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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

Date of Report (Date of earliest event reported): February 22, 2024

ALTA EQUIPMENT GROUP INC.

(Exact name of registrant as specified in its charter)

Delaware

001-38864

83-2583782

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

13211 Merriman Road

Livonia, Michigan 48150

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (248) 449-6700

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:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.0001 par value per share

ALTG

The New York Stock Exchange

Depositary Shares representing a 1/1000th fractional interest in a share of 10% Series A Cumulative Perpetual Preferred Stock, $0.0001 par value per share

ALTG PRA

The New York Stock Exchange

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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 22, 2024, the Board of Directors (the “Board”) of Alta Equipment Group Inc. (the “Company”), upon the recommendation of its Nominating and Corporate Governance Committee, increased the size of the Board from five to six directors and subsequently appointed Sidhartha Nair to join the Board of the Company, effective immediately, filling the vacancy created by the increase in the size of the Board. Mr. Nair was appointed to the class of directors whose term expires at the Company’s annual meeting of shareholders in 2025.

Mr. Nair, age 52, is the Head of Strategy, Americas Region, for Mercedes-Benz Mobility and leads Strategic and Transformation activities in the U.S., Canada and Mexico since December 2021. Mr. Nair first joined Daimler Financial Services in 2003 and has held roles of increasing responsibility during his tenure of more than 20 years in the U.S., Caribbean and India business units. Prior to 2003, he held a previous role with McKinsey & Company as a consultant working on developing strategic solutions addressing growth, turnaround and new market entry. Mr. Nair holds a MBA from the University of Michigan, Ross School of Business and a Masters in Engineering from Purdue University. Mr. Nair brings global experience and knowledge of startup, new market entry, growth, and digital transformation of businesses at different periods in their life cycle.

As a non-employee director, Mr. Nair will receive cash compensation and an equity award for his Board service, in accordance with the Company’s non-employee director compensation program, as amended from time to time. There are no arrangements or understandings between Mr. Nair and any other persons pursuant to which Mr. Nair was selected to serve as director. Mr. Nair is not related to any officer or other director of the Company and there are no transactions or relationships between Mr. Nair and the Company that require disclosure under Item 404(a) of Regulation S-K.

Item 7.01 Regulation FD Disclosure.

On February 26, 2024, the Company issued a press release announcing the appointment of Mr. Nair, a copy of which is attached hereto as Exhibit 99.1. The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
 

99.1 Press Release, dated February 26, 2024, of Alta Equipment Group Inc.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

 


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 thereunto duly authorized.

 

 

 

ALTA EQUIPMENT GROUP INC.

 

 

 

 

Date:

February 26, 2024

By:

/s/ Ryan Greenawalt

 

 

 

Name: Ryan Greenawalt

Title: Chief Executive Officer

 


EX-99.1 2 altg-ex99_1.htm EX-99.1 EX-99.1

img202994375_0.jpg 

EXHIBIT 99.1

Alta Equipment Group Appoints Sidhartha Nair as Director

LIVONIA, Mich. – February 26, 2024 – On February 22, 2024, Alta Equipment Group Inc. (NYSE: ALTG) (“Alta” or “the Company”), a leading provider of premium material handling, construction and environmental processing equipment and related services, increased the size of the Board of Directors (the “Board”) from five to six directors and subsequently appointed Sidhartha Nair to the Board, effective immediately.

 

Mr. Nair, age 52, is the Head of Strategy, Americas Region, for Mercedes-Benz Mobility and leads Strategic and Transformation activities in the U.S., Canada and Mexico since December 2021. Mr. Nair first joined Daimler Financial Services in 2003 and has held roles of increasing responsibility during his tenure of more than 20 years in the U.S., Caribbean and India business units. Prior to 2003, he held a previous role with McKinsey & Company as a consultant working on developing strategic solutions addressing growth, turnaround and new market entry. Mr. Nair holds a MBA from the University of Michigan, Ross School of Business and a Masters in Engineering from Purdue University. Mr. Nair brings global experience and knowledge of startup, new market entry, growth, and digital transformation of businesses at different periods in their life cycle.

 

“Sid brings extensive business leadership experience as well as in-depth knowledge in digital transformation and business transformation in the automotive industry,” said Ryan Greenawalt, Chief Executive Officer and Chairman. “His expertise will be a significant boost to our ongoing initiatives. I look forward to the contributions he will make as part of the Alta family.”

 

I am excited to join the Board of Alta and be part of its rapidly expanding growth and position in the market,” said Mr. Nair. “My experience should be beneficial to Alta’s diversified strategy to capitalize on the growth opportunities and cost-efficiency initiatives."

 

About Alta Equipment Group Inc.

Alta owns and operates one of the largest integrated equipment dealership platforms in the U.S. and has a presence in Canada. Through its branch network, the Company sells, rents, and provides parts and service support for several categories of specialized equipment, including lift trucks and aerial work platforms, heavy and compact earthmoving equipment, crushing and screening equipment, environmental processing equipment, cranes, paving and asphalt equipment and other material handling and construction equipment. Alta has operated as an equipment dealership for 39 years and has developed a branch network that includes over 80 total locations in Michigan, Illinois, Indiana, Ohio, Pennsylvania, Massachusetts, Maine, Connecticut, New Hampshire, Vermont, Rhode Island, New York, Virginia, Nevada and Florida and the Canadian provinces of Ontario and Quebec. Alta offers its customers a one-stop-shop for their equipment needs through its broad, industry-leading product portfolio. More information can be found at www.altaequipment.com.

Contacts

Investors:

Kevin Inda
SCR Partners, LLC

kevin@scr-ir.com
(225) 772-0254

 

Media:

Glenn Moore

Alta Equipment

glenn.moore@altg.com

(248) 305-2134f