and ABL Credit Facility borrowings, after which the repurchased shares will be held as treasury stock.